In a panel discussion at the International Insurance Society’s (IIS) 50th annual seminar in London, KPMG International presented its industry paper, “How well is the Life insurance industry keeping pace with rapidly changing technology?” (PDF 1.11 MB) which found that whilst the insurance industry has a long history adapting to new technologies, it is at risk of falling behind by not embracing today’s game-changing technologies.
The paper, which included contributions from senior leaders at insurers, Allianz, Legal and General, Reinsurance Group of America (RGA) and Sun Life Financial, explores five key areas in how technology is impacting the market today and tomorrow:
- What insurers need to do to put customers at the heart of their business
- The impact upon products and markets
- The challenges for distribution and operations
- Risk, capital management and regulation
- Governance and people
Mary Trussell, insurance partner at KPMG in the UK, said, “The companies represented by our panellists have almost 500 years of experience among them and have witnessed astonishing change since their formation, with no fewer than three of them predating the first manned flight in 1903.
“The insurance world has changed fundamentally as the digital revolution transforms the way we interact and do business. The entire insurance value chain is impacted, from insurers to intermediaries and distributors and service providers - particularly as other industries from retailers to auto manufacturers set foot in insurance markets. At the centre of this transformation into a connected, digital world are people and a marketplace that is defined and driven by customer behaviours, needs and lifestyles.”
Gary Reader, KPMG’s Global head of Insurance, concluded, “Advancements in technology are not restricted to local markets and have proven to impact markets globally. Whilst these present new complexities for insurers, our discussions today show they also deliver valuable opportunities that can be capitalised upon. However insurers must adapt to the game-changing technologies that we’re seeing today, or risk falling behind and losing relevance in the future.”
Download (PDF 1.11 MB) the full paper.
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