A Bright Future: The UK Insurance Industry Envisioned for 2020

The Vision

The Insurance Industry Working Group (IIWG), established in October 2008 and comprising some of the industry's key leaders in the United Kingdom, has released a report with recommendations for the future of the insurance market in the UK. The IIWG is chaired by Chancellor of the Exchequer Alistair Darling and Aviva's Chief Executive, Andrew Moss, and includes, among others, Towers Perrin's Steve Taylor-Gooby.

The group's report sets out a vision for the UK insurance industry by the year 2020 as the leading global insurance center with:

• an unsurpassed reputation for excellence
• a deep and constructive relationship with its customers
• a close and effective partnership with Government.

Download the complete report 

Read the press release issued by HM Treasury

IIWG Recommendations

The report from the IIWG makes a number of recommendations under the following four themes for the UK:

• increase customer confidence and trust, and develop a greater awareness of their own personal responsibility
• a broader choice of competitively priced risk management solutions, which provide customers with products they need
• a partnership between Government and industry to increase savings and protection provision, and reduce the financial distress caused to consumers by a variety of risks
• encourage capital flows into the UK insurance industry by ensuring its competitive position in the global marketplace is maintained and enhanced.

Towers Perrin Insights

On this subject during an interview with CNBC, Steve Taylor-Gooby, Managing Director of the insurance consulting business of Towers Perrin and an IIWG member, reiterated that rebuilding consumer trust in the industry is just one of a number of challenges that need to be addressed.

Related Towers Perrin Services

Towers Perrin helps companies to identify and respond to changing market conditions and new opportunities through effective customer, product and sales strategies. 

We are recognized as thought leaders in these areas and in Enterprise Risk Management and 
Solvency II. 

With our global reach and deep technical expertise, we are ideally positioned to provide innovative solutions to the complex challenges that lie ahead for insurers in the UK and around the world.

For more information, please contact us via e-mail or contact your local Towers Perrin office.