Far from being a temporary aberration, regulatory change is going to be a fact of life for the foreseeable future, creating significant operational disruption and calling into question longstanding strategic certainties. The comparable experience in the banking industry demonstrates how drawn out the overhaul can be and the impact of countries moving at different speeds on international developments.
We believe the key to navigating through the upheaval is the creation of a global regulatory team with strong executive leadership. This is an approach that has already proved beneficial within many global banks. The regulatory team would be responsible for looking beyond basic operational compliance at how the developments will affect the strategy and structure of the organisation and then working closely with the board, business, compliance and other teams to co-ordinate a clear and coherent group-wide response. This includes assessing the competitive implications and looking at how to capitalise on potential opportunities.
Rather than detailing all the new rules, this paper looks at the forces driving change, what they mean for your business and how you can develop the capabilities needed to respond. The overhaul is global rather than just applicable to a particular country or region, so this paper is designed to be relevant to insurers in all parts of the world and those operating international businesses.