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1、2022 Insurance CEO Outlook Navigating economic challenges and operational transformation with confdence home.kpmg/uk Contents 04 The economic outlook 07 Technology helping to drive growth 09 Accelerating ESGs impact 2023 KPMG LLP,a UK limited liability partnership and a member frm of the KPMG global

2、 organisation of independent member frms affliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.11 Workforce resilience 13 Insurance CEO prioritiesIn a year of upheaval caused by geopolitical tensions,the ongoing pandemic and an uncertain economi

3、c climate,CEOs continue to face evolving challenges and opportunities.With swirling changes across the industry,we surveyed 134 insurance CEOs as part of KPMGs CEO Outlook,to gather their insights and perspectives on the industry and economic landscapes over the next 3 years.Insurers continue to ada

4、pt to new technologies and cyber security strategies,and CEOs pinpointed operational risks and emerging/disruptive technology risks as the top two threats to their organisations growth over the next 3 years.This is a shift from 2021,when they felt regulatory and tax risks were the greatest threats.C

5、ompared to our 2021 survey,insurance CEOs also expressed increased optimism about growth for the economy and the industry,but fewer felt optimistic about their companys own growth prospects.Heres more on what insurance CEOs had to say as the sector continues to navigate an ever-changing market.Trevo

6、r Jones UK Insurance Leader KPMG in the UK Accelerating ESGs impact Workforce resilience Insurance CEO priorities Technology The economic outlook 3 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member frm of the KPMG global organisation of independent member frms

7、affliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Laura Hay Global Head of Insurance KPMG International The 2022 CEO Outlook draws on the perspectives of 1,325 global CEOs across 11 markets to provide insight into their 3-year outlook on the

8、 business and economic landscapes.The survey also reveals shifts in strategy and viewpoints from the KPMG CEO Outlook Pulse Survey,conducted ahead of the Russian governments invasion of Ukraine.Accelerating ESGs impact Workforce resilience Insurance CEO priorities Technology The economic outlook The

9、 economic outlook While 90 percent of insurance CEOs believe a recession is likely in the next 12 months,53 percent believe it will be mild and short and 79 percent of those CEOs have plans in place to deal with it.When asked about their most pressing concern for their organisation today,pandemic fa

10、tigue,economic factors(including rising interest rates,infation and an expected recession)and emerging/disruptive technology came out on top.Although insurance CEO confdence is high overall compared to all the CEOs surveyed,signs of headwinds are starting to show and they are preparing for this acco

11、rdingly.Insurance CEOs are readying themselves and their organisations to weather current geopolitical and economic challenges,while exploring how they can mitigate recessionary impacts to plan for economic disruption.In the coming 6 months,50 percent say they are planning to bring overseas operatio

12、ns back to a local level or even in-house to cope with geopolitical challenges.They are also considering or will consider downsizing their employee base in the short-term and putting a hiring freeze in place.Insurance CEOs readying for an anticipated recession 7have implemented or plan to 7%implemen

13、t a hiring freeze in the next 6 months 8have considered or will consider 4%downsizing their employee base in the next 6 months Source:KPMG 2022 CEO Outlook 4 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member frm of the KPMG global organisation of independent me

14、mber frms affliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.As the insurance industry copes with rising costs,global political and economic uncertainty,new laws and regulatory guidance and rapidly changing operating models,the ability to ada

15、pt quickly and early is as important as ever.Insurers should prepare for these uncertainties and anticipate the change that will likely continue.Laura Hay Global Head of Insurance KPMG International A sense of optimism Although insurance CEOs are readying for a recession,many also report feeling opt

16、imistic about growth prospects over the next 3 years for the global economy and the insurance sector overall.72 percent indicated they feel either confident or very confident about the global economys growth potential,a slight increase from 70 percent in 2021.Whats more,90 percent said they feel con

17、fident or very confident about the sectors growth prospects,compared with 84percent in 2021.Amid their optimism are further signs of early headwinds.More of the insurance CEOs indicated confdence for growth prospects in their industry versus their own company(87 percent).This is a shift from 2021,wh

18、en 93 percent of insurance CEOs said they felt optimistic about their companys growth prospects.Geopolitical uncertainties will likely continue to impact strategies,with 92 percent of insurance CEOs discontinuing their working relationship with Russia and 87 percent pausing or planning to pause thei

