Three years after outlining the major trends for the Swiss insurance industry in our “Vision 2030 Swiss Insurers,” we observe that certain areas are progressing faster than anticipated; here we share our view of how the widespread adoption of generative AI, the growing pressure on sustainability practices, and the surge in cybercrime are impacting the Swiss insurance industry.

The adoption of generative AI in customer service, underwriting, and claims processing is gaining momentum and showing promise in improving efficiency and reducing costs. Insurers must gain experience with the technology at this early stage through small-scale experiments to evaluate the feasibility and value of each use case and gain insights into the risks and ethical challenges.

The pressure from stakeholders and regulators for sustainable practices underscores the urgency for insurers to take action. A combination of financial self-interest, pressure from various stakeholders, and the growing complexity of the regulatory landscape is placing a greater focus on this topic. It has become crucial to integrate sustainability into strategy, products, and economic activities and to communicate sustainability efforts to customers.

The surge in cybercrime also places insurers in the dual role of safeguarding their operations while providing essential cybersecurity insurance coverage to their clients. Insurers must adhere to evolving regulatory requirements (e.g., DORA) to bolster their resilience and simultaneously adapt pricing and policies to address their customers’ increasing reliance on insurance for cybersecurity. Insurers have the potential to capitalize on opportunities by providing comprehensive cybersecurity services that extend beyond conventional insurance, an approach that emphasizes proactive prevention over risk transfer.

In conclusion, the Swiss insurance market is navigating significant changes influenced by new technology, cyber risk, and sustainability. Embracing these transformations positions insurers as key players in addressing efficiency, cybersecurity, and climate change, contributing to a more sustainable future.

Download the paper to read our perspective on how these three topics have changed the market and how insurers should adapt.

  • Insurance Vision 2030
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