Welche Chancen und Herausforderungen hält das Jahr 2014 für den globalen Versicherungssektor bereit, nachdem die Branche eine Zeit der wirtschaftlichen Unsicherheit durchlebt hat? Dieses Thema und mehr beleuchten wir in unserer neuesten Ausgabe für den globalen Versicherungssektor.
2014 Global insurance outlook
Ausblick für den europäischen Versicherungssektor 2014
Die europäischen Versicherer und Vermögenswerte im Bereich erneuerbare Energien
Abstimmung von Equity-Release-Vermögenswerten
Operative Exzellenz für Versicherer
Veränderungen des Umfelds in wachstumsstarken Märkten
Eurozone Forecast: Outlook for Financial Services – Winter 2013/14
Zukunftsperspektiven für den Finanzdienstleistungssektor
Versicherer in der digitalen Welt
IASB veröffentlich überarbeiteten Exposure Draft
Überarbeiteter Exposure Draft des IASB markiert wichtigen Meilenstein bei der weltweiten Vereinheitlichung der Berichterstattung für Versicherer
Das International Accounting Standards Board (IASB) hat den revidierten Exposure Draft Insurance Contracts veröffentlicht. Dieser überarbeitete Standardentwurf ist Teil des laufenden IASB-Projekts zu Versicherungsverträgen und ein weiterer wichtiger Schritt auf dem Weg zu einer weltweiten Vereinheitlichung der Finanzberichterstattung von Versicherungsunternehmen.
Der IASB hat sich sehr bemüht, die Fragen auszuräumen, die im Zusammenhang mit seinen früheren Vorschlägen vom Juli 2010 aufgeworfen wurden. Erhebliche Bedenken bestanden unter anderem in Bezug auf stärkere Gewinnschwankungen und auf Veränderungen in der Darstellung der Gesamtergebnisrechnung (Comprehensive Income).
Aber auch angesichts der bestehenden Probleme mit dem bisherigen Rechnungslegungsstandard für Versicherungsverträge scheint der IASB entschlossen zu sein, dieses Projekt zum Abschluss zu bringen. Der überarbeitete ED wurde in gemeinsamen Diskussionen mit dem Financial Accounting Standards Board (FASB) entwickelt.
Mehr zu den übrigen Advisory-Dienstleistungen für Versicherungen und den Erkenntnissen von EY erfahren Sie nachstehend (auf Englisch):
- Customers and growth
Your customers, your growth
In today’s competitive and capital-constrained market, growing, deepening and retaining customer relationships is vital to achieving sustained and profitable growth.
Economic drivers, combined with changing demographics and buying patterns, are forcing insurers to re-evaluate their business models, the markets in which they operate and the propositions they offer.
Other dynamics include:
- The emergence of disruptive technologies
- Customers’ unprecedented access to information
- The growing recognition of the importance of existing customers
- Evolving consumer protection regulation
We can assist your organization in addressing these issues to grow, protect and optimize your business. Specifically we can help you with:
- Risk transformation
In many insurance companies, risk management and actuarial capabilities have grown organically over time -- with new organizational units, processes and technology gradually added to meet evolving requirements for risk control and regulatory compliance. Too often though, these structures are not agile, efficient or aligned to the rest of the business (especially finance and treasury functions).
Insurance companies need risk and actuarial processes that link effectively with the rest of the organization. The processes must be effective at protecting the balance sheet from unexpected risks, while adding value to business decision-making within tight cost constraints.
We have the experience and tools to support your design and implementation of the following:
- Optimal vision and Target Operating Model for risk management
- More agile and simplified systems and data landscape to support risk-management analytics and reporting
- Cost-effective risk and actuarial oversight processes, including alternative sourcing options (offshoring and near-shoring)
- Rationalized approach controlling operational, reporting and compliance risks
- Underwriting and pricing effectiveness
Given unrelenting economic uncertainty and prolonged low interest rates, insurers face significant profit- and growth-related pressures and thus must improve the efficiency and effectiveness of their underwriting capabilities.
