How can firms harness the complex insurance ecosystem to become more resilient and what challenges does this ecosystem create?
Regulation to date has focused on financial, rather than operational resilience. New operational resilience regulations are expected to go live in Q3 2021 and will require firms to have a robust, end-to-end capability to recover from severe, but plausible disruptions.
Firms must act now to enable them to assess their resilience across their important business services and to develop an operational resilience framework and a plan to bridge any gaps.
Insurers and distributors operate in an ecosystem if ever-increasing complexity. With the continuing advances in technology and increasing pressure on costs and on acquiring and retaining customers, the need for partnering and collaborating with other firms will only increase as business models evolve.
To help you become resilient in the insurance ecosystem, we consider how firms can harness the complex insurance ecosystem and identify what challenges the ecosystem can create with four top tips, in our latest report.
Do get in touch if KPMG can support you with your preparations for the Operational Resilience regime, or if you have any questions.
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