Challenges Facing The Insurance Sector


The insurance industry has seen dramatic change over the past five years, due to the global credit crisis and large scale incidents around the world, such as Hurricane Katrina in the USA, the Tsunami and more recent flash flooding across the UK and mainland Europe. These have prompted record losses and claims, leaving the insurance sector with a number of pressing issues and key challenges:


  • Changes to risk management:  the management of risk has changed dramatically in recent years.  This is partly due to the large scale natural disasters seen across the globe, from Hurricane Katrina to the flash flooding in the UK where hundreds of people have been forced out of their homes.  Alongside this, changes in crime statistics and the fluctuations in asset value in an uncertain financial environment have pushed insurance companies to change the way they manage risk.   

  • Balancing cost cutting with business growth: the insurance sector faces a difficult balancing act between cost cutting measures, to cope with the global downturn in the economy, without compromising the potential for growth and development.

  • A shortage of talent:  many insurance companies are faced with difficulties attracting and retaining talented professionals.   

  • Sustaining profitability in the face of stringent new regulations:  tighter regulations are forcing insurance companies to transform their organisational processes in order to achieve compliance.  Very often these shake ups can compromise staff morale and productivity levels.

  • Tapping into emerging markets:  the increased affluence of customers in emerging markets is creating the potential for huge growth in the insurance sector. The challenge is how to tap into this potential to ensure your company has a presence in these fast developing markets. 

How can Teamworking International help you?

Using tried and tested methods that are proven to translate into workplace success, Teamworking International can offer a number of tailor-made programs to ensure your organisation can face these challenging times and achieve good levels of business growth.  Here are just a few examples of what we can offer you:

  • Creative Problem Solving:  faced with the need to transform risk management, against a backdrop of stringent regulation and compliance, the insurance sector requires professionals who have the clarity and vision to make strategic decisions and generate innovative solutions to new and old problems. Our Creative Problem Solving Program will dramatically transform the way your people formulate solutions, giving your entire organisation a greater chance of creating a stable basis for business development and exciting opportunities for future growth.  

  • Leadership Development:  the success of your organisation depends on great leaders who can inspire your workforce through challenging times to achieve their full potential.  When faced with organisational shake-ups and new ways of doing business, it is your leadership talent who will keep your valuable workforce motivated and on target to achieve company objectives.  We are the market leaders in Leadership Development and are contracted by organisations of all sizes across the globe to develop their management talent into inspiring leaders who can take their business to the next level of development.

  •  High Performance Team Working:  your organisation depends on the ability of your workforce to achieve maximum output and have the self-motivation to work as a team towards shared objectives. Our High Performance Team Working Program has proven highly successful with corporations around the globe.  We can dramatically enhance the productivity of your teams, give your staff greater job satisfaction and overall improve business success for your entire organisation.

  • An Even Better Place to Work:  this innovative program is being used with great success by HSBC and other corporations of all sizes across the globe.  Combining face to face training, feedback and online development, we are improving staff engagement levels dramatically in the face of large scale organisational change.  This is vital considering the connection between staff engagement, productivity and effectiveness.   

  • Communications:  your managers need to be able to “get things done through people” and effective communication is the first step to achieving this, wherever your teams are based.   Our Communication Skills program will radically transform the way your people engage, motivate and connect with everyone they come into contact with at work. This is essential when tapping into the potential of new and emerging markets, with geographically dispersed teams.