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Insurance solutions

New capital requirements are just one of the challenges UK insurers must contend with in the industry’s altered landscape. Globalisation and the intensifying search for competitive advantage mean that almost every aspect of the industry is under scrutiny. Insurers will always need strong foundations, but what constitutes strength in today’s market when so many of the fundamentals are changing?

Our UK Insurance practice combines industry knowledge and insight with technical expertise, as well as strategic advice and practical solutions to offer insurance companies – our clients include many of the UK’s leading general and life houses. We can help you to assess and enhance your operating model, create effective governance structures and realise efficiencies in processing and distribution. Where do the next opportunities lie? Our understanding of the industry trends and insight into the regulators’ thinking will help you build for the future.

Insurance industry research and insights

Keeping promises - Putting customers at the heart of retail financial services
This paper addresses the changing customer landscape for financial services organisations, in particular, the growth and profitability challenge, differentiation, the success or failure of service differentiation strategies, and the benefits of a selective approach.
Recovery and resolution for non-banks - Building a safer financial system
This paper provides an overview of the first European Commission consultation on non-bank financial institutions (published October 2012) and outlines the early regulatory thinking around the issue of recovery and resolution, first for Financial Market Infrastructure, and then for insurers.
Bridging the advice gap: Delivering investment products in a post-RDR world
The introduction of Adviser Charging in the UK from December 2012 will significantly alter the priorities and behaviour of customers and advisers alike. Our paper, based on a survey of over 2,000 UK adults, explores how consumers will react to the new rules and details the challenges and opportunities facing product providers.
Global IFRS Insurance Survey – Winning the waiting game?
The proposed changes in International Financial Reporting Standards (IFRS) 4 Phase II, IFRS 9 and the corresponding proposals in the United States are highly complex. This international study analyses over 200 insurers’ attitudes towards, and preparations for, these new accounting rules.

Issues and trends within the industry

Retail Distribution Review
The changes required as a result of the RDR are likely to have wide reaching impacts across organisations in the retail investments market.
Solvency II
Solvency II’s proposed 2012 ‘go live’ date may seem a long way off, but the scope of the changes required means that companies need to be taking action now.
IFRS
The new IFRS and US GAAP accounting standard will radically change the way insurance businesses present their profit and level of insurance liabilities.

Financial Services useful links

Highlights

Insurance market update
January 2013.
Solvency II Survey 2012
Where are insurers heading?.
Future proofing the UK mutual insurance sector
Assessing the future of the sector and the options that individual mutuals can adopt to survive.

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Actuarial & Insurance Solutions

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