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Insurance Insights
Insurance Insights
Insurance IFRS 17 series
The International Accounting Standards Board’s (IASB) long-awaited insurance contracts standard was finalised in May 2017. The implications for the industry are profound.
To help you navigate through the changes, KPMG Ireland is pleased to host a series of webcasts and webmails during 2018 focusing on key aspects of the standard, the business impacts, and how they can be best addressed to ensure an efficient and secure transition.
The focus will be on
- the key business, financial and systems impacts that the change will bring
- up to the minute analysis of the latest emerging issues
- an approach designed to help you analyse and plan to address the changes.
Link to series launch
We hope you continue to find our IFRS 17 series of interest.
Central Bank of Ireland Update
Minimum Competency Code 2017 & Minimum Competency Regulations 2017
On 7 February, the Central Bank of Ireland issued updated ‘Minimum Competency Code 2017 and Minimum Competency Regulations 2017 – Questions and Answers’. A number of Q&As were added to clarify the application of the MCC to captive (re)insurers and to staff of both EEA branches & non-EEA-branches belonging to Irish firms. The updated MCC Q&As can be found here.
EIOPA Update
Systemic risk and macro-prudential policy in insurance
EIOPA published on the 6th February the first in a series of papers with the aim of contributing to the debate on systemic risk and macro-prudential policy. The objective is the first paper is to identify and analyse the sources of systemic risk in insurance from a conceptual point of view. EIOPA’s paper on systemic risk and macro-prudential policy in insurance can be viewed here (PDF, 1.8MB).
2018 Work Programme
On the 30th January, EIOPA published an updated work programme for 2018.
- EIOPA foresees developments in the consumer protection area and anticipates stronger emphasis by EIOPA on conduct supervision convergence;
- it expects that insurers will be called upon to provide further funding to the economy and will play an important role in the Capital Markets Union; and
- it asks EU supervisors to prepare in the event of an abrupt change in interest rates.
2017 Market Development Report Occupational Pensions and Cross-border Institutions for Occupational Retirement Provisions (IORPs)
EIOPA Published its ‘2017 Market development report on occupational pensions and cross-border IORPs’. The report can be accessed here. The report presents the Authority’s findings based on both qualitative and quantitative data collected from EU National Competent Authorities, and also from multi-country sponsors, cross-border practitioners, social partners and academia.
How insurance CEOs can create a truly analytical environment
While traditional insurers may still have the upper hand with historically strong customer relationships and data to draw from, many are facing challenges and risks in stepping up their analytics against rising insurtechs. Nonetheless, we believe there are four areas where insurers can focus on to create the environment and outperform in data and analytics.
Based on KPMG International’s survey, insurance CEOs’ top strategic priority is to become more ‘data-driven’, and almost 90 percent of them have put new investment into data and analytics. Despite making strong progress, few have achieved the analytic sophistication needed to rival their newer, more agile competitors, and 43 percent of them are concerned that the lack of quality data is hindering depth of insight.
If traditional insurers want to truly compete and win in this new data-driven environment, they will need to move faster, with more purpose, towards a more advanced form of analytics.
Whatever your maturity in analytics is, feel free to contact me if you would like to discuss how we can help step up your analytics game in 2018 and beyond.
About the Insurance CEO Outlook article series – Picking up the pace
KPMG International surveyed more than 100 CEOs at some of the largest insurance companies and asked them about their greatest challenges and strategies towards growth, innovation, risk and compliance, cyber security and data analytics. Despite challenges there are plenty of bright spots.
In the article series, KPMG professionals present their research findings and provide insights to help insurance executives make the most of the changing environment.
The connected ecosystem of insurance
How do you want to connect with your customers?
As insurers seek to embrace innovation and re-think the relationship with their customers, many are tapping into ‘connected insurance’, where they aim to provide not only emergency assistance and preventative help, but also seamless support in all aspects of their customers’ daily lives.
How are insurers pursuing connected insurance and what does it take? Find out more.
With the connected approach, new technologies enable lifestyle-integrated interactions, while data and analytics allow the insurer to better understand their customers, enhance underwriting decisions and refine pricing for targeted segments.
Three core areas of connected insurance development we see today are in health, home and transportation. Recently, KPMG professionals in Singapore worked with an insurer to develop a ‘connected health’ program to provide affordable health insurance to early stage diabetes patients. The future of insurance is not about the product or technology, but how an insurer can deliver daily value to their customers.
World Economic Forum Update
KPMG blogs
- "This week I have had the privilege to attend various events at the World Economic Forum in Davos. And, as expected, much of the conversation has been around new and disruptive technologies and the potential impacts on business, financial markets and society at large. Given this, I thought it appropriate to share a recent article, by my colleagues Murray Raisbeck and Paul Merrey, on the trends we are seeing for Insurtechs, and the potential impacts for the insurance sector as proof of concepts are scaled to production." Please read this full KPMG blog Insurtech hits its stride, published by Gary Reader, authored by Murray Raisbeck and Paul Merrey.
- "When it comes to autonomous vehicles, insurers will face a dual challenge: migrating their operations to a new business model while simultaneously managing the changes in their current books of business. Will insurers move quickly enough to emerge from the changes winners, or stay stuck in the chaotic middle?" Please read this full KPMG blog Managing the chaotic middle: Insurers and autonomous cars, by Joe Schneider and Chris Nyce.
