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As margins are squeezed in the face of increasing
competition and the cushion of investment returns begins to
shrink, insurance companies are looking to sharpen
underwriting, cut overheads and reduce claims leakage. They
are also striving to improve risk management in the wake of
recent financial setbacks, solvency pressures and governance
scandals.
The payoff from these efforts can already be
seen in strengthening market confidence and a resumption of
acquisition activity following a relative lull earlier in the
decade. Outsourcing and strategic partnerships are also
proving increasingly popular.
Commercial challenges
faced by insurers include the need to strengthen customer
relationships and develop tailored and targeted products and
services in the face of more exacting customer demands and
increased competition. Regulatory challenges include
overcoming the continuing uncertainty with respect to
insurance reporting under IFRS and gearing up for the
forthcoming Solvency II.
How PricewaterhouseCoopers can help
you
PricewaterhouseCoopers has a global network of
specialists who can help insurers turn these challenges into
opportunities in key areas of their business including
governance, risk and compliance, process improvement,
financial reporting and business development strategies.
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