NTT DATA highlights five challenges facing the Insurance industry in 2023 | NTT DATA

Fri, 07 July 2023

NTT DATA highlights five challenges facing the Insurance industry in 2023

London, 7 July 2023 – NTT DATA, a leading IT services provider and industry consultancy has released a new white paper, "The Insurance 2023 Vision", focusing on the state of play across the insurance industry today. The insights touch on major topics across the industry, including IT transformation, ESG, and cybersecurity.

Evaluating the core challenges faced by insurance industry participants today, this report identified five key areas of priority:

  1. IT transformation: Insurers must embrace an innovative and data-driven approach to meet customer need and stay ahead of industry-wide trends.
  2. Collaborating across the ecosystem: Insurers must collaborate with other industry participants to negate the complexity and siloed nature of the sector.
  3. New products: Insurers must take advantage of new and emerging technologies, such as the metaverse, and integrate them with their offering.
  4. ESG: As ESG initiatives increasingly shape the trajectory of all industries, insurers must help their customers to assess climate risks, promote sustainability, and foster diversity.
  5. Cybersecurity: Insurers must collaborate with businesses, policymakers, and cyber experts to protect customers from the adverse effects of cyber-attacks.

These actions are crucial for insurers to adapt and succeed in today’s rapidly changing landscape. This white paper operates as a guideline for these insurers, presenting the core challenges the industry faces today along with the necessary steps to draw value from the opportunities these challenges present.

Commenting on the results of NTT DATA’s latest research, Dave Brooks, UK&I Practice Leader, Insurance, at NTT DATA UK&I, says, “As industry participants, it is vital that we truly understand the environment we operate in on a daily basis. Insurance moves fast, and we must remain agile and responsive. That is why we saw it as vital to take a step back and evaluate the core challenges insurers face today. With the insights we gained and collated in this new white paper, we hope to guide insurers to not only understand the core challenges they face but also to see these challenges as growth opportunities.”

Download the white paper here.

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