Positive Outlook for Growth
The KPMG CEO Outlook, now in its tenth year, shows that 74% of insurance executives believe they can expand their businesses in terms of profits and workforce size within the next three years. Notably, 93% of these leaders anticipate an increase in staff during this period.
However, the path to growth is not without its challenges. CEOs must navigate pressures related to attracting and retaining skilled professionals, which is critical for supporting technology-driven business changes.
Cybersecurity Concerns
The survey also highlights significant cybersecurity concerns among CEOs. Only 54% feel ‘well prepared’ for a cyber attack, a decrease from 66% the previous year. Furthermore, only 43% believe their cybersecurity strategies can keep up with rapid advancements in artificial intelligence (AI).
As a result, 81% of insurance executives view Generative AI as a top investment priority, recognizing it as essential for enhancing their workforce and improving efficiency.
Focus on ESG Goals
Environmental, Social, and Governance (ESG) issues remain a key focus for many insurance companies. 63% of respondents are confident that they will achieve their net-zero goals by 2023.
Frank Pfaffenzeller, Head of Global Insurance at KPMG International, stated, “Insurance CEOs are highly focused on accelerating their digital transformation while delivering on their ESG agenda and enhancing productivity. To drive each of these forward, they recognize the need to infuse the organization with new talent and embrace new technologies—especially Generative AI—if they hope to achieve their growth objectives. Organizations that move further and faster toward a sustainable and digitally enabled future could gain a significant market advantage.”
