Toronto, ON (Dec. 1, 2014) – The insurance industry is at an inflection point. The digital revolution is transforming the way insurers, reinsurers and brokers do business, impacting the entire value chain. Rapidly emerging technologies are crucial enablers and must be applied with rigor and clarity of vision. Organizations and those who lead them must be at the ready – as the new environment requires us to be focused, fast and flexible to take advantage of what is ahead.
In Transforming Insurance: Securing Competitive Advantage, we share highlights of our recent global research and explore the ways in which technology can help players in insurance markets transform their capacity to identify trends, plan, collaborate and rapidly respond, adapt and thrive.
This report delivers a vivid picture of the global insurance landscape, as market players respond to the changes that are transforming all aspects of their business. Based on research and interviews with insurance leaders globally, the report reveals five inter-related issues insurers and intermediaries are facing, how to:
- Operate in an increasingly digital world;
- Make the best use of the vast amounts data now available;
- Tame the challenge of legacy systems;
- Keep the business secure given increased cyber threats;
- Attract and retain the people needed to drive the change this implies.
For more details and to access the report, visit Transforming Insurance via KPMG.
“Over half of the respondents we surveyed predict that digital distribution and servicing will surpass traditional channels within the next 5 years – buckle up for a fast ride.”
– Mary Trussell, Partner, KPMG in Canada, Global Insurance Innovation and High Growth Markets Lead
KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative (“KPMG International”).
KPMG operates in 34 locations across Canada. The firm’s more than 700 partners and more than 6,000 employees provide crucial services to many of the top business, not for profit and government organizations in Canada.
KPMG member firms around the world have 155,000 professionals in 155 countries. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity.