State of Insurance Visions & Future

Goals

Provide examples and/or case studies of successful insurance companies worldwide and their respective vision/mission statements, followed by trends in the global insurance industry, societal issues insurance companies are aiming to address - especially to reach Gen Z audiences - and finally how the market is expected to change over the next 10 years. This information will be used to better comprehend the state of the insurance industry on a global scale, so as to inspire a realistic and meaningful purpose/vision statement for a Japanese insurance holding company.

Early Findings

Notable Insurance Companies Worldwide


Mission & Vision Statements

  • The mission statement for UnitedHealth Group International reads as follows on the company website:
    • "Our mission is to help people live healthier lives and help the health care system work better for everyone."
    • "UnitedHealthcare Global supports globally mobile populations through a comprehensive range of in-house solutions developed using our breadth of capabilities and resources, allowing us to deliver customer-centric solutions that enable better outcomes."
  • The mission statement for Amica Mutual Insurance Company — an organization headquartered in Rhode Island, U.S. reads as follows:
    • "Our mission is to create peace of mind and build enduring relationships."
    • "Amica's mission statement is the core of our culture. Our customers always come first, and we strive to provide them with the products and services that best respond to their needs. Building trust and fostering lasting relationships are the essence of who we are and a fundamental part of our company values."

Trends & Industry Future

  • Based on Deloitt's 2021 Insurance Outlook article, insurance companies that offer premiums for property casualties are expected to take a hit due to businesses losses from COVID-19 in 2021. However, the overall industry is still predicted to grow by at least 3-7% in some regions.

Engaging Gen Z

  • An industry report from Applied Systems, Inc. published in 2019 suggests that only 7% of Gen Z is "very familiar" with the insurance industry, while 46% are "somewhat familiar," 34% are "not too familiar," and 13% are "not familiar at all."
  • Findings from DoSomething Strategic that were published by Forbes indicate that 76% of Gen Z have purchased or would consider buying a product/brand that supports certain social issues. 67% have also noted that they have stopped or would consider stopping a purchase of a product/brand if the business does not align with their values.

Proposed next steps:

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