In an evolving economic climate with increasing interest rates, rising inflationary pressures creating increased expenditures and claims costs, insurers face many of the same financial challenges as the customers they seek to protect. Insurance competition is mounting as technology driven competitors enter the market and more companies are choosing to retain more of their own risk. Climate events and cybercrime although not new to the industry are increasingly transforming the risk landscape, and regulatory updates, such as IFRS 17, are adding complexity. Insurers that embraced digital innovation during the pandemic are seeing operational efficiencies and actuarial improvements but now face challenges on where and how to invest to maximize their returns on these items. At the same time, new compliance and reporting demands are steepening the learning curve at a time when talent is hard to find.

As always, insurers want to balance product diversity and affordability with business profitability and growth. That’s a delicate operation to perform when customer preferences are evolving and risk calculations are intensifying. To stay competitive over the long term, insurance providers need strategies that help them adapt, gain operational agility, and capitalize on strategic opportunities. Given increasing climate risks and changing expectations around transparency, they need to ensure their business models and strategies are sustainable and accountable from environmental, social, and governance (ESG) perspectives.

The insurance team at KPMG in Canada serves the comprehensive financial, compliance, and management needs of life and health insurers, property and casualty insurers and reinsurers across Canada and internationally. Our actuarial practice helps insurance organizations balance business goals and risk exposure, while our qualified professionals assist with the broadest range of financial management, operational understanding and regulatory concerns. With global reach and an in-depth knowledge of the insurance industry, our strength is in helping insurers improve operational performance as they implement strategies to gain advantage and foster growth.

Risk and regulatory transformation

Risk and regulatory transformation

We help insurance organizations implement strategies and technology to optimize and strengthen regulatory compliance and reporting. We strive to help define your organizational appetite and tolerance for risk, set a target operating model and adopt appropriate technology platforms to manage and comply with regulations such as LICAT, IFRS 17 and Capital Reporting.

Operational transformation

Operational transformation

Our team works with insurance organizations to innovate and streamline operations with process automation, artificial intelligence solutions, enhanced sourcing strategies, policy administration and underwriting improvements. We can help reduce costs and improve profitability by focusing on operational improvements for your claims function, focusing on IT, streamlining post-merger integration, investing in shared services and process automation, and improving your underwriting discipline.

Customer experience and digital transformation

Customer experience and digital transformation

KPMG’s team can help insurance companies implement digital strategies to design and enhance products and services, leverage new customer touchpoints, and exceed customer expectations. We can help improve data analytics, accelerate product and service development, leverage new channel and distribution opportunities, and enable customer self-service.

ESG services

ESG services

As environmental, social and governance considerations and policies continue to rise, our team of professionals can help insurance organizations assess the critical ESG factors that impact the operating model and develop solutions and strategies to increase resilience across the value chain. From ESG strategy and reporting to assurance, we can help navigate the challenges and capitalize on the opportunities.

Frequently asked questions (FAQs)

KPMG in Canada is committed to providing exceptional audits for our insurance clients by introducing transformational technologies that have the ability to reshape the audit process. Our dedicated industry audit teams inspire trust in data and financial information by focusing on innovation that delivers efficiency and value.

Our tax teams can help insurance organizations develop and execute effective global tax methodologies through a multi-disciplinary approach. We can help with the most important tax services and issues, which include transfer pricing, indirect tax, cross-border tax, and challenges associated with mergers and acquisitions.

Our specialized teams provide solutions and deliver transformative technology strategies, plans and architectures designed to address business problems specific to insurance organizations to achieve your objectives and prepare for the future. Here are some of the ways KPMG helps our clients with data technology requirements:

  • Digital strategy and transformation
  • Enterprise architecture and solutions
  • Cloud strategy and integration
  • Information management, data and analytics
  • Intelligent automation
  • Technology incubation and innovation
  • Cyber and privacy risk management
     

At KPMG, our professionals provide audit, tax and advisory services to many of Canada’s leading insurance organizations across the actuarial, life and health, property and casualty and reinsurance sectors.

Our clients draw on our deep industry experience and extensive technical resources to manage risk, enhance regulatory compliance such as IFRS, optimize customer and digital strategies and improve operations. This gives us unique insight into the complexities and opportunities within the insurance sector.

Some of the services we offer include:

  • Audit and Assurance services
  • Accounting advisory services
  • Customer experience
  • Cyber security
  • IFRS 17 implementation and optimization
  • ESG reporting and assurance services
  • Finance transformation
  • Financial risk management
  • Operational excellence
  • Governance, risk and compliance
  • Forensics
  • Corporate, indirect and cross border taxation along with transfer pricing expertise
  • Mergers and acquisitions
  • People and change management
  • Restructuring and turnaround
  • Technology risk consulting
  • Technology strategy and digital transformation

KPMG in Canada helps insurance organizations balance business goals and risk exposure. We serve the comprehensive financial, compliance, and management needs of life and health insurers, property and casualty insurers, and reinsurers across Canada and internationally. Our multi-disciplinary teams leverage their deep industry knowledge to help our insurance clients tackle challenges and respond with opportunities. We do this through the lenses of regulatory transformation, operational improvement and customer centricity to improve organizational performance, stay competitive and create value.

Want to know more about how KPMG can help your insurance organization? Connect with us.

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