Insurance publications

Top Insurance Industry Issues in 2014 Top Insurance Industry Issues in 2014
The need to operate economically and efficiently, comply with new and existing regulations and standards, meet competitive pressures, and take advantage of opportunities to grow are all exerting considerable pressure on insurers. Companies that effectively address these issues will have a competitive advantage over their peers; companies that do not are likely to struggle – perhaps even to survive.

Best practices: The elusive benefit "Best" practices: The elusive benefit
Best practices can help companies gain a competitive advantage. However, the opposite is often true. In this paper, we describe common pitfalls in adopting best practices and ways insurers have overcome challenges to implement them successfully.

Insurance board of directors' risk responsibilities: Guidance from global regimes Insurance board of directors' risk responsibilities: Guidance from global regimes
At the present time, no two developments in the insurance sector seem more entwined than risk and regulation, and nowhere is this interaction more evident than in developing regulatory expectations for insurers’ boards of directors. While regulators still seem far apart in their search for a single global capital regime, they are much closer to a consensus on terms of governance.

2014 Connecticut Insurance Market Brief 2014 Connecticut Insurance Market Brief
This Brief includes emerging trends/issues affecting the Connecticut insurance industry and is a companion document to the CT Insurance Market Forecast event held on November 20, 2014.

Are you ready for the Cloud? The case for moving insurance human resources to the Cloud Are you ready for the Cloud? The case for moving insurance human resources to the Cloud
The Cloud is no longer considered cutting edge. Industries once thought to be too security sensitive are embracing it. Moving to the Cloud is central to technological and functional transformation and can change insurance company human resources departments to be more strategic.

Actuarial Reserving Function & Business Partnering Effectiveness: Insights from PwC’s industry survey
PwC's survey of the the US Property and Casualty (P&C) insurance industry's actuarial reserving practices uncovered challenges and helped to establish benchmarks for the effectiveness of's actuarial reserving functions.

NAIC Meeting Notes, Summer 2014 NAIC Meeting Notes, Summer 2014
The National Association of Insurance Commissioners held its Summer National Meeting in Louisville, Kentucky from August 16 to 19, 2014. This newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met there.

The case FOAR insurance modernization The case FOAR insurance modernization
A comprehensive, well thought-out, pragmatic and staged plan to modernize FOAR functions and prepare for new requirements can lead to a competitive advantage through revamped products, reduced expenses, and increased efficiencies.

Claim to Fame: Positioning the claims function for operational excellence Claim to Fame: Positioning the claims function for operational excellence
This August 2014 FS Viewpoint describes how improving the customer experience starts with improving the claims process.

Top Insurance Industry Issues in 2014 Doing more with more: How P&C insurers are creating an information advantage with 3rd party data
Look at how 3PD is dramatically altering the information management, analytics and decision-making landscape, as well as some leading practices on successfully integrating and exploiting 3PD.

Continuing Developments in the Taxation of Insurance, 2013 the year in review Continuing Developments in the Taxation of Insurance, 2013 the year in review
The latest edition of Continuing Developments in the Taxation of Insurance Companies from PwC reviews developments affecting the taxation of insurance companies, with a special focus on legislation, tax accounting, and Federal, international, and multi-state taxation developments.

The ORSA: How prepared are you? The ORSA: How prepared are you?
2014 is the time to put in place a strong ERM framework. This paper describes three steps insurers can take to move forward faster.

Ten practices of effective ceded reinsurance claims and accounting teams Ten practices of effective ceded reinsurance claims and accounting teams
This paper describes practices that ceded reinsurance teams can implement in order to improve the effectiveness of ceded reinsurance programs and associated accounting.

NAIC Meeting Notes, Spring 2014 NAIC Meeting Notes, Spring 2014
The National Association of Insurance Commissioners held its Spring National Meeting in Orlando, FL from March 27 to April 1. This newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met there.

Adopting an Agile methodology: Requirements-gathering and delivery Adopting an Agile methodology: Requirements-gathering and delivery
In this comprehensive overview of Agile requirements gathering and project delivery, we explore an approach and framework that can drive success through open communication with stakeholders around an active project management framework designed to best fit the organization.

