FORECAST 2025: Business Disruptors
Written by: LIMRA
Contributors: Aaron Ball - Aaron B. (New York Life Insurance Company) Chris Blunt (F&G) Caroline Feeney (Prudential Financial) Marc Giguere (Munich Re) Adrian Griggs (Pacific Life) Wade Harrison (Protective Life) Mike James (NFP, an Aon company) Jasmine Jirele (Allianz) Bob Jurgensmeier (Ameritas) Jerry Lyphout (Modern Woodmen of America) Denise McCauley (WoodmenLife) Virgil Miller (Aflac) Sarah Mineau (State Farm) Kamilah Williams-Kemp (Northwestern Mutual)
January 2025
What do you think has the greatest potential to disrupt business-as-usual at your company? We asked FORECAST 2025 participants just that, and their answers ranged from heightened regulation to geopolitical turmoil.
One important disruptor is cybercrime/fraud.
“Cybersecurity events have arguably the highest potential for disruption,” says Adrian Griggs, EVP & Chief Operating Officer, Pacific Life, “although we feel we are managing the risk well. Otherwise, we don’t see any other trends as being near-term disruptive.”
“Cyberattacks remain a concern not just for us, but for our entire industry, prompting insurance companies to enhance data protection measures to safeguard customer privacy and minimize business disruptions,” says Wade Harrison, EVP & Chief Retail Officer, Protective Life.
Bob Jurgensmeier, Chief Executive Officer, Ameritas Life Insurance Group, adds, “We continue raising the bar in cybersecurity and expect we’ll never be finished investing in technology aimed at fraud detection and prevention.”
Geopolitical turmoil also has the potential to disrupt the insurance industry.
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“With increased global tensions, the impact of geopolitical turmoil grows, introducing the risk of supply chain disruption, increased inflation and general financial instability,” says Marc Giguère, President & Chief Executive Officer, Munich Re, U.S. Life and Health. “As a global reinsurer, we are most effective and efficient when there are stable working relations between countries.”
“There are definitely concerns about the geopolitical volatility around the world and its far-reaching effects,” says Mike James, EVP & Chief Sales Officer, NFP, an Aon company. “Now that NFP is part of Aon, we are truly a global company, able to meet multinational organizations — including law firms, private equity firms and sports and entertainment companies — where they are, no matter where they do business. This means we need to be even more attuned to geopolitics and what it means for our clients. Uncertainty can fuel inaction, and that’s not good as we continue to encourage our clients to plan and be proactive in overcoming challenges.”
More Disruptors
A third disruptor is ...
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1 个月Great senior executive input about the insurance industry in 2025
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1 个月Great info as always!
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1 个月Insightful!