One way to improve risk selection and pricing is leveraging data to embrace more sophisticated segmentation. However, success will ultimately depend on adopting enhanced analytical and modeling techniques.
We can help you optimize the following:
- Policy administration and billing transformation
Insurers are under constant pressure to reduce underwriting operations costs, while continuing to grow their customer base without increasing headcount. They also face tougher demands from producers and customers who want faster quoting, more accurate policy issuance, diversified billing and payment options and real-time self-service capabilities.
We can help you optimize the following:
- Claims transformation
Our offerings enable transformational or step changes in claims capabilities. Our expertise and analytical insight can help you achieve better claims outcomes and expense management.
Our team can help insurers in the following ways:
- Are you ready for Solvency II?
Although political agreement on the date for full implementation of Solvency II remains elusive, EIOPA is currently consulting on guidelines which will encourage preparation activities by both (re)insurers and national regulators.
Are you ready?
- Actuarial and risk management strategies
As the insurance market undergoes radical change, insurance companies face a difficult balancing act. They must identify and assess new options for value creation while continuing to manage risks and meet emerging regulatory requirements such as Solvency II and IFRS.
The combination of our dedicated actuarial and risk professionals and close partnerships with related practices across EY provides truly integrated services across all disciplines in the insurance industry.
Our deep global knowledge comes from our work with insurance companies, banks, pension funds, private equity firms, sovereign funds and local regulators and enables us to answer key challenges the industry faces.
Leverage our knowledge by contacting our actuarial insurance team leaders in EMEIA, the Americas, Asia-Pacific or Japan.
Our areas of focus include the following services:
- Actuarial transformation
- Actuarial review
- Actuarial operations
- Changes to financial reporting methods
- Performance improvement
- Be prepared for IFRS/accounting changes
We are increasingly living in a global economy — with trade and inbound and outbound investment a fact of life. It's no wonder capital markets have long advocated for globally recognized accounting standards.
Until recently, that common accounting language has been a missing link. Now, policymakers, lawmakers and regulators are working alongside standard-setters to provide a single set of high-quality, global accounting principles.
Benefit from our timely insights as your prepare for this transition.
- Governance facing the industry today
We, along with Tapestry Network, established the Insurance Governance Leadership Network (IGLN), a global network centered around non-executive directors from a select group of the largest insurers from Europe, North America and Asia. The IGLN provides a peer-to-peer platform for participants to discuss critical issues facing the industry globally. Its primary focus is the non-executive director, but it also engages senior management (notably chief risk officers) and regulators, all of whom are committed to outstanding governance and supervision in support of the mission to build strong, enduring, and trustworthy insurance institutions.
Tapestry Briefings – A View from the Boardroom:
- Insurance industry facing real challenges: a view from the boardroom
- Global insurance leaders find common ground amid economic and regulatory uncertainty
- The challenge of aligning risk-based regulations
- Insurers face challenges implementing Solvency II
- Operations and technology: implementing efficiencies
In recent years, a new generation of technologies has created a renewed appetite amongst insurers for using IT to manage claims more effectively.
Yet there are still a large number of challenges to be overcome in delivering the anticipated business benefits. Are you achieving the improved claims performance you need from your IT investments?
According to our latest research, insurers could get much greater value by changing their approach.
Our survey "Delivering results through claims technologies" explores the challenges and opportunities of investing in claims technologies in France, Germany, Italy, Spain and the UK.
- The emergence of emerging markets
The global economy is at a turning point. Fast-growth economies in Asia, the Middle East, Africa, Latin America and Eastern Europe now form almost half of global GDP and, in 2010, they contributed 70% to overall global growth.
These trends are accelerating. By 2050, fast-growth economies are projected to account for 65% of the global economy. In contrast, most developed markets are still struggling to recover after the global recession.
For many businesses, their very survival depends on pursuing a growth agenda. This might include expanding into new markets and sectors, finding new ways to innovate or taking new approaches to talent.
But there’s one key question that must be answered: how can your insurance business make the most of the many opportunities that exist?
Connect with us
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