Transforming Insurance

Transforming Insurance

At KPMG we have been exploring what the future might look like as the industry embraces digital technologies and starts to harness the full value of the vast amounts of data now available to it.

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“Over half of the respondents we surveyed predict that digital distribution and servicing will surpass traditional channels within the next 5 years – buckle up for a fast ride.”

Mary Trussell, Innovation and High Growth Markets Lead, KPMG in Canada

Transforming Insurance: Securing competitive advantage, delivers a vivid picture of the global insurance landscape, as market players respond to the changes that are transforming all aspects of their business. Based on research and interviews with insurance leaders globally, the report reveals five inter-related issues insurers and intermediaries are facing, how to:

  1. Operate in an increasingly digital world
  2. Make the best use of the vast amounts data now available
  3. Tame the challenge of legacy systems
  4. Keep the business secure given increased cyber threats
  5. Attract and retain the people needed to drive the change this implies

Technology can help players in insurance markets meet these challenges and transform their capacity to identify trends, collaborate, rapidly respond, adapt and thrive.

Transforming Insurance is the third publication in KPMG’s Future of Insurance series starting in 2012 with the release of the Intelligent Insurer, an exploration of the mega trends impacting the industry. Followed in 2013 by the Valued Insurer which examines the key attributes of successful insurers with a specific focus on customer.

To our contributors

We would like to thank everyone who completed our global survey for your candid views, and to our KPMG contributors and opinion formers for your pragmatic advice on how insurers can respond to the digital evolution, harness the rich data sources now available, mitigate cyber risks and address legacy systems to gain competitive advantage.

 
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Fast facts: survey results

Global research exploring the impact of digital technology on the insurance business model, and analytics to drive competitive advantage.

 
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© 2017 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

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