Singlife GCEO addresses declining CEO confidence trend

Economic volatility, technology risks, and workforce challenges weigh on industry leaders.  

CEO confidence in the global economy has declined from 93% in 2015 to 72% today, according to the KPMG CEO Outlook 2024.

Pearlyn Phau, GCEO Singlife, attributes the decline in confidence to the rapid technological advancements, particularly AI, and concerns over business operations and displacement of jobs.

"The emergence and surge in AI and its expanding use cases have indeed created uncertainties and perhaps unease in certain segments of the workforce," Phau noted. While AI offers efficiency, improved customer experience, and higher precision in decision-making, it also raises concerns around unemployment, data security, and ethical usage.  

Phau stressed that, despite these technological advancements, the insurance industry remains fundamentally built on human interactions and empathy.

In addition to technological shifts, insurers are contending with volatile geopolitical conditions that have far-reaching impacts on the industry. Regulatory complexities are another significant factor contributing to the decline in confidence.

"We need to continue to digitise our services and move more processes onto the web and the app to improve accessibility and convenience," she said.

"We have to continue focusing on ESG commitments and investing in talent to equip our workforce with the right skills and mindset to drive innovation and growth," she added.