19、r digital transformation strategy.These uncertainties have also impacted CEOs confidence in terms of the growth prospects of their companies with 87 percent of those surveyed expressing confidence,a decrease of 6 percent from 2021.Shifting M&A appetite Strategic alliances(28 percent),organic growth

20、(21 percent)and managing geopolitical risks (20 percent)top insurance CEO lists of the most important strategies for achieving organisational growth objectives over the next 3 years.Signifcantly fewer insurance CEOs named mergers and acquisitions(M&A)as one of their top strategies compared to the 20

21、21 Outlook.Despite this decrease,59 percent of CEOs said their appetite for M&A is high and that their companies are likely to undertake acquisitions that will signifcantly impact their business.This trend of increased M&A activity is more apparent in the insurance sector,versus 47 percent among all

22、 global CEOs.Important strategies for achieving growth objectives over the next 3 years Strategic alliances with third parties Organic growth Managing geopolitical risks Joint ventures M&A Outsourcing 28%21%20%12%10%9%Accelerating ESGs impact Workforce resilience Insurance CEO priorities Technology

23、The economic outlook 5 Source:KPMG 2022 CEO Outlook While it is not surprising to see less emphasis on M&A in the current uncertain geopolitical climate,wealso see an increased interest andinvolvement from Private Equity inthe insurance industry.Ram Menon Global Head of Insurance Deal Advisory KPMG

24、International 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Accelerating ESGs impa

25、ct Workforce resilience Insurance CEO priorities Technology The economic outlook Risks to growth As insurers continue adapting to new technologies and cyber security strategies,operational risks and emerging/disruptive technology risks were identifed as major barriers to growth.Due to the ongoing gl

26、obal challenge of volatile unemployment levels,internal unethical culture risks increased signifcantly to 13 percent,compared with 1 percent in 2021.Tax risk may no longer be one of the top two concerns for insurance CEOs,but a majority still fnd their companies are under increased pressure due to c

27、hanging tax requirements.In fact,77 percent of CEOs believe that their organisation is under extra pressure to increase reporting of their global tax contributions and that the proposed global minimum tax regime possesses a signifcant concern to their organisations goals.As insurance CEOs continue t

28、o transform how they and their organisations do business,the vast majority(83 percent)recognise theres a strong link between whether members of the public trust a business and how an organisations tax approach aligns to its values.Risk to growth over the next 3 years 2022 1 Operational risk 2 Emergi

29、ng/disruptive tech 3 Internal unethical culture 4 Environmental/climate change 5 Interest rate risk 2021 1 Regulatory risk 2 Tax risk 3 Reputational/brand risk 4 Emerging/disruptive tech 5 Supply chain risk Source:KPMG 2022 CEO Outlook 6 With all the transformation that has occurred over the past ye

30、ars,it is no wonder that Operational Risk is topping the charts as a main risk to growth.As with all change and transformation,the challenge to companies is about fnding the right balance between speed of change and innovation,and managing the risks these may introduce.Erik Bleekrode Head of Insuran

31、ce KPMG China&Asia Pacifc 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Technology

32、 helping to drive growth Insurance CEOs are directing digital investment to areas of their business that drive growth,with 77 percent of insurance CEOs saying they have a strategy in place to drive digital transformation in order to remain relevant and stay ahead of the competition.But they also rec

33、ognise that the necessary digital transformation acceleration of the past few years has led to burnout and 83 percent agree this needs to be addressed before CEOs can continue their transformation journeys.In line with this thinking,fewer insurance CEOs say they need to be quicker to shift investmen

34、t to digital opportunities and divest in those areas where they face digital obsolescence 72 percent,a decrease from 75 percent in 2021.Digital transformation has become more expensive in recent years.This is refected by the 54 percent who are placing more capital investment in buying new technology

35、 as opposed to developing their workforces skills and capabilities.This is a reversal from 2021,when 49 percent were investing more in new technology and 51 percent into their workforce.When asked their top barriers to digital transformation,the top response was deciding on the right technology.This

36、 struggle shows itself in the 78 percent of CEOs who agree that partnerships are critical to staying resilient and continuing their pace of digital transformation(an increase from 65 percent in 2021).Now more than ever,investment should be prioritised in those areas that help drive growth and potent

37、ially slowed or reconsidered on efforts that may be considered non-critical.In uncertain times,businesses may want to focus their digital investments on impactful and measurable opportunities that are most likely to support their strategic goals.Driving transformation and increasing effciency by uti

38、lising technology across the front,middle and back offce will likley be crucial for insurers as they develop operational ambitions for the next three years.Mark Longworth Global Head of Insurance Advisory KPMG International Accelerating ESGs impact Workforce resilience Insurance CEO priorities The e

39、conomic outlook Technology 7 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Cyber s

40、ecurity Continuing the advancement of progress underpinned by technology,insurance CEOs are working to strengthen their cyber security strategies to build robust relationships with stakeholders.The vast majority agree that a strong cyber strategy is critical to gain trust from key stakeholders(82 pe

41、rcent).Whats more,84 percent see information security as astrategic function to help them gain competitiveadvantage.Growing experience of the challenges of cyber security is also giving insurance CEOs a clearer picture of how prepared or unprepared they may be.More CEOs say they are prepared for a c

42、yber attack 59 percent,up from 48 percent in 2021,and 76 percent say protecting their partner ecosystem and supply chain is equally important as building their organisations cyber defenses.Recent geopolitical volatility has signifcantly increased the risk of companies of all sizes being hit by cyber

43、 attacks.The rapid increase,as well as the increasing diffculty of detecting such attacks,calls for automation and innovation when dealing with cyber incidents.Furthermore,according to industry experts,in the future there will be a rise in the number of cyber attacks as well as their complexity.Thus

44、,its crucial for insurance CEOs to realise the criticality of having robust cyber security and focus on frming up their capabilities.The mismatch between the pace of technology innovation and the lead time to train workforces drives insurers to invest in new technologies in order not to fall behind,

45、rather than building internal skills and capabilities.To continue growth in this space,insurers should also consider a balance between investing in the governance of new technology with recruiting and retaining the right talent.Simona Scattaglia Global Insurance Technology Leader KPMG International

46、Accelerating ESGs impact Workforce resilience Insurance CEO priorities The economic outlook Technology 8 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limite

47、d,a private English company limited by guarantee.All rights reserved.Accelerating ESGs impact Insurance CEOs increasingly see the importance of ESG initiatives,especially when it comes to how ESG improves fnancial performance,meets stakeholder expectations and attracts a strong talent pool.This year

48、s survey shows a marked jump in demand from stakeholders employees in particular for increased transparency.More insurance CEOs agree that ESG programmes improve fnancial performance(44 percent),an increase from 40 percent a year ago.Internal and external stakeholders are increasingly looking to org

49、anisations for more in-depth disclosures and a proactive approach to integrating diversity,equity and inclusion.In fact,28 percent of insurance CEOs indicated that employees and new hires are demanding greater ESG reporting and transparency.This is a signifcant increase from 3 percent in 2021.CEOs i

50、ncreasingly understand that businesses embracing ESG are best able to secure talent,strengthen their employee value proposition,attract loyal customers and raise capital.ESG has gone from a nice-to-have to integral to long-term fnancial success.59 percent of insurance CEOs see stakeholder demand for

51、 increased reporting and transparency on ESG issues up a signifcant extent(up from 48 percent in August 2021).81 percent believe stakeholder scrutiny on social issues will continue to accelerate(up from 60 percent in August 2021).22 percent indicate stakeholder skepticism around greenwashing is incr

52、easing(up from 12 percent in August 2021).Since July 2021,more than 29 leading insurers signed up to the United Nations-convened Net Zero Insurance Alliance.Under this alliance,insurers have committed to transitioning all operational and attributable greenhouse gas emissions(Scope 1,2 and 3)from the

53、ir insurance and reinsurance underwriting portfolios to net zero by 2050.In the CEO Outlook,insurance CEOs highlighted their greatest barriers to achieving net zero:28 percent feel the insurance industry suffers from a lack of experts who are ready to tackle sustainability issues.23 percent consider

54、 the lack of internal governance/controls to operationalise the path to net zero as a barrier.22 percent highlight the complexity of decarbonising their supply chains as a major hindrance to reaching their net zero goals.Most in the insurance industry have done a good job of identifying and quantify

55、ing their operational and value chain emissions,although more work is needed in embedding these new processes within the fnance function.This has led to a series of operational changes that are helping reduce emissions across the sector.Roger Jackson Global Insurance ESG Lead KPMG International Work

56、force resilience Insurance CEO priorities Technology The economic outlook Accelerating ESGs impact 9 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a

57、private English company limited by guarantee.All rights reserved.Thirty percent of insurance CEOs say telling a compelling ESG story is their biggest challenge in communicating ESG performance to stakeholders.This challenge includes meeting the ESG reporting needs of different investors and stakehol

