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1、ContentsKey messages2Where do insurers stand as they enter 2021 ?3Expense management still front and center to free up funds for accelerated digitization6Technology could play a crucial role, but most feel digital capabilities come up short10Insurers reevaluate talent strategies by balancing return-
2、to-office plans with a hybrid workforce14Finance priorities reconsidered for reporting, M&A, and taxation21Insurers should keep innovating to thrive after the pandemic2729EndnotesTechnology could play a crucial role, but most feel digital capabilities come up shortTechnology was vital in helping ins
3、urers shift to remote work environments and in ensuring employees had the tools to conductbusiness while remaining connected with distributors and clients.Even so, Deloittes survey found 79% of respondents believe the pandemic uncovered shortcomings in their companys digital capabilities and transfo
4、rmation plans. That rose to87% among respondents with operations responsibilities, who were probably the most directly impacted.In response, 95% of those surveyed are already accelerating or looking to speed up digital transformation to maintain resilience. Europe (59%) and North America (55%) seem
5、further along in implementing such plans, compared to 41% in APAC (figure 7).FIGURE7European respondents emerged further along with implementing digital transformation plansNearly all insurers are at least planning to enhance digital capabilities over the next 6-12 months to maintain resilience Alre
6、ady implementing . Planning to implement Do not have plans to implement Do not knowNote: Percentages may add up to more than 100% due to rounding.Source: The Deloitte Center for Financial Services Global Outlook Survey 2020.Insurers plan to double down on cybersecurityAs insurers begin to focus more
7、 on the thrive phase, most CIOs surveyed will be reallocating technology spending as they reprioritize ongoing and planned projects (figure 8). Cybersecurity tops the list among those surveyed in terms of an expected increase in investment.Close to two-thirds of respondents across all regions are lo
8、oking to increase spending on cybersecurity. With most employees working remotely and more data and applications moving outside the traditional security perimeter,cyberattack risks keep rising. Insurers should consider implementing “zero trust” principles by imposing verification requirements on any
9、one seeking access to data or systems, regardless of being internal or external, while adopting security by design” principles duringtechnology development.Cybersecurity teams should consider enhanced controls and endpoint protection technologies to exert greater control over end-user devices. Compa
10、nies should also increase training and awareness activities, focusing on remote guidelines and etiquette for work-from-home environments.FIGURESCybersecurity, cloud, data privacy, and analytics were identified as tech investment priorities Expect a large increase in spend Expect a slight increase in
11、 spend Expect no changeExpect a slight decrease in spend Expect a large decrease in spendCybersecurity18%18%48%19%14%2%Cloud computing and storage42%29%11%3%Data privacy2%12%17%13%40%27%20%37%35%14%3%channels Artificial2%intelligence34%38%16%28%34%25%Blockchain and distributed ledger technologies12%
12、12%27%36%25%Robotic process automation7%23%29%36%7%23%29%36%7%Note: Percentages may add up to more than 100% due to rounding.Source: The Deloitte Center for Financial Services Global Outlook Survey 2020.FIGURE 9Potential business and technology benefits of cloudOn-demand self-service: pay-as-you-go,
13、 pay-as-you-growBroad network access,anytime, anywhereIT agility/fastertime tomarketCloud migration gaining momentumAlthough the shift to cloud computing was already well underway before the pandemic, it appears to be an even bigger priority now as insurers look to shed fixed expenses. Clouds consum
14、ption-based cost model can facilitate expense management while enabling leveraging of cloud services to drive innovation and agility. Cloud transformation projects are likely to accelerate in 2021, as building the cloud foundation would allow insurers to rapidly and cost-effectively implement advanc
15、ed analytics and automation tools (figure 9).To prioritize cloud investment, carriers should look to first migrate and modernize systems-of- engagement, enabling different ways to interact with customers and distributors. Next, insurers should consider moving systems-of-record, readying core systems
16、 for digital technologies powering new business models. In September 2020, for example, Prudential decided to utilize Vitechs cloud-based Velocity as its core administration platform across its group insurance business.33IIRapid elasticity orexpansionAccess to on-demandanalytical and automationsolut
