Insurance Review: Summer 2013

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PwC's Insurance Review offers a Canadian perspective on the challenges and opportunities in the insurance industry.

As the push to become more customer-centric, a constantly changing regulatory landscape, and the debate over pension reform continues to challenge the industry, we will outline the key elements, what actions your business can take, and ultimately what opportunity there is for growth in an ever-shifting marketplace.

The articles in the Summer 2013 issue are:


Big data: How information is changing the rules of insurance

Insurers today face a challenging environment: traditional products are becoming commodities, and their success depends on having insights into what customers are seeking.

Against that backdrop, insurers that can effectively use data to drive improved enterprise-wide decision making and responsiveness will find themselves among the market winners.

Big data: How information is changing the rules of insurance

Navigating the regulatory matrix: OSFI corporate governance

Corporate directors have adjusted to significant changes in the governance environment during the last year. On the regulatory front, the Office of the Superintendent of Financial Institutions (OSFI) continues to implement new guidelines, causing companies to think and react. In parallel, the voice of shareholders has never been louder, pressuring companies to adopt structural governance changes by submitting proposals on board declassification, splitting CEO and board chair roles, and majority voting.

In this update, we highlight key changes to OSFI guidelines on corporate governance, responses adopted by the insurance industry and an analysis of a framework that supports a holistic response for compliance.

Navigating the regulatory matrix: OSFI corporate governance

Managing risks for better decisions: Own risk and solvency assessment

Own risk and solvency assessment (ORSA) isn’t only a compliance exercise but also a strategic business tool. The time to start implementing ORSA is now, with the fast-approaching effective date of January 2014. ORSA requires significant effort to implement effectively and efficiently.

Managing risks for better decisions: Own risk and solvency assessment

Pension reform: Pooled Registered Pension Plans

The challenges associated with the low level of Canadian retirement savings combined with the divergent industry opinions on pension reform has been well documented over the past several years.

To address these concerns, Canada’s federal, provincial and territorial finance ministers jointly convened the Research Working Group on Retirement Income Adequacy, which released a report in December 2009. This report concluded that, while Canada’s retirement income system was generally sound, many Canadian households had insufficient private retirement savings.

Pension reform: Pooled Registered Pension Plans