58、ders,and the lack of rigour within their own organisations for reporting on ESG performance.Investment in tools such as ESG measurement and governance is increasing,though 64 percent of insurance CEOs have committed to allocating more than 6 percent of revenue to make their organisation more sustain

59、able.49 percent of them say theyll invest between 6 and 10 percent of revenue.This is almost doubled from 2021,when 25 percent of insurance CEOs said the samething.ESG has become an intrinsic business imperative.Just as Rome wasnt built in a day,ESG is an ongoing journey.A strong and consistent ESG

60、strategy could help differentiate an organisation from its competitors.Delaying key ESG efforts could make businesses reactive instead of proactive,and ultimately result in greater costs to business and customers.Instead,insurers can lead the way with greater transparency,resilience and sustainabili

61、ty.Ramping up DEI progress Across sectors theres broad alignment on diversity,equity and inclusion(DEI).but there is growing concern about the pace of progress.For starters,74 percent of insurance CEOs believe DEI progress has moved too slowly in the business world,and 74 percent also believe scruti

62、ny of DEI performance will continue to increase over the next 3 years.Awareness is key,and CEOs have an important role to play in helping drive the DEI agenda in the years to come.Seventy-eight percent of insurance CEOs believe they have a responsibility to drive greater social mobility in their org

63、anisations,which involves how you invite everyone into and structure your organisation meaning businesses must invest in their people in a new way.Key drivers to accelerate an organisations ESG strategy 34%Taking a more proactive approach to societal issues,such as increased investment in a living w

64、age,human rights and a just transition 25%Increasing measurement and governance to build a more robust and transparent approach to ESG 21%Delivering greater gender equity in leadership and addressing historic gender issues including pay gaps 20%Implementing a net zero strategy and/or measuring and a

65、cting on the companys carbon footprint Workforce resilience Insurance CEO priorities Technology The economic outlook Accelerating ESGs impact 10 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms a

66、ffiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Workforce resilience As insurance CEOs consider how they support and attract talent,theyre focusing efforts more on technology and their organisations employee value proposition.Though they a

67、re considering reducing employee headcount in the next 6months,insurance CEOs are more positive over the longer term 87 percent say theyre planning to increase the size of their workforce over the next 3 years.Whats more,24 percent said the employee value proposition to attract and retain talent is

68、their top operational priority for achieving 3-year growth objectives.Almost three-quarters of insurance CEOs(74 percent)agree that retaining talent with the pressures of infation/rising cost of living is top of mind.With the ongoing labour shortage,companies should do everything they can to hold on

69、to talent while addressing economic,competitive and demographic realities.Evolving perspectives on ways of working Hybrid/remote working has had a positive impact on hiring,collaboration and technology investments over the past 2 years but almost half of insurance CEOs (49 percent)see in-offce as th

70、e go-to corporate working environment over the next 3 years.This could make it diffcult to attract employees,as many have decided a hybrid or work-from-home model is better for them.Making the short-term decision to downsize or bring people back into the offce full-time could have signifcant long-te

71、rm consequences.Therefore,organisations should aim to be more employee-focused,actively listening and sharing empathetic communications to tackle rising attrition rates and bring in new workplace technology to make working in a hybrid environment seamless and convenient.Insurance CEOs need to make s

72、ure their people have purposeful interactions when they are in the offce,and now is the time to experiment and see what works best as far as determining the optimal working structure over the long-term.As people continue recovering from the pandemic they need to be inspired by compelling leaders and

73、 corporate strategies.Everyone needs to adapt,learn and develop in order to make the most of the opportunities that digitisation has to offer.CEOs are looking for the right balance,and I believe this will be a differentiating success factor for companies in attracting talent in the years ahead.Accel

74、erating ESGs impact Insurance CEO priorities Technology The economic outlook Workforce resilience 11 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member frm of the KPMG global organisation of independent member frms affliated with KPMG International Limited,a pri

75、vate English company limited by guarantee.All rights reserved.Laura Hay Global Head of Insurance KPMG International CEOs envisioning the future working environment for corporate employees 8%Fullyremote 49%In offce Accelerating ESGs impact Insurance CEO priorities Technology The economic outlook Work

76、force resilience 12 43%Hybrid Source:KPMG 2022 CEO Outlook 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarant

