Earlier this year, PwC surveyed 58 large and medium insurers that write life, P&C or health in the US market. Prior to 2010, none of them had a formal model risk management (MRM) program. By 2020, however, 90% expect to have one.
As organizations continue to adopt MRM programs and as those programs mature, insurers will be able to get more value by:
Our insurance risk and capital management practice advises insurers on assessing, monitoring and managing risks from all sources. Multi-disciplinary teams provide comprehensive services in all key risk areas:
PwC’s professionals also address risk management framework components, including strategy, governance and organization, measurement and analytics, reporting, and systems and data infrastructure.
Insurance Risk and Regulatory Services Partner, PwC US