Effectively using Agile methodology to deliver packaged software solutions Effectively using Agile methodology to deliver packaged software solutions
Flawed implementations of Agile can result in a failure to completely realize its full benefits. This can lead to the misperception that the methodology itself is not adequate, when the true failure is the implementation, not the design of the methodology.

2013 Connecticut Insurance Market Brief 2013 Connecticut Insurance Market Brief
This Brief includes information updates, emerging trends/issues and new executive perspectives since the Report was published and is a companion document to the Connecticut Insurance Market Forecast event held on November 12, 2013.

Modernizing insurance finance Modernizing insurance finance
Implementation efforts and costs related to the proposed IASB-FASB insurance contracts standard could vary significantly depending on product types, systems infrastructure, and resource capabilities. Whether companies apply GAAP, IFRS, or both, there will be at least some change.

Utilizing service entities as part of your service operating model Utilizing service entities as part of your service operating model
As insurers evaluate and re-design their service operating model, they should determine if a separate service company would be advantageous. Insurance companies are particularly well suited to move certain activities away from their insurance legal entities, but the business case for doing so should be compelling.

Top Insurance Industry Issues in 2013: Contingent business interruption (CBI) and principles based reserving (PBR) Top Insurance Industry Issues in 2013
Top Insurance Industry Issues in 2013 describes in detail the challenges insurers are facing and the strategies they can use to cope with change, manage risk, enhance their operations, and grow.

Top 2013 Insurance Risks: Insurance Banana Skins US responses Top 2013 Insurance Risks: Insurance Banana Skins US responses
What are the most critical economic, financial, and operational risks facing insurance companies in the US? Insurance company executives shared their responses in the 2013 edition of Insurance Banana Skins, conducted by the Centre for the Study of Financial Innovation (CSFI) and sponsored by PwC.

NAIC meeting notes: Summer 2013 NAIC meeting notes: Summer 2013
The National Association of Insurance Commissioners (NAIC) held its Summer National Meeting in Indianapolis August 22-27. This newsletter contains information on activities that occurred in some of the committees, such as statutory accounting, capital adequacy, emerging accounting issues, and more.

Wielding Distribution Forces for Global Growth Wielding Distribution Forces for Global Growth
Distribution channel innovation promotes competitive differentiation for cross-border operations. Effective distribution improves customer acquisition and retention, thereby enabling premium growth, market share gains, and profitability.

2012 Insurance ERM and ORSA Readiness Survey 2012 Insurance ERM and ORSA Readiness Survey
PwC recently surveyed 65 US life, P&C and health insurers about their ERM practices and readiness for RMORSA requirements. While some insurers are ahead of the curve, survey results indicate that, for the industry as a whole, there is a potentially significant gap between perceptions of RMORSA preparedness and the actual completeness of underlying risk frameworks.

How do the final FATCA regulations impact insurers? How do the final FATCA regulations impact insurers?
PwC released an earlier Newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed regulations and final regulations, which potentially apply to all industries. To supplement the earlier Newsbrief, this Newsbrief describes the most notable differences between the proposed and final FATCA regulations that will impact insurers.

NAIC meeting notes: Spring 2013 NAIC meeting notes: Spring 2013
NAIC Spring National Meeting in Houston April 2013. Newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met at the meeting.

Game on: How information is changing the rules of insurance Game on: How information is changing the rules of insurance
The ability to effectively manage, leverage, and integrate the "data deluge" flooding today’s carriers will be a key differentiator in the insurance marketplace of the future.

Tax accounting for insurance companies Tax accounting for insurance companies
This document provides details and examples of the important changes to income tax accounting under statutory accounting principles (SAP), including accounting for uncertain tax positions, which became effective on January 1, 2012.

Loyalty analytics exposed: What every program manager needs to know Loyalty analytics exposed: What every program manager needs to know
As loyalty programs have grown and matured, various accounting, actuarial, and regulatory models have emerged. Differing views on recognizing and measuring loyalty program benefits and costs have led to diversity in practice. Gaining an understanding of these different perspectives, particularly with respect to point-based loyalty programs, is critical to establishing an effective loyalty program strategy and proper financial reporting.

Top Insurance Industry Issues in 2012 Top Insurance Industry Issues in 2012
Top Insurance Industry Issues in 2012 addresses key issues for insurance companies including SSAP 101, regulatory compliance, Dodd-Frank, international expansion, risk and capital management, the low interest rate environment, policy administration, the impact of FATCA, and more.

