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In addition, the proposed reporting demands of Solvency II have raised difficult choices. How far should insurers automate the process? And how can they manage practical difficulties such as collating the data, finding the staff and setting up the right organisational structure?
At KPMG, we believe insurers should focus on putting the customer at the heart of everything they do, from strategic decision-making, business and operational model design, to product development, service and delivery. We believe that those insurers focused on long-term sustainable value creation for their customers will be rewarded by their investors.
At KPMG, our insurance practice serves the entire spectrum of the insurance industry - life and non-life insurers as well as brokers. Get in touch today and find out how we can help you.
The economy is at last moving on from a very challenging recessionary period. However, this new growth environment has its own challenges for insurers. Read what Justin Balcombe, Head of UK General Insurance, had to say at the Future of General Insurance conference 2014.
If you were to ask senior management at a typical financial services firm where they would rank their risk function in terms of its importance to the business and its attractiveness to people who may want to work there, how would it fare, up against all the other component parts of the business?
“I believe that insurance companies have a vital role to play as a catalyst for economic growth. Their basic role of taking on the risks of other businesses and individuals enables those businesses to do more in terms of economic activity.”
Read the global report, explore the data and compare UK customer experience against other markets.
With Anti-Money Laundering (AML) higher than ever on senior management's agenda, regulatory fines running into billions of dollars, and threats of criminal prosecution against banks and individuals, our Global Anti-Money Laundering Survey 2014 explores the ways in which organizations are preventing, detecting, and responding to AML risks.
The insurance industry is moving beyond a mind-set of post-crisis retrenchment. As well as balance sheet strength, insurers are refocusing on sustainable profitable growth. However, they do so under the constraints of 'the new normal,' characterised by low interest rates and equity market volatility, which is challenging traditional business models.
The insurance industry is at an inflexion point. Organisations must embrace the digital revolution that is transforming the industry and take advantage of the new environment to ensure success.
KPMG is sponsoring The Future of General Insurance conference, an event that will see CEOs and executives from across the industry gather to discuss the strategic issues expected to have the greatest impact on the sector in the coming years.
Justin Balcombe, KPMG UK Head of General Insurance, will be speaking on 19 November on the topic of the future insurer, offering insight into the new digital journey insurers face and how this will transform the industry.
Find out more about the event and how to register.
Head of Insurance
KPMG in the UK
020 7311 5134
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