“I would be surprised if low interest rates and economic uncertainty will still be considered top impact issues in 10 years' time. That would mean the status quo has succeeded over creativity, fresh perspective and potential game changers,” said Mark Saunders, Risk Consulting practice leader, Towers Watson, Asia Pacific. “And I do think the industry is ripe for a disruptive game changer — one that will dramatically improve the industry's image and reputation by promoting the 'good' and empowering better connection with, and appreciation by, society and communities. We need to create a positive buzz that goes viral — via a revolutionary change in the way things are done, through affirmative actions and execution."Survey findings also varied among regions. European respondents are more likely over the next five years to consider regulations their greatest concern while ranking talent statistically lower than the other regions. Asia Pacific respondents are almost equally concerned about regulatory trends while giving comparatively higher rankings to the need for talent and social media’s impact. North Americans are slightly less concerned about regulations than their counterparts, with higher priorities given to big data and extreme weather events. “Big data is another area where an insurance company can differentiate itself,” said Steve Shurety, head of the Insurance Management Consultancy at Towers Watson. “There’s great potential for looking differently at the data we already have, identifying new sources of data and seeing how we can use either to improve the bottom line or to give us a pricing, product or service advantage with the customer base. With so much focus on capital management and public policy, are insurers paying too little attention to the competitive advantage — or disadvantage — that will flow from new megatrends such as big data?” About the Survey Towers Watson’s 2013 Insurance Megatrends survey included 533 participants. Forty-five percent of the respondents hold executive titles, while another 20% hold actuarial management titles. Life and property & casualty insurers have near-equal representation in the sample (33% and 31%, respectively), followed by multiline insurers (13%). Over half represent companies having over $1 billion in total global direct revenues (64%) and total global assets (77%). Nearly half (49%) of the respondents are located in North America, 33% in Europe and 15% in Asia Pacific. Company headquarters locations roughly mirror respondent locations, with 51% in North America, 37% in Europe and 10% in Asia Pacific.
About Towers WatsonTowers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.com.