2019 insurance market outlook.

While we expect the overall business confidence to lower in 2019 due to the uncertainty in the financial services space, insurance companies will be quick to take advantage of the volatile market. Instead of pouring money into well-calculated investments and expansion opportunities, corporates are likely to redirect their resources to protect their existing assets. This includes banks that are reconfiguring their investments from brokerage channels to bancassurance.

However, operations within the insurance industry will be limited by the changing regulations and monetary tightening policies that have been introduced by the Chinese government.

digitalisation creates more revenue and job opportunities.

The potential benefits of digitalisation have attracted the interests of senior executives who are looking for different avenues to maintain and grow their customer base. Companies are investing in a robust and highly-secured cloud network to support owned and third-party digital applications, such as online platforms and chatbots that are powered by artificial intelligence.

Organisations in the insurance space are also investing in and implementing e-platforms which allow customers to access their services anywhere and anytime. These digital tools will not only relieve commercial professionals of time-consuming administrative activities, but also routine back-office duties such as regular internal reporting. By automating such mundane and repetitive tasks, employees can focus more of their time on delivering high-value services to their customers such as helping them build a more comprehensive financial plan or create bespoke insurance portfolios.

To read more, download our 2019 market outlook and salary snapshot.

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