In the spotlight...
Insurers in Asia-Pacific are operating in one of the most challenging and complex environments in history. Regulatory change, increase in natural disasters, subdued investment markets, rapidly changing customer expectations and the need to find profitable growth all result in insurers needing to re-evaluate core business processes, operating models and strategies.
Our Insurance practice works seamlessly across Asia-Pacific to help insurers improve operations and create strategies for future growth. We are committed to delivering a full suite of capabilities and industry insights that help insurers improve profitability, drive efficiency and unleash the growth potential in the region.
We have over 1,500 insurance professional in Asia-Pacific with representation in almost every jurisdiction. We operate a model that combines the strength of country insights with regional hubs of additional specialist advisory teams, such as actuarial and technology advice to deliver integrated services and comprehensive insights for our clients.
Key issues that the insurance industry is grappling with include:
- Operational transformation
- Customer and distribution
- Capital, risk and regulation
Insurance companies around the globe are refocusing their efforts to improve overall operational efficiency, squeezing costs out of the system without impairing the overall customer service experience.
Our practical industry expertise enables us to assist businesses in identifying fundamental and lasting improvements in operations. Since the specifics of a firms' business model and service offerings vary, we explore a spectrum of potential operational efficiencies.
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Customer and distribution
In an intensely competitive and capital constrained market, attracting and solidifying customer relationships is central to achieving sustained growth.
Insurers must find a way to identify, anticipate and respond to shifting customer preferences while also delivering an improved customer experience through a more efficient distribution solution. We have assembled a team with deep understating in customer advisory and insurance in our Asia-Pacific practice with ready access to our global networks. To succeed in this demanding environment and realise the opportunities, insurers need to start listing to the most important voice of all – their customers.
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Capital, risk and regulation
Risk and capital management functions are facing significant challenges. Against a wave of regulatory reform and highly uncertain macro-economic trends, getting the right balance between capital levels, ROE and growth has never been more important.
Although insurers recognise that much of the reforms are needed and will bring positive benefits to consumers and the industry, the cost burden of implementing such reforms are significant.
We can help insurers navigate through such reforms. Improving the way risk based-decisions are made and how capital can be allocated more effectively in order to strengthen risk and capital management capabilities and increase performance in a highly competitive environment are often leveraged from learning's offshore, notably Solvency II, but critically recognise the nuances of the local market.