Insurance Insights

How relevant is offshoring for Australian insurers?

Offshoring has been used as amechanismto drive further cost efficiency across many industries over the last twenty years.

As a sector, insurance has been slower in the take-up than some other industries. However, offshoring has become a proven concept in the global insurancemarket, particularly for European and American insurers.

Insurance Insights [PDF 105 KB: Jul 2011]

APRA's review of capital standards for insurers

In May APRA released a discussion paper outlining its proposals to update the regulatory capital standards for general insurers and life insurers. APRA's objective is to align wherever possible the approach to capital for insurance companies and ADIs.

The proposed changes are more significant for life insurers but general insurers should not be complacent - there are impacts for them too.

Insurance Insights [PDF 123 KB: Jun 2010]

Unclaimed monies

The State Revenue Offices have recently ramped up their investigations into the compliance by businesses with the unclaimed monies legislation. This focus has included insurance companies. Knowing the obligations and being prepared will assist you in ensuring that they comply and will reduce the risk of potential penalties being imposed as a result of an investigation or audit by the relevant administration bodies.

Insurance Insights [PDF 75 KB: Apr 2010]

Sharpening the focus on risk management for Insurers

Findings from the PwC Annual Global CEO survey found that insurance CEOs are now increasing their attention on almost every aspect of risk management and doing so to a greater extent than CEOs in other sectors.

Because of the complex and multi-participant nature of the industry, issues with data will continue to arise unless a systematic, proactive and sustainable solution is established. A simple structure that sets out the internal controls necessary to manage data quality, across the end-to-end data lifecycle, offers such a solution.

Insurance Insights [PDF 170 KB: Feb 2010]

The 'life blood' of business decisions - are you in control?

Data is the lifeblood of an insurance organisation, but there are many challenges and risks in getting the data right. Scrutiny from regulators continues to increase, with tighter regulations for corporate governance and risk management.

In this insight, we set out a suggested mapping framework to assess current effectiveness and risk management functions at insurers.

Insurance Insights [PDF 100 KB: Jan 2010]