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.
The US run-off market is poised at a key juncture in its development. PwC's survey respondents are waiting for a landmark transaction to stimulate the anticipated activity.
Survey responses reveal that enterprise risk management should focus on using risk knowledge to improve insurance company performance.
It’s time to analyze the three lines of defense model in light of new and emerging risks, risk metrics, and new tools and techniques that are now part of the ERM landscape.
Transition Resource Group debates IFRS 17 implementation issues: Insurance TRG addresses unit of account, contract boundary, and coverage unit issues.
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Recently there have been several large insurance companies divesting their variable annuity blocks and the trend is expected to continue through 2018 and beyond.
Substantial losses from hurricanes and wildfires were offset by rising interest rates and transformative tax reform. Insurance deal activity for 2018 is looking positive.
The market for cyber insurance continues to grow as headline generating attacks show that cyber threats are becoming more sophisticated and aggressive.
This newsletter from PwC's US Insurance practice contains information on activities that occurred in some of the committees, task forces and working groups that met at the NAIC 2018 Spring National Meeting and summarizes the content.
PwC's observations summary on what insurers’ analytics function will look like in the future, the challenges carriers are currently facing to make this transition, and how they can address them.
Few Americans are knowledgeable about the costs of long-term care services, which depend on a number of factors including the disabling condition and the fees charged by service providers.
Insurance Transition Resource Group (TRG) holds its first meeting since issuance of IFRS 17 to debate implementation issues.
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The 2017 Tax Cuts and Jobs Act will have wide-ranging impacts on insurers’ business, including corporate structure, regulatory capital, and products.
Key characteristics of an effective model risk management base platform, cross-inventory opportunities, and how risk managers can enhance MRM processes and systems to take advantage of these opportunities.
PwC's Marie Carr, Jamie Yoder and John Sviokla describe how a bionic insurance organization brings people and machines together across all business activities.
Thanks to a variety of technological, social, and demographic developments, insurers’ business models are changing. One capability that will remain critical to all insurers’ success is ERM.
IFRS 17 has major risk implications, particularly in the areas of measurement models, geographic application, and strategic risk.
This PwC-produced newsletter summarizes key developments at the Fall 2017 NAIC National Meeting held in December 2017.
Information is now stored almost exclusively electronically, therefore organisations must develop increasingly specific competencies in line with the development of technology. Less advanced IT systems are unable to deal with critical situations and incidents that create an immediate need for data to be analysed, produced and preserved.
Woo Shea Leen
Insurance Leader, PwC Singapore
Tel: +65 6236 3908
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Sam Kok Weng
Financial Services Leader, PwC Singapore
Tel: +65 6236 3268
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Brendan Egan
Partner, Tax, PwC Singapore
Tel: +65 9627 4720
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Andrew Taggart
Partner, PwC Singapore
Tel: +65 6236 4548
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