Opportunities & Risks

Transcription

1 Opportunities & Risks 26th Annual Insurance Conference Tuesday, November 28, 2017 kpmg.ca/insuranceconference2017

2 Survey overview Understand IMMEDIATE and MEDIUM-TERM OPPORTUNITIES and RISKS, for individual COMPANIES and the INDUSTRY. OBJECTIVE: Different from other surveys, portrays a CANADIAN PERSPECTIVE on both the OPPORTUNITIES and RISKS insurers face in the current environment. 2

3 Respondent profile Sector 50% 38% 4% 8% are P&C insurance providers are Life insurance providers are Intermediaries Other 85% of respondents indicate they are primary insurers (15 percent reinsurers) Functional Area 29% 21% 17% 17% 16% are executive management are finance/accounting are external board members are risk & compliance are others 3

4 Top risks to companies Low interest rates and equity market risks and Regulatory and compliance burden Legacy systems constrain ability to adapt to change Cost and risks of IT investment Cyber-security risks and Failure to adopt new technologies successfully Natural catastrophes 4

5 Top opportunities for companies Data analytics to enhance product design, marketing and pricing Offering better customer experience Enhanced operational processes and use of technology Changing customer needs and expectations Focusing on brokers and their needs 5

6 What are the mega-trends? Its all about the Customer third year in a row! Technology an opportunity and a risk Broker needs is a top 5 opportunity! Market risks and regulatory risks are shared top risks 6

7 Being Customer Centric - What is it> 7

8 Being Customer Centric - In 6 easy steps! Understand customer s behavior after stratifying them by channel, age and other demographics Get a full understanding of customer needs in each stratum Define what drives value and what does not Act on customer understanding Measure effect of each customer specific action Go back to step 1 8

9 What are the mega-trends? Its all about the Customer third year in a row! Technology an opportunity and a risk Broker needs is a top 5 opportunity! Market risks and regulatory risks are shared top risks 9

10 With you today Scott Laiken Customer and Analytics KPMG Jeremy Anderson Partner, Global Head of Financial Services KPMG Stephen Smith Partner, Audit KPMG Anh Tu Le Risk and Economic Capital KPMG 10

11 Thank you!

12 kpmg.ca 2017 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.