Willis CEO lists eight megatrends that could affect industry in the future

Today’s risks are increasingly being shaped by a number of different factors, including globalization, global warming, terrorism, and cyber risk and credit risk, according to Joseph Plumeri, chairman of Willis Group Holdings.
Historically, the risks were property, casualty, marine, aerospace, executive risks, and so forth, according to speaking notes from a presentation Plumeri gave at Lloyd’s of London on Mar.13.
According to Plumeri, eight megatrends could affect the industry in the future:
the globalized nature of risks, which Plumeri described in his slide presentation as “scary;”
embracing technology to promote productivity;
the demand for differentiated value;
the war for distribution;
the demand for and retention of professional talent;
the convergence of capital and insurance markets;
regulatory issues “all over the place;” and
the appreciation of the industry.
The demand for differentiated value involves the demand for exceptional quality and best value for the money, driven by such factors as reliability, efficacy, consistency, measurability and accountability.
“Price is an issue in the absence of value,” according to a quote in the presentation notes.