Helping insurers succeed, from strategy through execution.
As the leading provider of professional services to insurance organisations, PwC has extensive knowledge of the issues, trends and challenges that insurers face.
Together with the Centre for the Study of Financial Innovation (CSFI), we interviewed 927 practitioners, regulators and observers of the insurance industry across 53 territories, to understand what they see as the biggest threats and how they are prioritising them.
Stay tuned for the Singapore edition of the report that will be coming out very soon, where we will take a closer look into Singapore's insurance risk landscape.
As we explore in the report, leading companies recognise that it takes more than just technology to drive innovation and differentiation. They’re envisioning customer needs beyond traditional insurance and have adopted a proactive approach to talent development and strategic collaboration in support of this. They’re also defined by their readiness to embrace new business models, recognition of data as their organisation’s most critical asset, and agile approach to execution and change management.
The Singapore insurance industry provides a broad range of life, health, general, commercial and reinsurance coverage to individuals and businesses. A strong regulatory environment and entry of a number of global companies and brokers has seen Singapore established as a key regional centre for insurance and reinsurance, and domestically the penetration of life and health products continues to increase.
Challenges faced by insurers include the need to strengthen customer relationships and develop tailored and targeted products in the face of increasing customer demands and competition.
PwC has an expert team of insurance industry specialists providing services across a wide range of areas. In addition to our assurance and tax services, we are currently helping clients succeed during this period of evolution by advising on strategies around customer engagement and retention, big data and digital technology.
Key to our team's ability to deliver value to our clients is our depth of understanding of what is happening in the industry both locally and internationally. Examples of our understanding of global trends and how these will impact on the local market are reflected in PwC's Insurance 2020 series, Insurance Banana Skins and updates on IFRS for Insurance Contracts.