Four trends that could rock insurance in 2020

In this day and age, companies have to look beyond their immediate adversaries to strategize for long-term resilience and prosperity. For insurers, in particular, overcoming the "synthesis challenge" of successfully integrating technology, talent, and business models into change-resistant legacy environments will set apart industry trailblazers in the years to come. That's according to Deloitte's recent "2020 Insurance Outlook" report, which questions how much longer the insurance industry will continue to grow and maintain profitability amidst a turbulent global economy. Deloitte prophesizes insurers' ability to navigate the "synthesis challenge" as the most significant determinant of industry success in the next decade. "Not everyone will innovate in the same way or follow similar paths. However, what's changing in insurance seems to be the increasing sense of urgency," says the report. "Few carriers are debating whether they are being disrupted, both by forces within and outside the industry. Instead, many are beginning to focus on longer-term responses to avoid irrelevance. Still, most insurers have a long way to go to become more forward-thinking in their innovation efforts." Despite the hurdles ahead, the future could be bright for much of the industry, as many insurers appear to have strong footings in today's market and are aware of the growth challenges facing them. In the report, Deloitte highlights the areas that should be high on insurers' agendas over the next 12-18 months, including growth opportunities, efficiency improvements and meeting compliance demands. In the slideshow above, discover four trends poised to rock the insurance industry in 2020, according to Deloitte. To find out other trends impacting the industry this year, read the full report on Deloitte's website. Related: 

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