Three Factors Needed to Help Insurers Become Digitally Effective
Defined as "gloomy” by the IMF, the global economy is undoubtedly in a precarious position. Major economies around the world are facing a bleak, uncertain macro-economic environment as a looming recession and cost of living crisis threaten to coincide.
In addition, there is also a wider cultural shift in attitudes towards work and greater employee attrition on a global scale. Coined the “Great Resignation”, large swathes of employees in virtually every sector and country have begun to reassess their financial situation, life goals, and overall job satisfaction. Upon careful introspection, many employees have decided to change jobs or venture into new careers in search of higher wages, more flexibility, and greater work-life balance.
It’s important to remember that the insurance and financial sector does not operate in a bubble. Despite global GDP growth of 5.8 percent in 2021, the sector is still facing the dual challenge of high employee attrition and rising cost of capital. These factors, amongst others, are making the cost of doing business more expensive.
In light of the current economic conditions, organizations are increasingly looking to become more efficient with their finances and resources. Equally important is the question of how insurers can become more effective from a digital standpoint. Yet, insurers must address three key considerations: people, process and technology. Tackling each can help insurers become more digitally effective and weather remaining economic challenges more effectively at the same time. Read on to learn more and discover the hidden potential in your firm.