Missing the forest for the trees? Adapting underwriting intensity to boost insurance property and casualty sales Missing the forest for the trees? Adapting underwriting intensity to boost insurance property and casualty sales
A conventional property and casualty insurance underwriting approach is not as effective as a targeted sales-oriented method for improving submission rates and increasing sales. This FS Viewpoint outlines the steps to achieving a targeted approach and describes "underwriting intensity".

Using a RMORSA to improve risk and reward decision-making Using a RMORSA to improve risk and reward decision-making
Insurers can leverage the Risk Management Own Risk & Solvency Assessment (RMORSA) to improve risk-to-reward decision-making and insurance business planning. Insurers that re-design their risk management functions and processes will improve regulatory relations to better handle market uncertainty.

Finance function effectiveness paper Is your finance function delivering the value you expect?
Considering the demands on finance functions and current opportunities for improvement, this may be the best time for insurers to revisit their finance operating models and better prepare their operations for current and future demands.

How do the proposed FATCA regulations impact Insurers? How do the proposed FATCA regulations impact Insurers?
Long-awaited proposed regulations providing guidance on FATCA issued - including specific implementation issues relevant to the insurance industry.

Strategic risk management: Facilitating risk-based insurance decisions A brief introduction to insurance underwriting and information advantage
Insurers that use a broad range of underwriting information will have an information advantage over their competitors. The question for insurers to consider is whether their underwriting function will compete at an information advantage or disadvantage.

G-SIIs vs. G-SIFIs: Lines blur between insurance and banking G-SIIs vs. G-SIFIs: Lines blur between insurance and banking July - 2012
As a part of a global initiative to help prevent a repeat of the 2008 financial crisis and reduce the threat posed by global systemically important financial institutions, the International Association of Insurance Supervisors has released its proposed assessment methodology for the identification of global systemically important insurers.

Strategic risk management: Facilitating risk-based insurance decisions Strategic risk management: Facilitating risk-based insurance decisions
Enterprise risk functions usually do well identifying, modelling and mitigating "knowable" risks, but face a bigger challenge identifying, quantifying and mitigating ambiguous risks. Insurers require a strategic Risk Management (SRM) solution to identify, assesses and manage enterprise-threatening losses over time.

Can your reporting strategy meet new challenges Can your reporting strategy meet new challenges?
Insurance organizations are examining their reporting strategy as a result of regulatory and accounting changes from the FASB’s/IASB’s Measurement of Insurance Contracts standards and Solvency II's Pillar 3 disclosures. A flexible reporting environment can accommodate existing and new reporting requirements.

The Sprint for the Global Footprint: How Insurers can Build a Profitable Growth Strategy through International Expansion The Sprint for the Global Footprint: How Insurers can Build a Profitable Growth Strategy through International Expansion
Projected slower growth in developed economies is creating a mandate for insurers to expand internationally. However, no one strategy fits all in terms of where, how, and when to expand. In fact, leading insurers have learned that uniform approaches fall short, and that the key to success is making available information actionable.

Ready, set, FATCA: How the new rules will affect insurers, and why early action is the best policy Fire, Ready, Aim: Don't Miss the Point of a Policy Administration Transformation
The frequency and complexity of changing market dynamics have made a modern and flexible PAS platform a necessity for desired growth and profitability, and most insurance carriers are placing policy administration system (PAS) transformation near the top of their to-do lists. Companies that do not adapt risk losing market share while experiencing continually escalating costs.

Getting more from your property & casualty actuarial analysis Getting more from your property & casualty actuarial analysis
Many companies retain P&C insurance risks, and typically retain the services of a credentialed actuary to assist with various financial analyses of the retained risk. These two papers are for insurance and other companies, respectively, and contain questions that a risk manager should discuss with the company's actuary.

Getting Set for the US ORSA
The NAIC recently described its proposed expectations for the assessment and resulting ORSA filing in its draft ORSA Guidance Manual. This paper explores the Manual's key features and its implications for insurers as they prepare for the expected US ORSA requirement.

Demystifying group supervision
As a result of international scrutiny, there will be significant changes to group supervision in the years to come. This paper explores the changes to group supervision that may have the most impact on insurance groups.

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