Pricewaterhouse Cooper (PwC) conducted the 'Insurance Banana Skin 2015' survey that polled around 800 insurance practitioners and industry observers in 54 countries. The survey revolved around finding what the Insurance industry perceived as a major concern in the next 2-3 year period. Their Indian sample consisted of life insurers, general insurers, and brokers.
The survey suggested that unlike other countries, the Indian insurance sector did not consider regulations as a worry but hailed Change Management as a prime concern. "Respondents from India perceive regulation as the least important risk and this could only be a reflection of the new reality where post the FDI changes, industry has accepted the new set of regulations as new normal," said Anuraag Sunder, Director, PwC India.
The survey highlighted the fact that digitization, internet and social media, influence price and demand of insurance products and the way the insurance seekers as well as the insured, deal with insurance providers.
With the advancement in technology, customers are also evolving and demand for digitization is also on the rise. The insurance industry is not new to the challenge of Change Management, however that challenge has never been so profound as it is now.