KPMG firms are known in the insurance industry to be leading, trusted and innovative partners working shoulder-to-shoulder with our clients.
At KPMG, we provide our insurance and reinsurance clients with integrated strategies and approaches that help them create and protect value, mitigate risk and uncover opportunities in times of change.
KPMG member firms have well-articulated and business focused common global tools informed by years of real-world experience and deep local knowledge. Our member firms take a consistent approach internationally to help their clients leverage global leading practices for their operations anywhere in the world.
Our multi-disciplinary team approach focuses on creating a custom fit of skill sets for each engagement, from the audit, tax, actuarial and regulatory specialists you know us for to strategists and deal advisors, technologists, data scientists and behavioral change specialists, as appropriate. Our emphasis on collaboration and knowledge transfer helps ensure that our methodologies meet client needs today and empower them for change in the future.
KPMG insurance professionals are always looking for ways to deliver more value to clients and so we continually measure our success against a broad range of metrics. We achieve results by truly understanding the myriad of issues clients are facing, matching their geographic footprint and bringing expertise and leading-edge thinking, derived from the full suite of our professional skills.
With a view towards enabling its strategy of putting the customer at the center of the business, this leading Australian insurance and wealth management organization kicked off an enterprise-wide transformation program in 2013 supported by the insurance professionals at KPMG in Australia.
Over a three-year period, the insurer worked collaboratively with KPMG to develop a new enterprise Target Operating Model (eTOM) and to implement a new detailed organizational design. The team looked to KPMG to help secure board approval and funding for the first two waves of change and to assist more broadly with the set-up and operationalizing of the new customer function including the setting of accountabilities for the newly formed group leadership team.
By the end of the transformation program, the team has successfully ‘stood up’ a new, fully operational customer function with clearly defined accountabilities. The organization is already reaping the rewards of their efforts: profits attributable to shareholders increased by 32 percent between 2013 and 2015 while dividends increased by 17 percent and total Assets Under Management rose by almost 15 percent in 2014.
With clear ambitions for growth, this global insurer wanted to make better decisions about their investments into channels, products and processes. The organization wanted to achieve end-to-end transparency into their costs and revenues, leveraging their existing customer experience insights and lean programs to create clear, actionable recommendations.
Supported by KPMG’s network of insurance industry professionals, the organization deployed a standardized and pragmatic cost-allocation approach that provided cost-allocation guidelines, standardized reporting formats and ratio analysis models and a full end-to-end service profile that reflected the organization’s core business processes.
Based on these insights, the insurer was able to identify cost opportunities representing more than 5 percent of annual revenues and opportunities for realignment of their strategic change portfolio.
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Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.