You say you want a revolution? Well, we've got one in Insurance. The industry is accelerating toward a global transformation. Megatrends, regulations, changing demographics and technologies, as well as new products and models are dramatically altering the landscape. Do consultants have it all covered? By Eric Krell
New risk-based capital models. Usage-based auto insurance. Cyber insurance. Straight-through life-insurance processing. Rules targeting the behavior and transparency of life insurers. "Drastic changes." "Upheaval." "Rethinking" risk-management fundamentals.
The new products, regulations and phrases zooming around the insurance industry confirm that transformation is in the air. So much so that the T-word is becoming standard. "There's a lot of transformation," confirms Laura Hay, KPMG LLP's National Sector Leader, Insurance. "It's almost an overused term." Yet, virtually all consultants agree that the description fits to a T.
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