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General Insurance Update 2016
General Insurance Update 2016
As we stand at the edge of the Fourth Industrial Revolution, never has the need to adapt and innovate been more imperative.
Highlights
With the explosion of technology enabling the Internet of Things, Big Data and other digital expansion, the insurance industry must continue to consider how technology will reshape the economy, social and cultural environments, and impact day-to day lives.
The latest edition of KPMG's General Insurance Update 2016 publication, is now available for download, and highlights emerging future focus trends impacting the sector.
Key emerging themes impacting the sector
- Steve Graham, KPMG’s Head of Digital Futures, discusses how Artificial
Intelligence, new business models, simplification of transaction processes,
changes in risk, competition and customer behaviour are impacting the way in which insurers are conducting business and thinking about the future. Highlighting a way forward that is built on emergent technology and customer driven business models. - A year on from discussing the increasing prominence of conduct risk, the focus is now on the underlying drivers of conduct risk, and what insurers can do mitigate and manage that risk. Adele Wallace, Associate Director in Advisory at KPMG, highlights the importance of insurers, operating model, organisational culture and values.
- Nick Moss, Senior Manager in Audit at KPMG, considers the new Fire and Emergency New Zealand Bill, and what this means for both policyholders and insurers, and whether the proposed expansion of the insurance levy model is equitable and indeed sustainable as a funding base.
