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                    HOW INSURANCE CEOS AIM TO BUILD TECH TALENT



                Relocating your operations closer to available talent pools  18%
                               Working with educational institutions             23%

                        Improving compensation and benefit packages              23%
                                   Changing employee dress codes                       29%

             Changing brand perception through marketing and advertising                     36%
                                  Outsourcing to external providers                           38%

                                  Partnering with external providers                                45%
          Implementing continuous learning and development programmes                               45%

         Implementing new flexible ways of working (e.g. mobile and remote…                             49%
          Modernising the working environment (e.g. rolling out digital tools,…                            53%



        Source: PwC’s 21st CEO Survey, Insurance


       The  Survey,  in  which  70  CEOs  from  Turkey  attended,  deter-  with 16 percent in 2020, it escalated to 10th with 8 percent in
       mined that CEOs are expecting an increase in economic growth  2021.
       speed  in  2021  following  the  year  in  which  global  GNP  de-
       creased by 3.5 percent. 2021 results which exceed the “opti-  CEOs of the insurance sector believe in global economic
       mism record” of the survey carried out by PwC in 2018 with  growth
       20 points revealed that there is an extremely positive expecta-
       tion towards economic growth in all regions of the world. The  CEOs of the insurance sector continue to highlight that their
       Survey which determined that 70 percent of Turkish CEOs are  sector is the one that is affected by the transformative power of
       expecting growth revealed that this positive expectation is not  the technology at most. On the other hand, their optimism con-
       just for global growth but also for CEO’s companies.    tinues to increase. One of the underlying reasons for this pos-
                                                               itive outlook is that the possible transformation caused by the
       Global CEOs who sum up the first 4 markets for the growth of  new competitors has not yet materialized to the extent feared.
       the companies in 2020 as the USA (29.7%), China (28.5%),
       Germany (12.8%), and India (9.4%) stated that they expect  On the other hand, external threats and the effects of short-
       higher  growth  in  USA  market  than  China  in  2021  and  they  term  transformation  may  have  been  exaggerated  in  the  past,
       included  England  in  the  top  4  of  the  list  after  Brexit;  USA  but the managers of the insurance industry should not ignore the
       (34.7%),  China  (28.1%),  Germany  (16.6%)  and  England  urgency of transforming into customer-focused companies with
       (11.4%).                                                digitalized and flexible business models.

        The Survey shows that even though CEOs are optimistic about  Insurance industry CEOs are more concerned about the pace of
       the future, they see significant threats to the global economy.  technological change than leaders in other industries (85%).
       CEOs consider the pandemic as the first threat and foresee that  Changes in business models by technological developments are
       consumer behavior will not improve even though the vaccination  challenging,  especially  for  an  industry  like  insurance,  which
       process is significantly carried out. Even though CEOs consider  is accustomed to a longer period of change rather than rapid
       digital transformation as an important growth area, they place  transformation.
       the notions such as cyber-attacks, misinformation, and digital
       fraud at the top of the threats list. While, in 2020, CEOs con-  To keep up with this pace, companies need a clear strategy and
       sider the threats consecutively as over-regulation (36%), trade  a roadmap to disable existing systems, accelerate automation,
       conflicts (35%), uncertain economic growth (34%), and cyber-  and prepare the appropriate environment for the next wave of
       attacks (33%), their 2021 threat list is pandemics and health  transformation. In addition, they need to spread innovation
       crisis (52%), cyber-attacks (47%), over-regulation (42%) and  throughout the organization and afford to try or even fail at-
       policy  uncertainty  (38%).  While  misinformation  ranks  20th  tempts within this framework.
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