Cybersecurity will be a major priority for insurers next year, according to EY's outlook for the industry.

The company says that cyber threats will increase "exponentially" next year as customers and insurers leverage more connected devices. Insurers "should look to make cybersecurity a continuous business activity by drawing on technology and people to secure data," the company says.

Technology literacy will also impact the P&C insurance workforce. Customer demands, and regulatory and technological changes, mean that insurers need to invest in digital expertise. That has a lot of implications for the corporate structure at insurers, says EY insurance leader Dave Hollander.

Insurers now have the opportunity to introduce new technology, such as robotics, and more effective workforce management activities," says Hollander. "By taking out repetitive tasks, they can produce an even more industrious and stimulating work environment for people."

EY outlined a total of 10 strategic priorities: six for life insurers and four for P&C.

Life/Annuities:

  • Prepare for regulatory change
  • Stay centered on the customer
  • Re-evaluate strategies for a changing marketplace
  • Take digital transformation to the next level
  • Make cybersecurity a top strategic priority
  • Close the talent gap

P&C:

  • Focus on customer-driven innovation
  • Use technology to drive top- and bottom-line performance
  • Put cybersecurity high on the corporate agenda
  • Rethink strategies to attract, develop and retain talent.

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