After a period of cost cutting and retrenchment, insurers are once again shifting up a gear and striving for managed growth.
Demand for pensions and health insurance is likely to rise as the population ages and prepares for a longer retirement. Further openings are coming from the increasing affluence and sophistication of customers in emerging markets such as China and India.
Focus on growth: Striking the right value balance within financial services, a study carried out as part of the PricewaterhouseCoopers FS briefing programme, found that no fewer than 65% of the 201 FS executives surveyed, which included a large proportion of insurers, felt that managing for growth had become a higher priority in the past year.
Companies need to look carefully at how they position themselves to take advantage of the opportunities of a growth market.
Piecing the jigsaw: The future of financial services, a study published by PricewaterhouseCoopers in 2005, concluded that organisations can no longer be all things to all people and will need to articulate and concentrate on their most valuable competencies. This might mean focusing on a particular sector or territory, or choosing between being primarily a distributor or manufacturer.
While cost will remain critical, the ability to meet the increasingly exacting demands of today’s customers is likely to be the key competitive battleground.
Focus on growth: Striking the right value balance within financial services found that sales, marketing and customer service capabilities were seen as the most important enablers of growth over the next 12 months, closely followed by human resources and brand, reputation and customer satisfaction.
How PricewaterhouseCoopers can help you
From outsourcing to merger and acquisition, product development to territory expertise, PricewaterhouseCoopers has the expertise and experience to help you to plan, articulate and realise your strategy for growth.
