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.
With the pace of change at an unprecedented level, insurance industry players are constantly being challenged on the status quo. The ability to manage and embed these changes throughout the organisation is crucial.
The overall tone of the survey shows a rise in the anxiety level faced by the Singapore insurance industry. This is due largely to a rise in operating risks; most notably advances in technology, and political and regulatory risk which could impose constraints on the industry.
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.
Woo Shea Leen
Insurance Leader, PwC Singapore
Tel: +65 6236 3908
Partner, PwC South East Asia Consulting, PwC Singapore
Tel: +65 9734 0662