Irish Insurance Market Update
IIMU Newsletter July 2019
Welcome to our IIMU newsletter series of 2019 where we aim to give readers an overview of the recent events that have occurred in the Insurance Industry. This newsletter aims to keep you up to date with a number of topical issues including IFRS 17.
IFRS 17 is designed to achieve the goal of a consistent, principle-based accounting for insurance contracts, the new Standard requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts.
Insurer of the future
Technology is shaping the future of underwriting
The future of insurance is not only exciting, but also transformative. Emerging technologies such as robotic process automation (RPA), artificial intelligence (AI), and advanced analytics are optimizing and simplifying all functions in insurance, including underwriting.
Two existential threats to the life and annuity industry
Disruption and disinterest
Traditional insurers are facing the new generation of digitally-savvy customers who are under-protected and unengaged. Insurers who are willing to self-disrupt, adopt nimble business models, and deliver value-added services will be the ones to write the story of their own future.
Time to get more satisfaction?
Data, and making sense of it through analytics, is at the heart of all disruptive innovations and is key to becoming an insurer of the future. Now is the time for traditional insurers make the required investment to defend future market share.