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.
The insurance industry is growing rapidly in Asia Pacific's developing markets. A significant unifying factor in this diverse region is the adoption of IFRS 17, a globally standardised accounting model for all insurance contracts.
We surveyed close to 70 insurance executives across 11 countries in the Asia Pacific region in May 2020 to understand how insurers are conducting their IFRS 17 programmes. The responses provide insights into approaches followed, progress made and challenges faced with IFRS 17 implementation.
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.
In the face of gathering economic headwinds, tech disruption and geopolitical uncertainty, PwC’s 23rd Annual Global CEO Survey shows that although most insurers acknowledge challenges over the next 12 months, they’re confident in their own long-term resilience. The front-runners, in fact, want to go beyond simply surviving by using these challenges to their advantage.
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.