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The business landscape is changing rapidly. Despite strong market performance, traditional commercial insurance business models are coming under pressure from swirling changes that now have the sector on the cusp of a radical transformation.

To survive and thrive in this new environment, commercial insurers shouldn’t stand still. They need to evolve and build new differentiated capabilities that connect across the organization. Technology will be critical, but digital transformation goes well beyond technology.

Insurers need a clear, client-led business design of their end-to-end process that should be driven by deep client, broker and market insights. It should be underpinned by a digitally-enabled technology architecture and empowered workforce. In our view, it is only by taking this “connected” approach that insurers can achieve true value from their digital transformations.

In our latest report, KPMG spoke with over 400 decision-makers from commercial insurance organizations across the globe to better understand the evolving trends and their impacts on the future of the sector, alongside what we believe will be the three winning business models of the future.

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Future of large commercial insurance

Discover the latest insights and trends that are shaping the large commercial insurance industry

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Future business models:

We believe three business models will dominate the commercial insurance market


Agile global player – “Optimize the existing”

Established players in the market, often large international insurers covering multiple countries, business lines and segments, will focus on harnessing the wide range of new technologies, adapting to the changing economic and social landscape, and effectively reducing the “tower of legacy” on which current products rely.


Innovative specialist – “Adapt and exploit at pace”

These are nimble and dynamic organizations with the ambition and capability to rapidly embrace new and emerging risks. These businesses develop new products and supporting operating models that harness the power of technology and data to help scale rapidly and respond aggressively to new opportunities in the market.


Open-source risk manager – “Stock market of risk”

These organizations have recognized that the global insurance market is not simple, efficient or integrated. Instead, it’s complicated, highly regulated and competitive. These players bring together the disparate components of risk, capital and operational execution in a way that carves out a powerful position in the market.


Our approach - KPMG Connected Enterprise

Approaching change means adapting to a connected operating model. The KPMG Connected Enterprise approach is designed to help large commercial insurance companies assess their existing capabilities, identify capability gaps, and manage the transformation hurdles across the enterprise to design and embrace their future business models.

Our approach is centered on enhancing all eight connected capabilities across the enterprise to the level that can provide the greatest value. These connected capabilities map to the operating model of an insurer and can allow you to prioritize, shape and execute your digital transformation.

KPMG professionals help insurers evaluate their maturity across these connected capabilities, shape their transformation agenda and plans, and deploy improvements in the capabilities across the enterprise with the aim of providing the greatest value.

Contact us

Kim Kalpio

Insurance Industry Lead 



Kai Sandberg

Technology Services Leader for Financial Services