Challenges this year include soft pricing conditions and tight profit margins. In response, many insurers are investing heavily in analytics, cloud computing and other technology.
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2014 Global insurance outlook
Achieving profitable growth in an evolving insurance sector
Global insurance: vast potential
The global insurance market is remarkably strong, despite continued fallout from the financial crisis. Low interest rates coupled with relatively poor investment returns have impeded growth, but demand for insurance products and services remains high.
We keep you prepared by providing insights into the nuances of your market, as well as global trends putting pressure on the industry.
Stay nimble amid risk and regulation
Waves of global legislation continue to pressure management and absorb precious resources. Combined with the need to innovate in a highly competitive environment, this is causing some insurers to withdraw from long-standing core markets and product lines.
However, insurers are adapting by leveraging technology and developing operating models that are compliant with Solvency II. New business architectures will enable insurers to release better products more quickly and cheaply.
Gain market insight
The balance of power is shifting toward the customer, and distribution models are rapidly evolving. Emerging markets in Latin America, Asia, Africa and Eastern Europe are future battlegrounds that offer big prizes – but only if insurers can get it right.
Success will be achieved with patience, long-term investment and genuine understanding of local dynamics.
- Are you ready for Solvency II?
At the recent Trilogue meeting, the European Commission proposed a deferral of the implementation date of Solvency II to January 1, 2015, but the proposal did not reach consensus.
Are you ready?
- Actuarial and risk management strategies
Never has it been more critical for insurance companies to identify and assess new options for value creation whilst continuing to manage the downside risks and complying with the requirements of new regulations such as Solvency II and IFRS. Insurance companies aspire to be well prepared and ready for the regulatory, economic and commercial uncertainties. We help companies identify sources of value creation and prepare them for these requirements and uncertainties.
We have over 950 actuarial and insurance risk professionals across the globe, and by partnering with other services across EY, we aim to provide truly integrated services across all disciplines in the Insurance and Financial Services industries. Through our deep knowledge of the global insurance industry, local regulatory expertise and our understanding of the industry, we have built a strong reputation as a leading insurance industry advisor.
We work with financial institutions (insurance companies, banks, pension funds, private equity firms, sovereign funds) as well as with local regulators to provide advisory services. Insurance companies worldwide are undergoing radical changes and there are some key questions to consider in the journey to value generation.
- 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 recognised 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.
- Customer agenda
The buying behaviors, attitudes and preferences of insurance customers worldwide are changing. To understand this transformation, insurers need to determine how they must adapt to attract, deepen and preserve customer relationships.
- 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
- 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?
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