"The future ain't what it used to be," according to Yogi Berra, best known as the Hall of Fame catcher for baseball's New York Yankees, but also one of the most widely quoted "philosophers" of our time. Yogi's words of wisdom are likely to resonate with insurers over the next few years as they struggle to adapt to some of the game-changing developments impacting the industry.
Annual outlooks tend to focus on the short-term effects of passing macroeconomic trends or cyclical insurance market conditions. This year, however, the Deloitte Center for Financial Services focused its outlook on bigger picture concerns. We suggested that insurers should start tackling a quartet of long-term challenges likely to prompt major changes in how the property and casualty industry does business, both internally and externally.
These challenges are interconnected, meaning carriers probably cannot afford the luxury of addressing them one at a time. Instead, many will likely have to launch a multi-pronged effort to reshape their operations so they are positioned to succeed over the long haul.
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