“With its long-term profile and actuarial insights into global risks, the insurance industry is uniquely placed to play a leading role in forging a model of capitalism that contributes to a more prosperous, sustainable and equitable world.”
Global Citizenship, KPMG in the UK
Financial institutions are increasingly subject to public scrutiny, with greater expectations of good governance since the global financial crisis. Against a backdrop of diminished trust in ‘big business’, and financial services in particular, there is a clear opportunity to enhance transparency and communication. Trust is shifting from being earned through customer engagement to being dispensed through social media, and the penalty for breaching trust is immediate and severe, with companies potentially being ‘defriended’ for life. Successfully building trust will create value, especially as intangibles are increasingly recognized on corporate balance sheets.
Insurers who put customers at the heart of their business are well positioned to outperform.