Emergence of fast evolving digital technologies, increased regulatory pressure and global economic uncertainty are key factors in the current risks landscape. KPMG Risk Consulting assists clients to develop robust risk mitigation methods by interpreting the underlying drivers of global risks.
Challenges owing to the transition from traditional models to newer aggregator based and direct-to-consumer models which provide real-time services
Life insurance risk, includes longevity risk (annuitants living longer than expected) and mortality risk (customers with life protection dying)
Risk and cost of compliance due to changes in international and domestic laws, rules, policies, regulations (e.g. SAM), technical standards and trade policies
Risk to reputation/brand as a result of negative assessment or comments from stakeholders
Threat from InsurTechstartups gaining competitive advantage by focusing on innovative products and services for meeting customers' changing needs, augmenting capabilities, utilizing new approaches to underwriting risks and predicting loss, and developing enhanced operational capabilities