Page 10 - Turkinsurance Digital Magazine

8 cover story

TOP 10 THREATS – TURKEY

New technologies 6%
Market developments 12%
Cyber incidents 12%

Climate change/increasing volatility of weather 12%
Business interruption 24%
Changes in legislation and regulation 29%
Political risks and violence 35%

Fire, explosion 35%
Natural catastrophes 41%
Macroeconomic developments 59%

new business model development and organizational restructur- and opportunities. Insurance companies that can preserve their
ings. The challenges faced by the insurance market in attract- operational excellence while taking bold steps in innovation, im-
ing the right talent has always been a discussion topic for long proving their talent pool and enrich customer experience will
years. In this sense, the report highlights that it is important have a high growth performance, the report says. Top trends
for insurance companies to re-position themselves as technolo- for insurance companies operating in the Americas are listed as
gy players. According to the report, insurers must communicate winning the war for talent, and achieving operational excellence
more effectively about why the industry matters, its societal val- and cost efficiency. Digitalizing distribution, developing com-
ue and why it’s an appealing sector in which to develop a career. pletion strategies with new market players such as Insurtechs
and “BigTech” companies, while collaborating with them at the
Damla Harman, Financial Services Industry Leader at EY Tur- same time, are among the top priorities for non-life insurance
key, states that insurance market has many influences on our companies in the region.
lives from natural catastrophes to cyber-security risks or to get-
ting better results from healthcare services. “Considering that According to the report, even as the industry’s fundamentals
new risks are emerging, besides managing those risks, insurance look sound for the Asia-Pacific region, a range of challenges
companies must focus on preventing them as well. In addition — such as intensifying regulations, economic uncertainty and
to attracting and retaining the right talent, ensuring that the local issues in individual countries — have emerged to cloud the
existing talent acquires new skills is of vital importance for the outlook for the next few years. Significant steps for the insur-
insurance market in its transformation journey,” she says; and ance companies operating in the Asia-Pacific region include em-
adds that insurance market must become more customer-orient- bracing new technologies, achieving cost efficiency and digitiz-
ed and improve customer experience in an increasingly digital- ing the sales force. European insurance companies, on the other
ized world. hand, should focus on reskilling their existing workforces, digi-
tal transformation, and compliance to International Reporting
Digitalization to be one of the top priori- Standard IFRS 17 announced by the International Accounting
Standards Board. The report suggests that European insurance
ties for 2020 companies will prioritize managing compliance to regulations,
digitalizing sales and distribution, and achieving cost efficiency
2020 Global Insurance Outlook Report underlines that demo- throughout 2020.
graphic shifts around the world present insurers with both risks