KPMG’s 5th annual Canadian insurance industry opportunities & risks report
Toronto, ON (Mar. 19, 2018) – With input from insurance professionals across the country, KPMG’s 5th annual Canadian insurance industry opportunities & risks report uncovers a number of interesting findings and trends.
Rapid technological developments and shifting consumer preferences have revolutionized several sectors of the economy in recent years, both in Canada and other jurisdictions. The Canadian insurance industry is not insulated from swift transformational change as it, too, confronts and adapts to technological advancements—including blockchain technology, data analytics and artificial intelligence. These innovations may cause seismic change to their operating environment and potentially redefine the way insurance professionals do business and interact with their clients.
“Strengthening customer ties is a core focus for insurance providers,” said Johannes Pastor, National Sector Leader, Insurance, KPMG in Canada. “This is reflected in the customer-focused opportunities identified by our respondents, as well as their investments in data analytical tools and capabilities. Now, more than ever, there is a desire to capture, clean, and analyze transactional data both to improve organizational intelligence and also to enhance the customer experience in both the online realm and in traditional interactions.”
“In reality, many insurance companies aren’t agile enough to keep pace with the speed of change today,” said Stephen Smith, Partner, Audit, Financial Services, KPMG in Canada. “Many are held back by legacy systems and rigid operating models. Industry leaders are identifying the upgrades, talent and transformations necessary to move ahead.”
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SOURCE: KPMG InternationalTags: KPMG, report, risks and opportunities