77、ee.All rights reserved.Insurance CEO priorities The KPMG 2022 CEO Outlook highlights long-term optimism in CEOs despite short-term challenges brought on by geopolitical concerns and a potential recession.Prepared to weather economic diffculties,CEOs are confdent in their companies resilience and gro

78、wth prospects.As insurance CEOs ready their organisations for an expected recession,here are some steps they can take to help ensure resilience:Accelerating ESGs impact Workforce resilience Technology The economic outlook Insurance CEO priorities 13 Technology Bring your people and technology togeth

79、er:Organisations have invested so much in digital transformation that they need to make sure their people adopt these technologies and use them to their full potential.Assess current technology systems and platforms:Insurers should evaluate whether their current technology platforms and architecture

80、 are ft-for-purpose,and decide if they should adapt,hollow out,create a digital skin or twin,or replace and re-platform current systems to better align for future needs.Work with partners to drive value:With CEOs increasingly interested in partnerships,identifying,integrating and managing third part

81、ies effectively can help increase speed to market,reduce costs,mitigate risks and supplement capability gaps in delivering the customer promise.Drive open innovation by engaging closely with digital platforms,ecosystems and startups.These partnerships would serve as key enablers for enterprise trans

82、formation strategies.Get closer to customers:Orchestrating compelling customer experiences requires companies to begin with the customer and work backwards,taking an outside-in perspective to reverse-engineer and shape what the experience should be;then,they should adopt an inside-out view to defne

83、how the experience should be delivered.View cyber security as a strategic function:Cyber security is no longer seen as only an IT issue;its a fundamental business operation imperative.The exponential increase in cyber attacks,coupled with the diffculty of detecting an attack in a timely manner,calls

84、 for automation and innovation in dealing with cyber incidents.2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by gua

85、rantee.All rights reserved.Talent Experiment with ways of working:As organisations launch return-to-offce plans,its important for CEOs to develop working structures that suit their people.Its time to experiment and see what works best.Active listening,empathetic communications and a commitment to fn

86、ding the right balance over the long term will be key.Tell your ESG story:A businesss ESG approach is increasingly seen as a differentiator when it comes to attracting and retaining talent.With many CEOs saying theyre struggling to tell a compelling ESG story,its important for them to articulate for

87、 stakeholders the steps theyre taking to address ESG in their organisations.Build,dont follow:Organisations and their employees are changing,and leaders need to reinvent the enterprise workforce.The old talent management playbooks are out of date,and the challenge is that there arent new ones to rep

88、lace them yet.The way forward involves strategies that include reinventing the workforce,focusing on the social side of ESG,leveraging analytics and designing a nurturing experience.ESG Include ESG in all aspects of the organisation:ESG management and governance will likely need to become part of th

89、e business-as-usual strategy.CEOs should ensure its embedded into their organisations fnancial ambition and vision.Recognise ESGs impact on fnancial performance:ESG has become integral to long-term fnancial success.CEOs increasingly agree that ESG programmes improve fnancial performance,which includ

90、es being able to secure talent,strengthen employee value proposition,attract loyal customers and raise capital.Invest in real-time technologies:CEOs should monitor deeper into their supply chain(i.e.at the third and fourth levels).Global supply chain leaders are starting to double down on investing

91、in technology including real-time,end-to-end analytics to identify where issues exist and improve visibility across the entire value chain.Take the lead on DEI:CEOs can play a powerful role in helping lead and drive the DEI agenda in the years ahead.Its important to normalise and create a culture of

92、 DEI across organisations to attract and retain new employees.Accelerating ESGs impact Workforce resilience Technology The economic outlook Insurance CEO priorities 14 2022 Insurance CEO Outlook 2023 KPMG LLP,a UK limited liability partnership and a member firm of the KPMG global organisation of ind

93、ependent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Contacts Trevor Jones UK Insurance Leader KPMG in the UK E:Trevor.JonesKPMG.co.uk Mark Longworth Global Head of Insurance Advisory KPMG in the UK E:Mark.LongworthKPMG.c

94、o.uk Roger Jackson UK Insurance ESG Lead KPMG in the UK E:Roger.JacksonKPMG.co.uk home.kpmg/uk/social 2023 KPMG LLP,a UK limited liability partnership and a member frm of the KPMG global organisation of independent member frms affliated with KPMG International Limited,a private English company limit

95、ed by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member frms of the KPMG global organisation.The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.

96、Although we endeavour to provide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.