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.
Maintaining optimism while grappling with transformational changes
This year's insights show that Insurance CEOs are concerned about the pace of technological change but surprisingly optimistic about growth. However, could insurers be underestimating the urgent need to become digitally-enabled, customer-focused organisations with flexible business and operating models? The report explores how insurance businesses can reinvigorate revenue growth, while still driving down costs.
Concerns around change dominate Singapore's insurance risk climate. This brings into question whether incumbents have what it takes - strategy, talent, management and mindset - to keep up. PwC explores the top 10 insurance areas of risks, or "Banana Skins", in Singapore and shed light on the shifting threats facing the local industry.
The insights in this report are based on the responses of 189 senior Insurance Sector executives from 40 countries who participated in PwC’s Global FinTech Survey 2017. We complemented the report with our own insights and analysis into how InsurTech and Insurance are moving closer together and how insurance is innovating in response to InsurTech.
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.