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Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry

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SAS-sponsored research by Economist Impact suggests global politics and innovation will influence the insurance sector’s fate

CARY, N.C., Nov. 13, 2024 /PRNewswire/ — By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. These are potential paths for the insurance industry, according to a new future of insurance study by Economist Impact and data and AI leader SAS.

What will the #insurance sector look like in 2040? Dive in at SAS.com/insurance2040. #insurance2040

Informed by in-depth desk research and expert interviews, four prospective futures for the sector emerge in Revealing the paths to 2040: four possible scenarios for insurance. The report is the first in a two-part study examining the key factors that will shape the future state of the industry and the role technology could play in helping insurers navigate change.

“Our scenarios are not intended to predict the future,” said Edwin Saliba, Senior Analyst at Economist Impact. “Instead, they explore possible futures for the insurance industry, helping insurers better position themselves to respond effectively to emerging challenges and seize new opportunities.”

Per the report, the level of global cooperation and the pace of technological change will help determine how effectively and equitably the insurance sector, governments and societies at large address policy challenges like the climate crisis. Each path forward includes expert recommendations for industry leaders to build resilience and foster agility.

“There is a non-zero chance the insurance industry will collapse by 2040 – and that should prompt all insurers to take stock of growing risks and their overall resilience,” said Franklin Manchester, Principal Global Insurance Advisor at SAS. “Insurers can’t price customers out of coverage in flood zones to remain profitable in the climate crisis, certainly not in perpetuity, and perhaps not for much longer.

“As the digital revolution plays out in parallel, insurers can and should invest in responsible innovation for a more climate-resilient and prosperous future – or they risk failing the fundamental value proposition of insurance, which is to protect people.”

Scenario 1: Isolationism and unregulated technological growth lead to missed climate targets.
Isolationist global politics leads to accelerating technological evolution, unrestrained by regulatory guardrails or broader global coordination. The international community falls short of climate targets due to poor global cooperation. Only countries with the most developed economies can invest in and deploy green technologies (e.g., renewable energy, electric vehicles), while developing economies and regions suffer.

Private, hyper-regionalized insurance creates large disparities in product offerings and pricing, and the vast insurance protection gap widens as insurers withdraw from high-risk markets.

Scenario 2: Customer centricity drives prevention-focused approaches and climate transformation.
If regulatory efforts and global cooperation succeed in protecting digital identities and data privacy, new open lines of communication between countries and regions inspire collective advancement in emerging technologies. Insurers shift from an indemnification to a preventative approach across health, home and auto policies.

The democratization of technology enables insurers to offer highly personalized products to new and existing customers, tailored to their specific risk profiles and preferences.

Scenario 3: The effects of climate change spur climate resilience – for some.
Major economies introduce corporate sustainability reporting and overhaul their national disaster response and recovery policies, with insurers playing a starring role in compliance by employing risk modeling approaches. Lower- and middle-income economies focus on saving lives and livelihoods, while in further-developed economies, banks adopt climate risk-adjusted mortgages, and insurers introduce lower home insurance premiums by encouraging homeowners to retrofit their properties.

Where insurers stop providing coverage, safety regulations and climate-shock-resistant building codes are introduced to prohibit the development of infrastructure in high-risk zones. Insurers leverage historic data and enhance accuracy and data availability, bringing real-time environmental monitoring and advanced predictive analytics to the fore.

Scenario 4: Insufficient innovation and no cooperation? Insurers buckle.
Refusal of governments and businesses to collaborate on technology development and regulation exacerbates global conflict and undermines efforts to mitigate climate change. The full potential of AI fails to materialize, and the insurance industry falls behind in adapting to a world beset by increasingly catastrophic natural disasters. The protection gap reaches historic levels, disproportionately affecting emerging markets, where many are left without coverage and facing significant public resources constraints.

As the insurance industry eventually falters, collective risk pools in local communities gain momentum to cope with regionally specific concerns.

Preparing for 2040
“Even the boldest actuaries, in their most ambitious risk models, could hardly have imagined the skyrocketing frequency and severity of loss events we’ve experienced in recent years,” said Thorsten Hein, Insurance Lead in Risk, Fraud and Compliance Solutions at SAS. “The industry is on an alarming trajectory.

“Insurers are facing increasingly complex unknowns much faster than they’ve ever had to in the past, and it’s pushing their actuarial limits. AI will become an indispensable tool in helping insurers survive and thrive on the path to 2040 – AI guided by human intelligence that knows how to use its capabilities optimally and responsibly for the benefit of the company and the protection of its customers.”

SAS will deliver the second installment of this two-part #Insurance2040 study in early 2025. In the meantime, download the first report at sas.com/insurance2040 – and learn more about how data and AI is helping shape the sector’s future today at sas.com/insurance.

