In the first five days of 2024, the insurance sector has witnessed a flurry of activities, setting the stage for a dynamic year ahead. As industry players focus on reinsurance renewals, discussions surrounding the outlook for different segments and regions have also taken center stage.
Contrary to some reserved sentiments about the upcoming year, Thomas Marlatt, the Director of Insurance at Clearwater Analytics APAC, expressed a notable sense of excitement during a recent interview with Insurance Business Asia. Marlatt highlighted the transformative potential of a new generation entering the insurance market, citing their enthusiasm to contribute to making it a vibrant global industry.
In reflecting on the shifts observed in 2023 in terms of individual attitudes and talent, Marlatt remarked, “It just feels like a new generation of people that are excited about transforming and making the global insurance market a place where individuals just graduating or entering college actively consider a career in insurance.”
Dispelling the notion that people stumble into the insurance space by accident, Marlatt emphasized the exceptional talent and passion prevalent in the industry. He expressed confidence that these passionate leaders would drive fresh perspectives, positioning insurance as a leading industry rather than a conservative or secondary choice.
Clearwater Analytics conducted a survey in December, focusing on the mindset of insurance decision-makers in Hong Kong and Singapore. Noteworthy among the findings was the anticipation of a surge in mergers and acquisitions, a trend contingent on having the right people and talent in place.
Marlatt, buoyed by the prospect of assembling a more extensive pool of talent in the region, remarked, “I would expect a lot more talented, skilled individuals to migrate into the insurance world. This influx will contribute to a momentum shift, fostering a culture of passionate thinking, generating innovative ideas, and encouraging revolutionary thinking.”
Acknowledging a prior talent shortage in Asia, particularly in Hong Kong and Singapore, Marlatt expressed optimism that 2024 would witness a transformative shift. He envisioned increased access to talent for the region’s insurance industry, echoing the sentiments of industry giant Sompo International, which sees talent as a defining factor for a prosperous year.
Marlatt added, “We are going to be generating a lot more interest globally, particularly in the Hong Kong and Singapore insurance markets. The APAC conversation for global companies is increasing, and more insurers want to invest more money and resources into APAC. That can only help us.”
In summary, Marlatt foresees a promising year for the insurance industry in 2024, expressing the belief that APAC is poised to lead the world in terms of growth and trending scale, if not surpassing the sheer size of the US or Europe. The positive outlook hinges on the expected surge in talent and increased global interest in the APAC insurance markets.
