In this edition of Specialty, we focus on profitability in the reinsurance industry and interview XL CEO Mike McGavick.
Sustaining profitability in a changing market
The growth of hedge fund-backed reinsurers
ITEM Club Financial Services Autumn Forecast 2013
Insurance in a digital world: the time is now
11 questions for building an analytics program
Stepping up: Challenges for UK general insurers in 2013 and beyond
Business Pulse: top 10 risks and opportunities for insurance
2013 UK Attractiveness Survey
Accelerating product innovation
Global insurance: vast potential
Today's environment calls for transparency, customer innovation and mastering the demands of regulatory change. Are you keeping up? Tap into our industry-focused knowledge and discover how to set yourself apart on such issues as IFRS, Solvency II, Dodd-Frank, Claims and FATCA.
Our global reach
Our worldwide team of insurance-focused assurance, tax, transaction and advisory professionals have the deep sector knowledge and technical experience to interpret the market and help you compete.
From preserving capital to managing risks to increasing customer satisfaction, we deliver on our promises so that you can stay a step ahead.
- 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 companies to understand and stay in tune with the changing climate of their business. Companies want to achieve competitive advantage and adapt quickly to the evolving business environment. Yet, there is a growing gap between the volume and complexity of risks that companies face today and the techniques available to manage them. We can help fill those gaps by providing services that can enhance your company's decision-making.
We combine global insight and local reach to assist financial services and insurance clients in developing and validating strategies to make sound decisions. The outcome of this collaboration is important to the success of your enterprise.
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.
- 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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Beyond 2020: the future of UK Life, Pensions and Health Insurance
Our in-depth survey, conducted with the Chartered Insurance Institute, explored the future skills requirement of UK Life, Pensions and Health Insurance in 2020 and beyond and found an industry with a changing operating environment which will have to work hard to adjust and suceeed.