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Navigating change to seize new global opportunities
Major regulatory change. The rise of emerging markets. Ongoing economic uncertainty. Technology-driven turbulence. Increasing consumer expectations.
These are the primary challenges and issues faced by global insurance executives. These challenges also offer the key to future profitability for insurers who make the right strategic, investment, organizational and operational changes.
Our global insurance practice helps insurers around the world successfully meet these challenges. We can help you ask the right questions, set priorities and define the action plans needed to succeed in the fast-shifting insurance landscape.
Our global network of insurance professionals provides guidance and insight on pivotal areas in the insurance industry today, including:
- Actuarial & 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.
Explore the service areas below to learn more about our actuarial and risk management expertise.
- Customers & 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:
- Finance Change
Today’s insurance market is tougher than ever, with increasingly sophisticated customers and difficult economic conditions challenging insurers to innovate and reduce costs to survive. New and demanding regulation is only adding to the pressure.
Welcome to the “new normal” for insurance companies. By 2020, conditions will be just as, if not more, challenging.
To succeed in this new normal environment, all aspects of finance operations need attention: processes, people and organization, data and technology, and the sourcing and location of work. They must improve if finance is to meet its three most pressing challenges: lower cost, improved reporting and the delivery of real business value.
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.
- Growing in 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?
- Risk & Regulatory Transformation
The global insurance industry is emerging from a period of economic uncertainty. As the insurance market is undergoing radical change, insurance companies are facing 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. Risk and regulation is high on the agenda for insurers, and we work with clients to show them that good risk management doesn't slow an organization down — it helps it go faster.
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On-demand webcast: Findings from our Global Insurance CFO Survey
Watch a recent discussion of the priorities and challenges for insurers over the next five years. EY's Sandy Sposato and Ian J. Robinson are featured panelists.
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