An insurer fit for the future will harness diverging customer needs and technological progress to transform its people, business model and services.
An insurer will harness diverging customer needs and technological progress
The insurance industry is undergoing significant change both in terms of its size and products . Takaful companies and Takaful Window operations in Conventional Insurance companies have been established and are gaining market acceptance . Life insurance which was a preserve for Public sector only is now flourishing in private sector and is slowly gaining market share. Insurers have adapted well to a rapidly changing regulatory and business landscape and can now set their sights on growth.
Intense regulatory scrutiny and control will promote transparency and financial strength across the industry. At the same time, developments in technology are creating opportunities for insurers to provide their customers with the right services and products at the right time.
A focus on customers remains a priority, products must reflect changing needs and demands. A new generation is entering the marketplace with different perspectives, while existing customers are keen to take advantage of more flexible options.
How KPMG can help
With a depth and breadth of industry experience, built upon expertise in audit, tax and advisory work throughout the insurance sector, we can help and are actively helping to chart a route to continuing success.