Future Thinking and Foresight Practices in Switzerland Insurance

Introduction

Insurance companies are increasingly recognizing the importance of sustainability initiatives for their long-term viability. However, the field of foresight, although young, is emerging as a crucial factor in determining the future performance of insurance companies. This blog post explores a thesis that aims to uncover the types of corporate sustainability activities that can be linked with various corporate foresight measures. By understanding this connection, insurance companies can promote and facilitate foresight, ensuring their adaptability in an evolving landscape.

Relevance

With the growing focus on sustainability and the need for long-term strategic planning, insurance companies must integrate foresight practices into their operations. By leveraging sustainability and foresight, these companies can anticipate emerging trends, mitigate risks, and seize opportunities. This blog post sheds light on the influence between sustainability activities and foresight measures, providing insights into their relevance for insurance practitioners.

Methods

To achieve the objectives, a qualitative study was conducted in Swiss insurance companies. The study employed in-depth interviews with ten professionals specializing in foresight or sustainability. Carefully chosen from various insurance companies, these participants provided valuable insights into future thinking and foresight practices. The interviews were guided by extensive literature reviews, ensuring a comprehensive understanding of the subject matter.

Results

The study categorized corporate foresight practices into four themes: innovation, transparency and governance, strategic performance, and trend and horizon analysis. Inductive Coding and an analysis revealed existing relationships between these four categories and corporate foresight. The findings indicated that several elements are crucial for successful foresight implementation within insurance companies.

Implications for Practitioners

The results highlight the significance of integrating sustainability initiatives with foresight practices. Insurance practitioners should consider the following implications:

1. People: Cultivating a workforce that is adaptable to change and receptive to new ideas is vital for driving foresight. Insurance companies should prioritize continuous learning and create a culture that encourages innovation and forward-thinking.
2. Networks: Establishing robust internal and external networks facilitates cross-functional collaboration and communication. By leveraging these networks, insurance companies can access diverse knowledge and gain a competitive edge in identifying emerging trends and challenges.
3. Adaptability: Agility and flexibility are key attributes for insurance companies embracing foresight. Creating adaptive structures and processes enables organizations to respond swiftly to market dynamics and capitalize on emerging opportunities.

May 16, 2023