The insurance industry is in a state of flux. For one, it's adapting to a new era of risk, in which a cyber attack could be as economically damaging as a hurricane. On top of this, the modern tools of big data, mobile phones and advanced analytics are ushering in a new generation of products that can be tailored to each individual customer. Meanwhile, the usual pressures relating to digital developments are exacerbating the 'commoditisation' of insurance, which has been brought on by internet comparison sites and the like.
Against this backdrop, World Finance has published its yearly line-up of the best companies in global insurance, recognising those that continue to grow and expand, even in spite of an ever-changing landscape and modern-day risks.
It is telling that, according to a survey by PwC, the insurance industry ranks higher than any other in terms of the percentage of CEOs that are: "extremely concerned about the threats to their growth prospects from the speed of technological change, changing customer behaviour, and competition from new market entrants."
For those in the industry, technology is both friend and foe: it is forcing change while simultaneously creating an arena for the most innovative businesses to thrive. Crucially, those that are now investing in new digital approaches will dominate the market in the future. Ultimately, the most promising businesses are readily equipped for the wider social, economic and technological changes that are underlying market trends.
The World Finance Global Insurance Awards 2017 celebrate those that are staying ahead of these developments and driving ahead with innovative solutions. Each year, the World Finance in-house judging panel compiles the list of winners after consulting key business metrics and talking with a number of industry experts.
To read more about the winners and why they've made the cut, pick up the latest issue of World Finance, available online, on mobile and in print now.