Insurers must transform amidst disruption, KPMG says
Monday, 06 20 2016, Category: Insurance and Reinsurance, Country: World
Research from KPMG suggests that insurers must transform their organisations amidst increasing competitive pressures and disruptive technologies and business models. For its report, Empowered for the future: Insurance reinvented, KPMG surveyed more than 70 insurance executives from the largest organisations around the world about their recent transformation initiatives, their existing capabilities and their biggest risks and barriers.
"What is clear is that insurers understand the urgent need to reinvent themselves," the report said.
"Success in the insurance industry of the future will not come from simply tweaking the status quo; insurers will need to change virtually every part of their business if they hope to not just survive, but thrive." Responding to the report, KPMG insurance partner Scott Guse told Risk Adviser that advisers should note that while the insurance industry is ripe for change, "it will be incremental change rather than transformational".