2024 Executive Outlook |Mathias Sommer, Zurich Canada  

Mathias Sommer, COO, Zurich Canada

As we look ahead to 2024, leveraging data and digitalization will be critical in meeting rapidly evolving customer expectations. Today’s consumer wants a seamless, simple, digital-first experience and solutions helping them to understand and manage their risks in an evolving risk environment.

Digital transformation in the insurance industry is further along when it comes to retail. However, commercial insurance has also seen an acceleration in investments in digitalization, as well as data and AI capabilities in recent years. This is starting to reshape the industry.

In the early days, the industry invested to achieve scalability and efficiency. At the same time, self-service capabilities, system integration, cloud migration strategies, and other related initiatives are directly and indirectly contributing to better and faster service, as well as improved transparency or insights. Building on that foundation, the focus for commercial insurers is now shifting to leverage these capabilities and create more value for customers and distribution partners, and to differentiate through new propositions and business models.

Integration between carriers and distribution partners, as well as data analytics and AI, will further improve the service experience for the customer. With more robust data, distributors and carriers will be in a position to provide additional insights and better advice to customers.

We are excited about the possibilities that lie ahead. We will work with technology partners and passionate Canadian insurtechs to achieve our goals.