An insurer fit for the future will harness diverging customer needs and technological progress to transform its people, business model and services.
An insurer fit for the future will harness diverging customer needs & technology progress.
In an increasingly competitive underwriting market and low interest rate environment, most insurers are looking for ways to enhance profitability and shareholder returns. In many cases, however, these efforts are complicated by the need to comply with evolving regulations and accounting standards, modernise distribution models, accelerate product development and fund growth opportunities.
Leveraging both our global reach and our in-depth knowledge of the insurance industry, built upon expertise in audit, tax and advisory work across the insurance sector, KPMG helps general, life and health insurers with financial and regulatory reporting, risk and capital management, tax services, financial analysis and modelling, together with a broad range of organisational improvement strategies.
How KPMG can help
Customer and channel management
Differentiate your organisation in today’s competitive environment by improving data analytics to gain a single view of the customer, accelerating product and service development, leveraging new channel and distribution opportunities, enabling customer self-service and aligning product design to surpass customer expectations.
Operational effectiveness and efficiency
Reduce costs and improve profitability from your existing book of business by enhancing your strategic focus on operations and IT, streamlining post-merger integration/ restructure, investing in shared services and process automation, and improving your underwriting discipline.
Forward-thinking insurers are starting now to prepare their roadmap for the new IFRS 17 Insurance Contacts accounting standard. Implementing the new standard will require substantial effort, and new or upgraded systems, processes and controls. Significant resources will also be required because insurers will need to show the effects of the new standard retrospectively. The task will be still more challenging given the long time horizons over which many insurance companies operate and the legacy systems that many still use. We see leading insurers using these changes as a catalyst to achieve greater efficiency in finance and actuarial operations, data management, and IT systems. For the confident, change is opportunity.
KPMG has a strong Australasian actuarial practice with teams based in Sydney and Melbourne. The team typically work for organisations in general insurance, life insurance and wealth management, and health financing, although their services are being called on by an increasingly broad range of entities. Our actuarial services include:
Our Australian actuarial colleagues work closely with the New Zealand Firm, supporting us in both routine and project work, delivering insights that span both the New Zealand and Australian markets.
Insurance has naturally complex tax rules. KPMG works with insurers including their actuaries, commercial teams and accountants as well as their tax teams to find a clear route to compliance.
Matthew Prichard (he/him)