plenary 1 – finding the winning formula

18
Finding the Winning Formula Findings from KPMG’s Insurance CEO Outlook

Upload: kpmg-canada

Post on 13-Jan-2017

60 views

Category:

Economy & Finance


3 download

TRANSCRIPT

Page 1: Plenary 1 – Finding the winning formula

Finding the Winning FormulaFindings from KPMG’s Insurance CEO Outlook

Page 2: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

With you today…

Mary TrussellPartner, National Practice Leader, Insurance +1 647 777 5428 [email protected]

Gary ReaderGlobal Head of Insurance,KPMG in the UK [email protected]

Jeremy Anderson Chairman, Global Financial Services, KPMG in the UK [email protected]

Mark L. SmithPartner, National Practice Leader, Financial Services +1 416 777 3395 [email protected]

Page 3: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

While other industries have felt significant disruption, the insurance industry has been relatively unscathed…for now

A new set of challenges…and opportunities

Source: KPMG Analysis

Insurance?

MusicTransportation

Hospitality

Groceries

Payments

Lending

Advertising and News

Consumer Retail

Books

Movie Rentals

Investments

Page 4: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. 4

Key Insights

1. Delayed household formation and changes in life expectancy are changing the need for insurance

2. Digital experience in adjacent industries is heavily influencing expectations

3. Evolving products and new business models are creating disruptive value propositions across the insurance value chain

4. Technology is rapidly changing how business is done. Becoming technology-enabled is rapidly becoming table stakes

5. VCs and incumbents alike are identifing new opportunities to enter the industry

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 5: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. 5

According to some, insurance represents the greatest long-term opportunity for disruption in Financial Services and CEOs know itInsurance CEOs are more concerned about disruption than their peers

Is insurance facing disruption?

“The most imminent effects of disruption will be felt in the banking sector; however, the greatest impact of disruption is likely to be felt in the insurance sector”

73%66%

60%

Insurance Banking &CapitalMarkets

Average ofother majorindustries

% of CEOs who see theirindustries at risk of

disruption

Source: KPMG International, Insurance CEO Outlook

Page 6: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

70%“The next 3 years will be more critical to the industry than the past 50 years”

Source: KPMG International, Insurance CEO Outlook

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 7: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

71%“My firm will be ‘largely the same as it is today 3 years from now”

Source: KPMG International, Insurance CEO Outlook

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 8: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Source: KPMG International, Insurance CEO Outlook

“ … In ‘some way concerned’ about keeping up with new technologies”74%

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 9: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

“New entrants will disrupt my business model”66%

Source: KPMG International, Insurance CEO Outlook

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 10: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

“Are concerned about how different wants and needs of millennials will change their business”85%

Source: KPMG International, Insurance CEO Outlook

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 11: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

“Customer experience, a key

differentiator”86%

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Source: KPMG International, Insurance CEO Outlook

Page 12: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

“Collaboration is seen as the best way to grow shareholder value over the next 3 years”65%

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Source: KPMG International, Insurance CEO Outlook

Page 13: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

“Innovation is a top 3 agenda item”74%

Page 14: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Gary Reader Global Head of Insurance, KPMG in the UK

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 15: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Jeremy AndersonChairman, Global Financial Services,

KPMG in the UK

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 16: Plenary 1 – Finding the winning formula

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Mark L. SmithNational Industry Leader, Financial Services, KPMG in Canada

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

Page 17: Plenary 1 – Finding the winning formula

Contact usMary TrussellPartner, National Leader, Insurance [email protected] 777 5428

Gary ReaderGlobal Head of [email protected]+44 20 76944040

Jeremy AndersonChairman, Global Financial [email protected]+44 20 73115800

Mark SmithNational Industry Leader, Financial [email protected] 777 3395

Page 18: Plenary 1 – Finding the winning formula

kpmg.ca

© 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. 13673

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.