The insurance industry is immersed in an environment of profound changes that require a huge effort to adapt. The main challenges are linked to the aging of the population and increased longevity, digital transformation, improving operational efficiency, the emergence of new business models and ecosystems, and the increase in the control environment and regulatory requirements
Customer behavior and their demand for protection have changed in recent years. Particular importance is given to immediacy, simplicity and accessibility in services, and an increasing personalized attention to select coverage. This forces insurance companies to strive to adapt in order to efficiently meet their customers’ new demands and alter their market offering in a more innovative and segmented way, highlighting the need to incorporate exponential technologies.
Also, changes in the Data Protection Regulation (GDPR) or the Insurance Distribution Directive (IDD), require that insurance entities become more involved in the management and processing of their customers' data, as well as in the control of their internal processes, and stipulate that regulators and supervisors should focus on reviewing organizations’ policies vis-à-vis the customer, as well as their governance and organizational structures. In addition, the new IFRS 17 regulation, alongside with the modifications of Solvency II, implies a very significant development in the improvement of financial processes, achieving more uniform and transparent reporting and information disclose to third parties.
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
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