Insurance CEOs focus on workforce growth and generative AI: KPMG survey

CEOs in the insurance industry are optimistic about their companies’ growth potential over the next three years, even in the face of challenges related to digital transformation, talent acquisition, and sustainability, according to a survey of 120 leaders from around the globe.

The KPMG CEO Outlook, now in its tenth year, reveals that 74% of insurance executives believe they can expand their businesses in terms of both profits and workforce size over the next three years, with 93% anticipating an increase in staff.

However, these CEOs are navigating a challenging landscape of pressures as they pursue growth while also pushing for digital advancements.

Attracting and retaining skilled professionals remains a significant concern for leaders aiming to support technology-driven business changes.

Additionally, only 54% feel ‘well prepared’ for a cyber attack, a decline from 66% the previous year, and just 43% believe their cybersecurity strategies can keep pace with rapid advancements in AI.

Consequently, 81% view Generative AI as a top investment priority, identifying it as a crucial factor for increasing their workforce.

Environmental, Social, and Governance (ESG) issues also remain a major focus for many insurance companies, with 63% of respondents confident they will achieve their net-zero goals by 2023.

Frank Pfaffenzeller, Head of Global Insurance, KPMG International, commented: “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 recognise the need to infuse the organisation with new talent and to embrace new technologies — Gen AI in particular — if they hope to achieve their growth objectives. Those organisations that move further and faster toward a sustainable and digitally enabled future could gain a significant market advantage.”

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