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North America Insurers - Regional Snapshot

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Insurance companies in North America cite their most urgent challenges as product innovation and improving the assessment and pricing of risks. …

Insurance companies in North America cite their most urgent challenges as product innovation and improving the assessment and pricing of risks.

In the face of these challenges, North American insurers recognize the need for change and are actively repositioning their investment portfolios for a new environment. Growth opportunities in this region include improving the cost effectiveness of strategies within their investment portfolio, enhancing data and analytics capabilities, and exploring the viability of outsourcing.

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  • 1. LIMITED ACCESSNorth American Respondentsby Country2013 State Street Insurance Survey• This survey, sponsored by State Street and conducted by the Economist Intelligence Unit, examinesthe current state and future outlook for the global insurance industry• Fielded during April 2013, the survey encompassed 307 senior insurance executives globally, ofwhich 81 were based in North AmericaAbout the Research1North American Respondentsby Industry Sub-Sector62%11%15%2%10%LifeHealthP&CReinsuranceDiversified77%21%2%USCanadaMexico
  • 2. LIMITED ACCESSKey Challenges Facing Insurers in North AmericaManagingRiskImproving the assessmentand pricing of risksBalancing liquidityand reserve adequacyRegulationandComplianceAdapting to evolvinginsurance regulationsEnsuring transparency ofbusiness policies and processesDrivingInnovationBringing new, innovativeproducts to market quicklyAdapting distribution tochanging demographicsFinding NewSources ofValueEffectively allocating capital to themost business-critical prioritiesInvesting in morecomplex investment typesOptimizingBusinessStrategyConverting fixed coststo variable costsUsing data more effectivelyacross our company51%65%62%46%51%62%52%64%57%54%42%21%25%32%43%21%32%22%32%23%Minor challenge Major challengeSource: 2013 State Street Insurance Survey,conducted by The Economist Intelligence Unit 2Product innovation and improving the assessment and pricing of risksare the most urgent challenges facing North American insurers
  • 3. 33Improve cost effectiveness ofinvestment strategiesIncrease allocation to alternativesImprove data and analyticscapabilitiesIncrease portion of general accountthat is managed externallyOutsource middle or back officefunctions62%58%51%38%25%25%33%20%20%28%Evaluating for action within the next 12 monthsEvaluating for longer term actionEvolving Investment Portfolios in North AmericaTop Five Actions North American Insurers Are Evaluatingfor Their Investment PortfoliosSource: 2013 State Street Insurance Survey, conducted by The Economist Intelligence Unit CORP-0760 3• North American insurers see scope toimprove the cost effectiveness of thestrategies within their investmentportfolio, while also showing strongappetite for alternative strategies• Improving data and analytics capabilitiesalso ranks highly as a priority. Only 10percent of North American insurers ratetheir capabilities in this area as“excellent”• Insurers’ business models are adaptingto the new market and regulatoryenvironment, with many insurersexploring the viability of outsourcingNorth American insurers recognize the need for change and are activelyre-positioning their investment portfolios for a new environment