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U.S. insurance CEOs optimistic about industry growth

Staff Writer |
The majority of U.S. insurance company CEOs, 79 percent, are confident about the growth prospects of their organizations over the next 3 years, as they are looking to innovate processes and implement new technologies in response to the rapid disruption of the sector.

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Eighty two percent of insurance CEOs that participated in the KPMG U.S. CEO Outlook 2017 study are looking to disrupt the sector rather than be disrupted by competitors, while 57 percent see technological disruption as an opportunity rather than a threat, said KPMG International.

"Insurance CEOs are taking disruption head on by embracing new technologies and adopting new business and operational models," said Laura Hay, National Insurance Leader, KPMG LLP.

"There is a great need to build capabilities that are scalable, agile and sustainable, while meeting customer expectations."

The majority of insurance CEOs, 83 percent, believe that there is a great need to scale up business operations and processes to drive growth.

owever, 59 percent are concerned that their companies do not have the sensory capabilities to innovate processes to respond to rapid disruption.

"The insurance industry is at a critical tipping point, and an enterprise-wide evolution is necessary to effectively compete in the digital age," said Matt McCorry, Insurance Advisory Leader, KPMG.

"Understanding how to leverage data into new insights and value, and implementing the right technologies to improve efficiencies and the customer experience, are crucial for future success."


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