17、ionsReduced burden of entryinto new products ormarketsCompanies should keep in mind cloud adoption goes beyond IT upgrades. For benefits to materialize, it should be part of broader business transformation, including people and processes as integral components.Privacy and data security (addressed be
18、low) should also be top-of-mind, as insurers are still accountable for protecting customer data through encryption and by applying appropriate security and access controls to cloud applications.Data privacy a rising priority as sources, analytics keep expandingWith data-related regulations and cyber
19、security concerns increasing, privacy is a growing boardlevel priority for insurers. Fifty-two percent of those surveyed (including nine of 10 CEO/president respondents) expect to boost spending on data privacy.With data-related regulations and cybersecurity concerns increasing, privacy is a growing
20、 board-level priority for insurers.However, 27% expect no change, while 22% may cut spending on privacy, which could prove problematic given emerging vulnerabilities. Insurers may also have to increase spending if they expect to move beyond their traditional focus on regulatory compliance and engage
21、 more proactively and transparently with consumers by offering value forSource: Deloitte Consulting LLP.new types of data, thereby making privacy management a competitive differentiator.34Cybersecurity and privacy are prominent concerns not only because of increasing regulatory pressure, but also du
22、e to how rapidly data volume is growing through sensors, third-party aggregators, and other alternative sources. Combined with advanced analytics, insurers can reconcile, combine, and analyze data from multiple sources to generate realtime insights that were previously not feasible technologically o
23、r viable economically. No surprise, then, that 49% of respondents (led by 56% in North America) are looking to boost investments in data analytics.The goal is to speed up underwriting and improve customer experience. For example, Policygenius, a New York-based InsurTech, utilizes analytics on past m
24、edical and prescription data to offer accelerated term life products without a medical exam for eligible applicants.35Building a data-driven organization requires a strong foundation that is secure and scalable, allows linkages to multiple internal and external data sets (possibly as microservices),
25、 and supports advanced analytics and automation capabilities. Insurers should keep modernizing outdated legacy systems that could prevent carriers from extracting value and making new data actionable.36Technology agenda items to consider for 2021Source: The Deloitte Center for Financial Services ana
26、lysis.How might youreallocate technologyspending to ensuresupport for immediateoperational needswithout compromisingon key long-termprojects?How can youcreate a robustdata andtechnologyfoundation tosupportaccelerated digitaltransformation?Can carrierstranslate thepandemic-driventemporary adoptionof
27、technology byfunctional teamsinto a more lastingshift in workhabits?Insurers reevaluate talent strategies by balancing return-to-office plans with a hybrid workforceHE INSURANCE WORKFORCE was notI immune to COVID-19* effects. About 60% of those surveyed reported their companies had seen furloughs an
28、d layoffs. Over 50% experienced compensation reductions, limitations on raises and bonuses, and promotion freezes.While the impact was felt across regions, respondents from North America reported being harder hit by various reductions (figure 10). Looking ahead, to support operational and financial
29、stability, 39% of respondents believe they will need further rationalization of compensation and headcount.Most insurers are looking to eventually get the bulk of their people back to the office. However, with the risk of periodic surges in COVID-19 infections and uncertainty around large-scale vacc
30、ine availability, many workers may be concerned about potential health and safety risks.Actions taken to reduce workforce-related expensesActions taken to reduce workforce-related expenses Already done . Plan to do . Have not done and dont plan to . Dont knowNorth AmericaFurloughs67%20%12%1%LayofiFs
31、2%Compensation reduction68%18%14%56%35%9%L.2%Limlted/no raises or bonuses2%Freeze on promotions61%26%14%2%74%23% 3%FurloughsLayoffsEurope60%26%13%uompvnsaiiOn ruuucuonuompvnsaiiOn ruuucuon3%2%.2%41%41%16%ILimited/no raises or bonusesrrPPzP rin rirnmriT nnQ50%34%15%2%59%24%15%62%25%10%Asia-PacificFur
32、loughs39%39%38%21%.2%LayoffsCompensation reductionCompensation reduction53%32%15%Trnned/noraises or bonuses52%39%9%56%33%11%50%29%21%Note: Percentages may add up to more than 100% due to rounding.Source: The Deloitte Center for Financial Services Global Outlook Survey 2020.Mandatory work-from- home
