Almost 90% of insurance company CEOs are confident about revenue growth, according to a new global survey.

The survey by PricewaterhouseCoopers (PWC) says about 89% of bosses plan to adjust their strategies for managing customer growth, loyalty and retention, as consumer expectations change.

Building client bases and improving customer service are the top two priorities for investment.

Technological developments have changed product design, underwriting and distribution, the survey shows. More than 80% of insurance CEOs plan to increase investment in technology and more than 60% plan to develop their capacity for innovation. But most are unconcerned about the speed of technological change and the threat from new entrants.

The limited availability of key skills is considered the biggest threat to growth, with almost 80% of bosses planning to change talent management strategies as a result.

About 55% of respondents are concerned at lack of trust in the industry, with more than 60% developing frameworks for cultures of ethical behaviour.

Some 95% of CEOs say governments and regulators influence their strategy, and 57% are concerned about tax.

Successful insurers will be customer-focused and have a superior capacity for innovation and reinvention, PWC says.

The research was conducted between September and December last year.