Based on KPMG’s recent survey of over 100 insurance CEOs, emerging technology, operational risks and regulatory risks were named their top three concerns and many executives are improving their risk management capabilities.
Based on KPMG’s recent survey of over 100 insurance CEOs, emerging technology, operational risks and regulatory risks were named their top three concerns and many executives are improving their risk management capabilities – 76 percent are spending ‘much more’ time on scenario planning and 70 percent plan to increase investment into their governance and risk functions. Despite this progress, we believe insurers have to go deeper and think differently.
In the second article of our Insurance CEO outlook series, Picking up the pace, we look at how insurance executives and their risk managers can keep up with the pace of change and face today’s new risks and new requirements.
As the risk environment continues to change, so do the business and stakeholders’ expectations. Rather than simply identifying threats, risk functions will need to think differently about their roles and value they return for their customers and stakeholders.
Increasing the frequency and scope of scenario planning is just the first step. Risk managers should leverage their organisations’ investments into enhancing their risk capacity and capabilities, such as automation, to divert efforts to ‘high value’ activities and find more ways to mitigate risks and identify opportunities from the various scenarios.Read more about how to think differently and elevate the value from risks.
KPMG International interviewed more than 100 CEOs at some of the largest insurance companies worldwide and asked them about their greatest challenges and their business strategies. We talked about their investments into growth and innovation, and explored their greatest risks. Despite challenges there are plenty of bright spots.
In our six-part article series, Picking up the pace, we present our research findings and provide insights to help insurance executives make the most of the changing environment.
Whatever your growth plans and strategies, we hope you find this article insightful. Please reachout if you would like to discuss how we can help your organisation uncovervalue from risks to support continuous growth in today’s increasingly uncertainmarketplace.