About Economist Impact
Economist Impact combines the rigor of a think-tank with the creativity of a media brand to engage a globally influential audience. We partner with corporations, foundations, NGOs and governments across big themes including sustainability, health and the changing shape of globalization to catalyze change and enable progress.  

We bring a 75-year track record of evidence-based policy research across 205 countries. Our global team sheds light on policy choices through benchmarks, economic and social impact analysis, white papers, forecasting and scenario modeling.

About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.

Editorial Contact:         

Julia Norton                     

Danielle Bates

julia.norton@sas.com       

danielle.bates@sas.com 

919-531-4661                   

919-531-1959

www.sas.com/news       

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/prosperity-or-catastrophe-insurance2040-study-reveals-four-possible-futures-for-the-industry-302304272.html

SOURCE SAS

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RedThread Report Reveals 50% Drop in L&D’s Involvement in Strategic Discussions, Offers Framework for Reclaiming Influence

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RedThread Research’s latest report, Hope Isn’t a Plan: Building a Progressive L&D Strategy, highlights a 50% drop in Learning & Development involvement in business strategy discussions over the past two years, signaling a shift from strategic partner to reactive function. The report also provides a comprehensive five-part framework to help L&D leaders articulate their strategy, collaborate effectively across departments, and balance stability with flexibility.

WOODSIDE, Calif., Nov. 14, 2024 /PRNewswire-PRWeb/ — RedThread Research has published its latest report, “Hope Isn’t a Plan: Building a Progressive L&D Strategy,” which underscores the declining strategic role of Learning & Development (L&D) functions and offers a comprehensive framework for leaders seeking to recalibrate their strategies.

“L&D needs to rethink its strategy or risk becoming irrelevant. More than just talking about being strategic, they need to align, act on, and operationalize it. That means doing things differently, thinking more strategically, and embedding learning into the heart of the organization.”

The study reveals a sharp 50% drop in L&D’s involvement in business strategy discussions over the past two years, signaling an alarming shift from strategic partner to reactive supporter. The research also shows that L&D’s involvement in workforce planning discussions similarly declined sharply over this same period.

“L&D needs to reclaim its strategic voice or risk becoming irrelevant,” said Dani Johnson, Co-founder and Principal Analyst at RedThread Research. “More than just talking about being strategic, they need to align, act on, and operationalize it. That means doing things differently, thinking more strategically, and embedding learning into the heart of the organization.”

The report highlights several pressing insights, including:

Declining Strategic Influence: L&D’s diminishing role in strategy discussions has led to a more tactical and reactive function in many organizations.The Importance of Articulating Strategy: Many L&D leaders lack a clearly communicated and well-defined strategy, further compounding their inability to respond effectively to changing business needs.Collaboration as a Cornerstone: Successful employee development requires structured collaboration and cooperation across departments, challenging entrenched mindsets about L&D’s role. L&D functions need a plan for how to best collaborate with other business functions.Balancing Stability with Flexibility: While adaptability is essential, the report argues that stability also forms the foundation for long-term success in L&D efforts.A Five-Part Strategic Framework: The study provides a detailed framework comprising five core elements of an L&D Strategy—Organizational Alignment, Employee Impact, Operations and Governance, Tech and Data, and Stakeholder Engagement.

“Learning and Development can’t afford to play it safe,” added Johnson. “They must be prepared to continually evolve— locking down what works while still flexing to meet what comes next. And they need to double down on strategy to show how that connects back to outcomes — and prove that L&D is not just a cost center but a critical driver of success.”

For access to an infographic of the framework and other exclusive research, navigate to https://members.redthreadresearch.com/spaces/12680089/feed and register for a complimentary Starter Tier membership in the RedThread Research community.

For companies and individuals interested in exploring this research more deeply, RedThread offers exclusive membership opportunities. Join the RedThread research community or the Tech Consortium by visiting the RedThread website (https://www.redthreadresearch.com) or reaching out to RedThread by emailing hello@redthreadresearch.com. 

About RedThread Research

At RedThread Research, we get it.

Sure, we’re experts in performance, people analytics, learning, and D&I – and we’re well-versed in the technologies that support them. But we’re also truth-seekers and storytellers in an industry often short on substance, and too full of #!%. Our mission (indeed, our very reason for existing) is to cut through the noise, and amplify what’s good. We look for the connections (or red threads) between people, data, and ideas – even among seemingly unrelated concepts. The result is high-quality, unbiased, transformative foresight that helps you build a stronger business.

To learn more, visit https://www.redthreadresearch.com.

