The insurance industry is immersed in an environment of profound changes that require a great capacity to adapt. The main challenges have to do with the aging population and increased longevity, digital transformation, the use of data and modeling, improved efficiency in operations, the emergence of new business models and ecosystems, the increase in the control environment and regulatory requirements, and also in this sector, the adaptation to the principles of Sustainability (ESG).
In recent years, and also due to the impact of COVID-19, customer behavior has changed, and as a consequence, distribution networks, insurers and other stakeholders such as care organizations have had to adapt their processes to a "hybrid" or omnichannel context, in addition to incorporating resilience and business continuity plans.
Immediacy, simplicity and accessibility to services are especially valued, as well as an increasingly personalized attention in the selection of new coverage. This forces insurance companies to increase their efforts to adapt in order to efficiently meet the new needs of their customers, as well as to make their value propositions more innovative and segmented, focusing on incorporating new technologies and adapting their digital interaction map.
Furthermore, growing market volatility and uncertainty due to the pandemic, together with regulatory changes such as the Data Protection Regulation (GDPR) or the Insurance Distribution Directive (IDD), mean insurance companies need to become even more involved in the management of liquidity, capital and provisions, as well as in the processing of their customers' data and the control of their internal processes. For their part, regulators and supervisors are focusing on reviewing companies' customer policies, governance and organizational structures. Additionally, the new IFRS 17 regulations and Solvency II changes call for very significant improvements in financial processes and risk control (as they incorporate emerging risks such as cyber risks, financial crime, reputational, climate, pandemics, etc.), as well as greater uniformity and transparency in management, reporting and information to third parties.
Our practice
Our advisory services within the insurance industry have a multidisciplinary approach complemented by a deep knowledge of the business, allowing to respond to all kinds of needs that insurers may have, both from the point of view of actuarial support, and management of their risks and in the strategy, finance, operational, commercial and technological transformation areas
