Insurance Modernization: Preparing for finance, risk and actuarial change

Insurers are facing an unprecedented amount of change related to financial reporting and solvency that will shape the industry far into the future.

Insurance Modernization

Several drivers of change, including new and rigorous expectations from regulators and standards setters, increasing demands for more relevant and useful information, improvements in analytics, and the need for operational transformation,  are compelling insurance companies to re-evaluate and modernize all aspects of their business model and operations.

PwC’s approach to insurance modernization focuses on developing a forward-looking, future-proof view and holistically addressing the combination of forces that are impacting the existing insurance operational model. We do not believe that insurers will benefit by addressing them one by one in a tactical and reactive manner. The impacts of each influence are pervasive throughout actuarial, finance, risk, marketing and distribution, IT, and other functional areas. This means that key functional areas need to work together to create an insurance operating model that is nimble, agile, future-proof and can help companies manage and adapt to change as part of standard business practices.

Featured publications

Top insurance industry issues in 2017: The financial reporting, operational and business impacts of insurance accounting modernization

IFRS 17: The wait is nearly over
A structured approach to IFRS 17 implementation project planning will help insurers overcome the challenges and build on the opportunities it presents.

Stepping into the Cockpit: Redefining finance’s role in the digital age
As they look to modernize the finance function, finance executives have to “step into the cockpit” and produce more practical and forward-looking information for the enterprise as a whole.

Key questions about insurance modernization

How PwC can help

PwC helps insurers prepare for future operational, business, regulatory and market demands by focusing on how to improve finance, operational, actuarial and risk functions. We have:

  • A record of success helping insurers modernize their operations;
  • A practical and successful approach to helping companies plan for and respond to regulatory , operational, and strategic change;
  • An interdisciplinary team of subject matter specialists who have experience helping clients prepare for and address practically every kind of strategic, operational, financial, actuarial, risk and regulatory imperative.
  • Extensive expertise in finance, actuarial, and risk management process improvement, data and technology transformation, regulatory and financial reporting consulting, and business strategy formulation and design.