- Gary Reader gives his views on the future of the industry
- Growth prospects, regulation and data are key concerns
KPMG is pleased to announce the appointment of Gary Reader to global head of insurance. Gary has been with KPMG for 28 years - 25 of which have been dedicated to the insurance industry - and was most recently head of insurance advisory in the UK.
Based in London, Gary works with KPMG’s global clients to help shape their strategies to succeed in today’s challenging environment.
Gary Reader commented: “Insurers undoubtedly face a challenging market. The prospect of growth in today’s environment of low interest rates and equity market volatility is a key concern and as a result traditional business models have come under pressure.
“Insurers who put their customers at the heart of their business model will find themselves better placed to compete now and in the future. Really understanding the customer at an emotional level is imperative for sustainable growth.
“Regulation also continues to be high on the boardroom agenda. We are seeing the rising importance for global insurers of developing their recovery and resolution plans, especially for those who have been, or may be, designated as ‘global systemically important insurers’. Solvency II is back on the table and IFRS and the impact on insurance contracts remains a priority.
“Data is another huge area for the industry. How insurers leverage their data will be one of the biggest challenges they will face in the coming years as they look to transform their current systems and processes to keep up. This in turn will affect all aspects of the business, but will have significant implications on the talent pool insurers need to attract.
“Along with the challenges come great opportunities for insurers to remodel their businesses and succeed in this new world. I am delighted to have taken on this new role to help our clients shape their future strategies.”
Jeremy Anderson, KPMG’s global head of financial services, commented: “Global insights are key to insurance clients who face a fast changing world. With his international background and extensive global experience, Gary has a well earned reputation for helping clients innovate and succeed.”
KPMG’s Global Insurance Practice
KPMG’s global insurance practice helps insurers meet the demands of a constantly changing regulatory environment and increasingly competitive insurance landscape. Our network of more than 7,000 insurance professionals in key marketplaces extends across the globe, with insurance professionals located on six continents. Our clients are far-reaching, spanning the industry from life and property and casualty (P&C) insurers to reinsurance and captive companies, health care insurers and providers, intermediaries and governmental agencies.
For further information please contact
Monica Fiumara, Senior PR Manager, KPMG
Tel: +44 (0)20 7694 5674
Mobile: +44 (0)7901 105180
KPMG Press Office: 020 7694 8773
KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.