Insurance is fundamental to modern society. Allowing businesses both big and small to thrive in good times and weather the bad times. Supplying this exceptional resource is a difficult proposition.
The underwriting cycle and strict regulatory requirements have always been key components of the Insurance industry and technology, competition and product complexity are increasing challenges.
The number and diversity of developing topics in the insurance industry keeps growing and insurers’ demand for specialist actuarial expertise represents a challenge.
IFRS 17 has put a significant strain in the resources of insurance companies and the pace of change and need for action is not expected to diminish. The Central Bank’s requirement for pre-emptive recovery planning and the review of differential pricing put additional demands on the industry in the near term.
EIOPA’s review of Solvency II and reporting requirements as well as the incoming legislation of artificial intelligence and use of machine learning in insurance might mean that constant change is the new normal and insurance companies need to update to allow for it in their business as usual.
Grant Thornton’s Insurance Risk & Actuarial team provides a comprehensive range of services to our insurance clients. From regulatory support for compliance to delivering specialist expertise in insurance & reinsurance.
Our actuarial experts assist clients with their needs in areas such as reserving, risk & capital management, data quality, analytics and actuarial transformation. Our team’s extensive industry experience enables us to have a solid understanding of your needs, and provide pragmatic solutions specific to your organization.