Heather Gilmartin
RedThread Research
646-275-0742
heathergilmartin@redthreadresearch.com

Media Contact

Heather Gilmartin Adams, RedThreadResearch, 6462750742, heathergilmartin@redthreadresearch.com, https://redthreadresearch.com/

View original content:https://www.prweb.com/releases/redthread-report-reveals-50-drop-in-lds-involvement-in-strategic-discussions-offers-framework-for-reclaiming-influence-302306028.html

SOURCE RedThreadResearch; RedThreadResearch

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SONOR INVESTMENTS LIMITED APPOINTS NEW INTERIM CHIEF FINANCIAL OFFICER AND TREASURER

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TORONTO, Nov. 14, 2024 /CNW/ – Sonor Investments Limited (“Sonor”) announced today that Fanny Chantal Grenier was appointed Treasurer and Chief Financial Officer of Sonor effective November 12, 2024 to replace Rosabell Chung Hun who resigned from this position as of such date.

Michael Gardiner, Chairman and Chief Executive Officer of Sonor, stated “we would like to express our gratitude for Rosabell Chung Hun’s significant contributions and dedication to our company”. He went on to say “for the immediate future, Fanny Chantal Grenier is to be appointed as the interim Chief Financial Officer  and Treasurer of the company until we have a permanent replacement. We are in the process of examining our human resources plan that will be discussed and presented at our next board meeting”.

Ms. Grenier presently holds the position of President of Fairwater Capital Corporation, is a qualified CA CPA and brings extensive experience in financial leadership. She has a proven track record in advancing fiscal responsibility and operational efficiency.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE Sonor Investments Limited

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Odyssey Impact’s New Grant Opportunity: $2,500 – $25,000 for Local Nonprofits — But Don’t Bother If You JUST Want to Raise Awareness

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Odyssey Impact is awarding grants ranging from $2,500 to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) with creative and unique ideas for tackling local challenges and bringing people together in person. The Connected Communities Grants are simple and streamlined… no epic application process and no weeks-long recap reports. The grants were created to help bring about impactful and meaningful change that connects and strengthens local communities. The deadline to apply is December 11, 2024 and winners will be announced in January 2025.

NEW YORK, Nov. 14, 2024 /PRNewswire-PRWeb/ — If you’re tired of JUST TALKING ABOUT A PROBLEM, WE’RE WITH YOU. WE WANT TO FIND SOLUTIONS. And if you’re also tired of filling out long applications, running “awareness” campaigns, or spending weeks cobbling together post-grant reports, Odyssey Impact® has some great news for you.

Through the simple and streamlined Connected Communities Grants, Odyssey Impact® is offering up to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) who want to help solve problems in their communities and bring people together in person.

We’re ditching all that in our new SIMPLE AND STREAMLINED Connected Communities Grants, offering up to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) who want to help SOLVE PROBLEMS in their communities.

Grants will range from $2,500 to $25,000 for applicants with CREATIVE and UNIQUE ideas for tackling local challenges and bringing people together IN PERSON. You know what your town needs and we want to help you make it happen.

Our Mandate is Simple: We want creative ways to help connect people in real-time, in meaningful ways.

Odyssey Impact Board President, Riaz Patel, and co-founder of ConnectEffect, underscores the critical importance of real, in-person connection:

“We’re facing an unprecedented epidemic of isolation, alienation, and loneliness. We don’t need more awareness or research to know it’s a massive problem. We need bold, innovative solutions from creative thinkers to reignite a sense of community across America.”

Interested in applying? Awesome! But here’s what we don’t want:

We’re not looking for “scalable” projects. We ARE looking for local and connected.No “awareness campaigns.” We want to help you take real action instead.No “virtual” events. We are funding in-person, live human stuff.Skip the epic applications. We don’t have the time for those either.No weeks-long recap reports. We’d rather see your great pics and videos.No galas, golf tournaments, or fundraisers. We want project- and program-focused ideas.

Got something cool and community-focused in mind? Perfect! We want unique ideas that make sense for your community, and we want you to spell it out clearly (without all the fluff) — how your project will connect people, foster innovation, and bring the community together.

We need this now more than ever, and if you agree, you are our kind of grantee applicant.

You can apply now through December 11th at odyssey-impact.org,

Winners will be announced in January 2025.

Together, we can truly create impactful and meaningful change that connects and strengthens our local communities.

About Odyssey Impact®

Odyssey Impact® ignites creative, actionable solutions that drive real transformation and connection at the local level. By teaming up with innovative community leaders and those who care about their communities, we’re funding projects that are not only visionary, but also perfectly tailored to meet each community’s unique needs.

Through these efforts, Odyssey Impact is laying the groundwork for a future where real community-driven initiatives create much-needed impact & change and bring us all closer together.

Media Contact

Erin Carenzo, Odyssey Impact, 1 8183817336, erin@carenzoagency.com, https://odyssey-impact.org/

View original content to download multimedia:https://www.prweb.com/releases/odyssey-impacts-new-grant-opportunity-2-500—25-000-for-local-nonprofits–but-dont-bother-if-you-just-want-to-raise-awareness-302305983.html

SOURCE Odyssey Impact; Odyssey Impact

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