Shifting industry trends are reshaping business capabilities across the insurance value chain and supporting functions. EY expects efficiencies in the ‘core’ insurance competencies of underwriting and claims, but with increased data skills in hybrid roles. Data remains a key asset for decision-making to predict trends, rethink products and services and scale capabilities. Supporting functions need to balance operational cost pressure with an increasingly complex landscape to navigate. Talent strategies need to consider how roles and skills are changing, and HR and L&D teams need to be equipped to support this transition.

EY’s Global Insurance Outlook focuses on three issues that are driving the strategic agenda in markets around the world: preparing for the transformative impact of AI; a spotlight on delivering societal value; and ever-changing customer needs and blurring industry lines.

Technological advancements like chatbots and AI have played a pivotal role in revolutionising areas such as underwriting. Insurers embracing societal impact strategies not only contributes to social good but also enhances customer loyalty and employee satisfaction. Evolving customer needs are driving changes in product offerings and service delivery and embedded insurance and ecosystem partnerships are rising as responses to changing customer expectations.

There are implications for HR practices, including the need for…