Toward a stable and dynamic insurance future

In an increasingly integrated financial world, where banks sell insurance products and insurers invest huge sums globally and offer products once considered the domain of wealth managers, all-in-one-finance as the ultimate goal of the insurance industry looked like a given. But what does “financial services” actually mean for customers, both private and corporate? How does the insurance industry differ from other financial services companies? How is it the same? What disruptors and trends will affect the future of insurance? And what part will the continuing global financial crisis play in shaping this future?

To answer these questions, we surveyed more than 8,000 consumers and interviewed 150 insurance business executives to assess the industry’s drivers and inhibitors, as well as the role of the customer of the future and the overall competitive environment. We found a strong industry with quiet doubts – secure in the role as calculator and bearer of risk, but still unsure of what other goals to pursue and niches to fill. As one interviewed executive noted: “Some people want to insure a car, and some people want to purchase mobility – we know how to do the former but are still trying to solve the latter.”