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Insurance Risks 2016 – KPMG View

Article Synopsis :

The emergence of self-learning digital technologies, increased regulatory pressure and global economic uncertainty are known risks, but what else looms?  With so many risks facing insurers today which ones really matter?

 The Digital Insurer reviews KPMG’s Report on Insurance Risks 2016

Digital insurers can afford to be bullish about an uncertain future 

“Insurance Risks 2016” from KPMG’s Risk Consulting group is a snapshot of the relevant risks facing insurers today, classified by the nine industry value drivers, and rated as Emerging, Existing, or Retiring.

Here’s a summary:

Area of Value Chain Key contributing factors to Risk
Strategy Competitive pressures resulting from lowered technological barriers; the development of alternative distribution channels; diverse demographic changes.
Growth Market transitioning to real-time delivery of products and services; globalisation of services.
People Talent gap; lack of interested talent pool.
Technology Rise of InsurTechs; cybersecurity.
Profitability and Liquidity Macro-economic events and methodologies.
Operational Excellence Inefficient and faulty internal processes.
Health Safety and Environment Deteriorating environment and accompanying regulation.
Compliance Shifting regulations, standards and trade policies.
Reputation and Ethics Negative assessment of brand in a more open and vocal world.

 

Link to Full Article:: click here

Digital Insurer's Comments

Among all the value drivers identified in this report by far the longest list of associated risks fall under “Profitability and Liquidity,” with continued low interest rates rightfully at the top of the list, for life insurers especially.

Growth, the cure-all, will, in our view, come not in the form or rising interest rates or hardening markets, but the implementation of new products, services, and distribution platforms. Combined with A.I., robotic process optimization, and analytics to optimize workforce and expenses, digitally-minded insurers can afford to be bullish about an otherwise uncertain future. 

Link to Source:: click here

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