Norman Broadbent Interim: The Insurance Industry Outlook

As we move into 2018, the only thing that is certain is the level of uncertainty about where we will be at the end of 2018! Recent trends in the insurance industry which have challenged Insurers in 2017 will continue to dominate, but with a fresh set arriving, predominantly surrounding the forthcoming uncertainty facing organisations with Brexit and continued Regulatory initiatives including GDPR.

The IoT and Connected homes, autonomous devices and the rising threat of Cyber Attacks are transforming the way people engage with Insurers and their products. Therefore, insurers will need to continue to adopt new technologies in order to identify opportunities as well as challenges. What will be the challenges facing the insurance industry in 2018?

Economic outlook: Uncertainty will impact insurer growth prospects in 2018

The UK economy is heading into unknown territory. 2016 saw Britain voting to leave the EU, bringing to the forefront an array of challenges and highlighting key considerations for insurance providers, many of which were heightened further with the announcement of GDPR set to be implemented in May 2018.

The challenges for insurers include:

  • Brexit

No one knows where this will end up or what the macro societal effect will be. Furthermore, there are legislative challenges of passing European laws into British law. Uncertainty can breed fear and the economy’s ability to grow may be impaired.

  • Low but rising interest rates

This is a hard one for Insurers on our list of insurance industry challenges– higher interest rates will slow spending, but these will allow increased flexibility in commercial and margin calculations as well.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Norman Broadbent Plc

More articles like this

Norman Broadbent Plc

Norman Broadbent Safe Bet? Shortlisting in Procurement

Business leadership often mandates that new hires come from a specific industry or category background to try to reduce risk. It is considered the “safe” way to hire, and sometimes it may well be necessary. But

Norman Broadbent Plc

Talent & Market Intelligence

This month, customer insight – the holy grail of retail and consumer marketing – has been a “red thread” through a number of our client discussions. Indisputably, we live in an age where personal data is

Norman Broadbent Plc

Insurance Update Trends in Digital

The global insurance market is in the midst of a game-changing course correction that will re-define ‘business as usual.’  A ‘digital first’ urgency is sweeping across the industry driven by a new generation of consumers, data,

Norman Broadbent Plc

“It’s all in the mind (set)…”

“There are two types of people in this world…” is a common opening line for many jokes and internet memes. However, it was over 30 years ago that Carol Dweck identified a stark difference in resilience

Norman Broadbent Plc

Identifying long-term talent in the UK water sector

With an upcoming election potentially dictating radical changes, it’s an unsettling time in the UK water sector as we approach AMP7. The potential of nationalisation, aligned with competition for talent across other major infrastructure sectors (think

Norman Broadbent Plc

Stop Wasting Money …

How often have you been involved in hiring a senior executive when it only becomes clear mid-way through the (expensive) executive search what is really required? You aren’t alone as research shows 37% of all executive searches fail. 

Norman Broadbent Plc

Next Generation Leaders

When identifying potential future leaders, it is the conventional organisation and commercial needs that dominate the particular sector or functional role requirements. This answers the question of what we require today, but not necessarily what we

Norman Broadbent Plc

Flexible working – attracting and retaining talent

The financial services and insurance sector suffers from a higher median gender pay gap than any other sector of the economy. Prina Mashru, head of human resources at Konsileo, argues that for women in the sector,

Norman Broadbent Plc

To target real diversity, ask the workers

Booking.com, the Dutch-headquartered travel company, has come top for workplace diversity and inclusion in a new ranking of European employers by the Financial Times and research partner Statista, followed by American consumer goods multinational Colgate-Palmolive, and

Norman Broadbent Plc

Why Diversity is important

The CFO and their finance function are operating in a new and ever changing world. Organisations face almost unprecedented uncertainty, and the business environment is more complex, and evolving at a pace not seen before. In

Norman Broadbent Plc

Industrials: Interim Update

Across the Industrials sector, Norman Broadbent’s Interim CFO Practice has supported a multitude of clients seeking advice, market insight, and benchmarking for singular and project hires. With Brexit negotiations going down to the wire, and increased

Norman Broadbent Plc

“All Change”

Despite the fact that the Williams Review is yet to be published, we were given a glimpse of what to expect in the State Opening of Parliament last month. For the rail sector, the headline of

Norman Broadbent Plc

Oil & Gas Review

Norman Broadbent plc (LON:NBB) is a leading Professional Services firm offering five interrelated Talent Acquisition & Advisory Services: Board & Leadership/Executive Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Recruitment

Norman Broadbent Plc

D2C Retailing – Evolution or Revolution?

Direct to consumer retailers have been the success story of the 2010s. Brands such as Harry’s, Caspar, Made.com, and others, have gone from fledgling start-ups to agile VC backed businesses. As they continue to evolve, market expectations are

Norman Broadbent Plc

Making work more “Human”

For many senior leaders, keeping things practical and focussed in order to achieve tangible yet meaningful stretch goals is a norm few would disagree with. However, for all levels of management, success is as much about