Resilience and Innovation: Old Mutual Insure’s 2025 Outlook

Jerry Anthonyrajah, Chief Commercial Officer and Acting CIO of Old Mutual Insure, offers valuable insights into the insurance industry's resilience and growth as it transitions into 2025. Reflecting on 2024, Jerry highlights how leading insurers successfully navigated challenges like climate change, supply chain inflation, and regulatory shifts, demonstrating the industry’s adaptability. However, he acknowledges the market consolidation as insurers unable to withstand these pressures exited specific sectors or the market entirely.

Jerry is optimistic about 2025, predicting ongoing growth fueled by the strategic adoption of advanced technologies, including advanced analytics, generative AI, and digital replatforming. He underscores the critical need for long-term strategies to address climate change and improve resilience, particularly in preparing for potential increases in catastrophic weather events.

Health and cyber insurance emerge as key growth areas, driven by rising medical costs and growing cybersecurity threats. Jerry emphasises the crucial role brokers play in these segments, advising them to embrace specialisation, invest in technological capabilities, and provide enhanced customer experiences. The upcoming regulatory focus on cybersecurity standards further underscores the importance of robust, secure practices across the industry.

Jerry also emphasises the need for partnership and collaboration between insurers and brokers to address shared challenges, including digital transformation, climate adaptation, and financial inclusion. He stresses that brokers must clearly define their market focus, digitise their client interactions, and align their offerings with emerging customer expectations.

Looking ahead, Jerry envisions a future-ready industry where collaboration, innovation, and a customer-centric approach drive resilience and growth. His outlook for 2025 reflects a commitment to ensuring Old Mutual Insure and its partners remain leaders in the evolving insurance landscape.

Key Points

• Industry Resilience: The insurance industry has adapted well to challenges such as climate change and inflation, leading to market consolidation.

• Technology and Innovation: Adoption of advanced analytics, generative AI, and replatforming efforts are key to future growth.

• Growth Opportunities: Health insurance and cyber insurance present significant potential, driven by rising costs and emerging risks.

• Brokers’ Role: Brokers must adapt through specialisation, digitisation, and customer-centric approaches to remain competitive.

• Collaboration: Insurers and brokers need to work together on challenges like climate change, cybersecurity, and financial inclusion.

• Regulatory Focus: New cybersecurity standards require the industry to strengthen its defenses and secure customer data.