33、models compelled unprecedented changes in day-to-day operationsOffice closures and restricted movement prompted everyone and everything that could go virtual to do so immediately. However, the sudden pivot left insurers to grapple with challenges from multiple talent perspectives. Workplace: Many in
34、surers with a traditional office mindset had to overcome a plethora of technology and collaborative obstacles to support a virtual operation of this magnitude while maintaining their productivity and culture. Workforce: Employees working remotely may lack an appropriate ergonomic space. Many must co
35、ntend with additional personal responsibilities, such as child or elder care, requiring flexible or reduced schedules. These circumstances compelled many employees, especially women, to take voluntary career breaks.37 Indeed, the start of the new academic year for students learning at home prompted
36、four times as many women as men in the United States to quit their job in September 2020.38Work expectations: There are often no clear policies laid out about whats expected of virtual workers. Plus, the uptick in online insurance applications and claims management isfast-tracking digitization, impa
37、cting the nature of work and likely requiring retraining.Those who have acclimated to remote work may question the need to return to an office.Most insurers are looking to eventually get the bulk of their people back to the office. However, with the risk of periodic surges in COVID-19 infections and
38、 uncertainty around large-scale vaccine availability,39 many workers may be concerned about potential health and safety risks. Indeed, 74% of respondents feel their organizations success post-COVID-19 may be hampered by employee fear of returning to the office. Compounding this, those who have accli
39、mated to remote work may question the need to return to an office, regardless of COVID-19s status.Respondents report taking several measures to ensure employee safety for those asked to return (figure 11). Insurers have opportunities to further reduce liability and enhance safety by utilizing adapti
40、ve technology. For example, insurers could require employees to download a mobile app regulating access to office facilities, while tracking intra-office activity and interaction if contact tracing is required.40FIGURE 11Measures taken to ensure employee safety when offices reopen Already done Plan
41、to do . Have not done and dont plan to . Don,t knowNorth AmericaEuropeDistribution of PPE to employeesReconfigured/socially distanced worksi25%24%4%76%18%Reduced office hours6%Rotating schedules76%18%Rotating schedulesNote: Percentages may add up to more than 100% due to rounding.Source: The Deloitt
42、e Center for Financial Services Global Outlook Survey 2020.However, as most insurers are likely to at least offer remote work options until MID-2021 or beyond, they should therefore rethink “return to noimal talent strategies to enable productivity, collaboration, and innovation no matter where peop
43、le work.Conventional work strategies reimagined for near- and long-termInsurers should consider moving beyond traditional structures and build a road map to thrive virtually. Some may decide to shut selected offices for goodan option chosen by Nationwide, which had already made long-term technology
44、investments that facilitated a quick transition during the pandemic to a work-from-home model for 98% of employees.41 Others may consider a hybrid remote/office system, or at least a more flexible template.As insurers look to maintain their work culture for the postpandemic world, insurance leaders
45、might consider three potential archetypes (figure 12): traditionalists (all employees eventually returning to the office); progressives (a hybrid on-premise/virtual model); and visionaries (most working virtually).FIGURE 12Organization archetypes based on workforce and workplace assessmentand future
46、 implicationsDefinitionsFuture implications in a post-COVID-19 world(H)TraditionalistsOrganizational culture is office-based.Employees largely prefer to work and collaborate in officeLikely now competing for talent with firms that off er more flexible work arrangements Adapt existing space to accomm
47、odate workplace distancingLike y to delay workplace modifications under the expectation that the pandemic will concludeProgressivesCompany culture that supports both virtual and on-premise work. Employees are comfortable working in either a virtual or onpremise format Support employees who choose to work off site and those who choose to come to the officeConsistent productivity measurement and culture maintenance Managing a hybrid workforce will require new capabilities and technology infrastructure to support employees (e.g., tools, processes, data security)Visio