The insurance industry is also immersed in an environment of profound changes, which requires a strong capacity to adapt. The main challenges have to do with the aging population and increased longevity, digital transformation (and in the process of adopting Artificial Intelligence),the intensive use of data, improved efficiency in operations, the emergence of new business models and ecosystems, an expanded control environment and regulatory requirements, and also here, the need to adapt to the principles of sustainability (ESG).
In recent years, and also as result of COVID-19, customer behavior has changed. This has meant that distribution networks, insurers and other stakeholders such as assistance entities, 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 and offer in the selection of new coverages. This forces insurance companies to redouble their efforts to efficiently meet the new needs of their customers and adapt their value propositions in a more innovative and segmented way, with special emphasis on the need to incorporate new technologies and adapt the digital interaction map.
Furthermore, the increased volatility and uncertainty in the markets as a result of the pandemic and geopolitical effects described above, together with regulatory changes such as the Data Protection Regulation (GDPR), the Insurance Distribution Directive (IDD), the new IFRS 17 regulations and the amendments to Solvency II, require insurance companies to become even more involved in the optimization of capital and provisions, as well as in the treatment of their clients' data and in the control of their internal processes. For their part, regulators and supervisors are focusing on the review of institutions' customer policies, as well as on their governance and organizational structures. Also, the new sustainability regulations, as well as social and market pressure, has become one of the industry's main priorities for the coming year.
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
