Property and General Insurance
There is an expectation for Boards to balance increasingly broad and complex agendas in response to the threats of climate change, rising inflation, recession and geopolitical uncertainty. Appropriate governance structures, effective risk management frameworks and a strong and inclusive culture are all fundamental to navigating through the emerging challenges the industry faces.
Furthermore, UK regulation is requiring organisations to produce more accurate data, provide innovative solutions for policyholders from a whole host of industries and to shift the emphasis of risk management practices towards risk prevention – with delivering good customer outcomes as a key driver. These include:
- The PRA’s Letter to CEOs of firms operating within the insurance sector setting out its expectation for insurers to balance and adapt to external changes that threaten to disrupt business models.
- The FCA’s announcement that it is targeting firms with the most potential to create harm through inadequate harm-prevention controls and setting higher standards for products and services to promote good standards of customer service.
Insurance carriers and intermediaries have had to adapt quickly to an array of challenges from the impact of the COVID-19 pandemic and Russia-Ukraine conflict to the competition from InsurTechs and evolving regulatory requirements.
We work with insurers and insurance intermediaries to ensure they comply with UK regulatory requirements and best practice standards. Our clients include small specialist reinsurers, large multi-line insurers and businesses looking to start up in the UK. We work closely with them to enhance their operating model, expertise and culture to create a resilient sustainable business.
Our industry knowledge and experience in risk, compliance, governance, culture, operations, technology and audit allow us to carry out deep and independent assessments of insurance organisations’ design and operational effectiveness.
Whether a firm is responding to the requirements of regulators or implementing change following other reviews, we collaborate with the business to ensure remediation or transformation work is suitable for each client and sustainable for the long term.