How well is the Life
Insurance Industry
keeping pace with
rapidly changing
technology?
International Insurance Society
23 June 2014
London
An industry transforming – key findings from our recent research
of respondents say they will use digital
to improve customer
82% technology
relationships over the next 3 years,
compared to 65% over the last three.
69%
of respondents say they have a digital
strategy beyond a website. However, only
37% say their digital initiatives are fully
aligned to their company’s strategic
objectives.
Source: Digital Technology’s Effect on Insurance survey, KPMG
International, May 2014
of respondents say developing innovative
to meet changing customer
47% propositions
preferences is their greatest priority for the next
2-3 years
43%
of our respondents say the most important
use of data and analytics is to improve top
level decision making, yet 20% say the
greatest barrier in implementing a strategy for
data and analytics is management buy-in.
Source: Digital Technology’s Effect on Insurance survey, KPMG
International, May 2014
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has
any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
1
New forces are impacting business models
Are life insurers prepared for
the changes afoot?
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has
any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
2
Introducing our panel
Brigitte Parent, Senior Vice President,
Sun Life Financial
Tim Rozar, Senior Vice President and Head of
Global Research and Development,
RGA Reinsurance Company
Russ Thornton, IT Strategy & Architecture
Director, Legal and General
John Warburton, Director Group
Market Management, Allianz SE
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has
any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
3
Introductions
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has
any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
4
How well is the life insurance industry keeping pace with rapidly
changing technology?
Each of our panelists provided their views on
the impacts of technology on the Life
Insurance industry
KPMG developed an executive summary
bring forward the most salient points.
The combined papers, including KPMG’s
executive summary, can be found on the
conference app.
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has
any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
5
How well is the Life
Insurance Industry
keeping pace with
rapidly changing
technology?
International Insurance Society
23 June 2014
London
What have we learned?
Combined with today’s market challenges, increasing
competition and related operating pressures,
insurance leaders face three imperatives:
1.
Formulate a future vision of their business
model and their core capabilities in a digital
world.
2.
Adapt and transform that business model for
the future, and enhance their ability to
understand and satisfy customers.
3.
Accept the strategic impact that technology and
digital media will have on their organization and
recognizing the changes required in a
customer-centric, digital world, and embracing
this reality by confronting legacy issues and
creating the culture and capabilities to
continuously enhance performance across the
entire business.
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has
any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
10
Questions?
International Insurance Society
23 June 2014
London
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© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms
of the KPMG network of independent firms are affiliated with KPMG International. KPMG
International provides no client services.
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KPMG International.
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