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Captive Insurers Have Source of Ideas for Empowered Future

Future Empowerment
June 16, 2016

KPMG's Global Insurance practice has released a report, the first in a planned series, titled Empowered for the Future: Insurance Reinvented. The report, which is based on findings from a survey of 70 insurance executives, can be downloaded from its website.

The publication's foreword is written by Gary Reader, global head of insurance, and Mary Trussell, global insurance innovation and change lead partner, and provides a synopsis of the information contained in the study. The following is an excerpt of the beginning of Mr. Reader's and Ms. Trussell's foreword. 

Insurers have been trying to "transform" their organizations for decades. First it was to implement big enterprise systems. Then it was to respond to the internet. Now the industry is focused on digitization and customer-centricity. With so much time and effort put into transformation, why has so little changed?

Transformation is difficult, disruptive and time consuming. And most of the time, transformation initiatives fail to achieve their objectives. It's no wonder that many insurance executives have banned the word from their vocabulary altogether.

But whether or not you call it a "transformation," what is clear is that insurers understand the urgent need to reinvent themselves. They have the ambition to make transformative changes. And they have the data and methodologies required to execute discrete transformation initiatives across their businesses. 

The problem is that—for insurers to truly "reinvent" their businesses—they will need much more fundamental changes to their business models and their operating models than ever before. Success in the insurance industry of the future will not come from simply tweaking the status quo, insurers will need to change virtually every part of their business if they hope to not just survive, but thrive.

While the paper is targeted at the largest players in the insurance industry, the ideas provided are applicable to captive insurers as well. The insurance industry in which we all came of age will not be the same a decade from now.

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