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We know insurance is changing quickly, and the best-prepared companies will be those that continue to perform in the market. Whether you’re a life, property or casualty insurer, a broker or reinsurer, PwC can provide audit, advisory and tax services, as well as regulatory and risk assessment and IT systems analysis – all designed to make you fit for the future.
Changing consumer tastes, faster access to information, increasing regulation and ever-evolving technology trends are all disrupting the typical business model for insurance industry incumbents. For an industry that works entirely on monitoring risk through timely access to accurate data, it’s arguably never been a better time to be in the insurance sector – at least for a company that can change when they need to. To realise this potential, incumbents have to be ready to adapt. In doing so, they have a chance to lead the charge and disrupt themselves by providing more relevant, technology-enabled and data-driven products and services. If they don’t, someone else is likely to.
One of today’s biggest challenges for today’s insurance incumbents isn’t the pressure from their big rivals; smaller, tech-savvy challengers are looking to take a significant market share. They’re risk-taking, fast acting, well equipped with technology, and they know their customers incredibly well. While established insurance businesses are trying to avoid a death by 1,000 cuts, FinTechs have their own challenges. They need to grow sustainably, scale up with commercial shrewdness and meet each of their regulatory obligations if they want to bring about a new era of insurance innovation.
It’s impossible to talk about innovation in insurance without mentioning the effects of the digital world. Consumers use this resource in a number of ways, and insurance companies need to take advantage of that. Whether it’s to create a new way of communicating or a personalised platform to manage the consumer experience, opportunities abound for the forward-thinking business.
All insurance companies reporting under IFRS (International Financial Reporting Standard) will be impacted by the new reporting standard when it becomes effective in January 2023. IFRS 17 will result in significant changes to the way that financial information is presented, and adoption will require significant planning.
IFRS 17 presents opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. Ultimately, IFRS 17 supports the story you want to share about your company. If you grasp the opportunities that implementing the standard presents, imagine the sort of business you could be running in 2023.
The insurance industry is undergoing fundamental transformation as it comes up against the impact of new regulation, new technology, accelerating shifts in consumer demand and mounting competition from InsurTech players. In the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers.
Specifically, our Insurance teams can assist with: