[SIZE=12pt]Insurance is considered one of the most fundamental necessities in our daily lives. Axis Capital with a group [/SIZE]of insurance and reinsurance companies around the world released their outlook for insurance company 5 years from now. [SIZE=12pt]The insurance industry is facing fundamental change. We've already seen the impact of internet comparison sites on customer buying habits, price competition and the battle to control the customer relationship – nearly 60% of the insurance CEOs taking part in our latest global CEO survey see the shift in customer spending and behavior as a threat to growth. Insurance holders and those who are planning to avail are getting more careful and cautious on which insurance company to get with the use of fast-paced data gathering of the internet. This is understandable as each of us would want to secure our future against scam and fraudulent acts. [/SIZE] [SIZE=12pt]Key developments are also incorporated and include telematics sensors, which offer better understanding and control of risk for both insurer and insured in a model that moves the business from reactive claims' payer to proactive risk manager. Drivers can get lower premiums for safer driving, for example. Similarly, life customers could get alerts that allow them to seek medical advice in time to prevent more serious illness. Such developments are going to require a big increase in the precision of customer understanding and segmentation.[/SIZE] [SIZE=12pt]Culture is in the spotlight, both within insurance and wider commerce. While high-profile failings within some banks have led the headlines and reviews, sectors ranging from energy to health have all had their cultures called into question in recent times. In response, many organizations are seeking a radical shake-up in their priorities and the culture that shapes them – for example, several leading banks have shifted their objectives and return expectations as they gear the business to more sustainable and socially beneficial ‘back to basics' goals.[/SIZE] [SIZE=12pt]Albeit the difference s of insurance culture in different parts of the world, as such as you cannot compare insurance in Jakarta, Indonesia[/SIZE] to that of New York, insurers have always risked coming under fire for how policies are sold, or for resisting certain claims, however legitimate these decisions may be. The financial crisis has heightened disillusionment and intensified the regulatory focus. Regulators aren't just looking at the fine print of compliance, but the culture that surrounds this. If this is the negative side of the cultural equation, there is also of course a more positive element that wants people to act with proper integrity and professionalism, because that is what makes for a good business. [SIZE=12pt]The mission statements of most leading insurers are a testament to how important culture and values are to their aspirations. Indeed, if you looked at the values espoused by most insurers you would be struck by how similar they are. The publicly stated values of 50 leading international insurers include at least one of the following ‘driving goals':[/SIZE] [SIZE=12pt]• Client focus[/SIZE] [SIZE=12pt]• Professionalism[/SIZE] [SIZE=12pt]• Integrity[/SIZE] [SIZE=12pt]• Excellence[/SIZE] [SIZE=12pt]• Teamwork[/SIZE] [SIZE=12pt]• Innovation[/SIZE]