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The global insurance industry is investing billions in modernizing insurance capabilities. Why? Macro-economic trends, changing consumer preferences and distribution models, technology advancements, cost pressures, shifting work forces, and changing regulatory environments, are requiring new insights, more real-time analytics, and revised business structures, to help generate competitive advantage, growth, and capital efficiency.
The impacts are pervasive across finance, actuarial, investment, risk, marketing and distribution, operations and strategy. PwC’s Risk Modeling Services team believes that when these areas work together and are empowered by the right technologies, analytics and people, they can help create an insurance model that is efficient, generates value, and drives competitive advantage.
Our services include
- Life Finance, Actuarial, Investment & Risk (FAIR) Transformation
- P&C Finance, Actuarial, Investment & Risk (FAIR) Transformation
- Health Finance, Actuarial, Investment & Risk (FAIR) Transformation
- Insurance Analytics
- Deals, Capital and Tax
- Managed Services
Life Finance, Actuarial, Investment & Risk (FAIR) Transformation
The life insurance industry is currently experiencing a wave of transformation, driven by rapidly changing markets, demographics, and technological advancements. With new regulations such as International Financial Reporting Standard 17 (IFRS17), Long-Duration Targeted Improvements (LDTI), Principle-Based Reserving and the Insurance Capital Standard, insurers face increased demands across finance, actuarial, investment and risk functions, including significant new pressures on data, models, processes and controls. Modernization is essential for streamlining operations and providing executives with strategic insights.
P&C Finance, Actuarial, Investment & Risk (FAIR) Transformation
The property and casualty (P&C) industry is facing numerous challenges arising from market pressures as well as the external environment, that are driving the need to embrace technology and to help modernize operations across finance, actuarial, investments, and risk. Extracting more insights, with fewer resources, in less time, is a consistent challenge that insurers are facing, whether it’s pricing and underwriting teams struggling to keep pace with inflation, or reserving and finance teams navigating increasingly tight reporting timelines. Business leaders should be able to act decisively with agility and speed, whilst balancing risk appetite and stakeholder expectations, simply to keep up with the competition; this can be achieved through automation and the adoption of cloud technology.
Health Finance, Actuarial, Investment & Risk (FAIR) Transformation
To be both competitive in the industry and compliant with ever changing regulation, health payers are starting to modernize their processes. Many aging systems have restricted functionality and added to maintenance overhead. In addition, disparate data processes have made data governance a nightmare and have slowed the ability to produce valuable insights. At the same time, significant membership shifts and a move toward value-based care have made understanding the financial outcomes a necessity. Health payers are seeking to modernize their analytical and forecasting capabilities to help manage performance efficiently and achieve competitive advantage.
Insurance Analytics
PwC, a global leader in professional services, offers industry-leading analytics solutions tailored specifically for insurance companies, designed to harness the power of data and transform it into actionable insights. By leveraging advanced analytics techniques such as predictive modeling, machine learning, and artificial intelligence, PwC helps empower insurance providers to improve their decision-making processes, enhance underwriting and pricing strategies, and ultimately gain a competitive edge in the ever-evolving insurance landscape. With our deep industry knowledge in data management and analytics, insurers can gain valuable information that helps drive growth and innovation.
Deals, Capital and Tax
With policyholders and financial markets demanding increased returns, insurers are often seeking higher asset yields, rapid growth and improved capital requirements on an after tax basis. At the same time, standard setters and taxing authorities are seeking increased transparency into investments and growth strategies and taxable earnings. These trends are changing the design of products, investment allocations and the velocity of deals.
Managed Services
There are a number of themes that can motivate insurers to outsource or co-source finance, actuarial and risk functions, including the desire to help overcome challenges related to lack of talent or capacity, to enhance quality or to de-risk delivery by creating cost certainty. Among the benefits companies can expect from outsourcing are economies of scale and labor cost arbitrage, access to a wider talent pool including an offshore support model, specialist technical skills and the application of standardized and automated processes.
How can PwC help transform your business?
FAIR Transformations
- Develop integrated cloud-based FAIR ecosystems and infrastructure that provide scalability, efficiency and new capabilities
- Employ Advanced Finance Analytics (AFA)
- Leverage Experience Study & Assumption Management (ESAM) to improve insights and control
- Establish effective organizational structures and target operating models
Insurance Analytics
- Unlock the potential of your data to enable better-informed decisions and sharper competitive advantage
- Identify new market opportunities and boost customer acquisition
- Enhance fraud detection and reduce claims processing time
- Employ a data-driven approach to achieve greater efficiency, improved risk management and tailored customer experiences
Deals, Capital and Tax
- Evaluate mergers and acquisition, organic growth and investment strategies in the context of capital and tax implications
- Help develop and execute well-conceived corporate restructuring, reinsurance and business collaboration strategies to that can help deliver investment yield, capital and tax efficiencies
- Help deliver improved financial performance that can lead to a distinct competitive advantage
Managed Services
- Deliver a significantly faster, technology-enabled and hassle-free one-stop shop for actuarial services
- Offer a range of service capabilities across Life, P&C, Health and Reinsurance operating within the US and Bermuda
- Offer managed service capabilities across sectors to a number of firms with loyalty programs
Learn more about our alliances
PwC collaborates with the industry’s leading cloud and fintech providers so we can bring our clients deep industry-leading knowledge to help expand digital capabilities and drive business insights. In addition, we work with a wide range of life, P&C and health modeling platforms and through our alliance relationships with Alteryx and Workiva.
As an industry-leading Amazon Web Services (AWS) Premier Consulting Partner, PwC can leverages the AWS cloud's embedded analytics, BI (AWS QuickSight), strategic modeling (AWS SageMaker) and cloud compute amongst various other AWS cloud-native services to help you expand your digital capabilities and drive business insights.
As an industry-leading Microsoft global partner, PwC can leverage the power of Microsoft Azure, Dynamics 365 and Microsoft 365 to help unlock and use data to enable business transformation that can help us address our client’s high priority challenges.
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