Insurance Regulation

Extracting strategic advantage from regulatory challenges

Few sectors are as heavily regulated as the insurance one. In the interests of market integrity, and in a bid to put customers first, company conduct obligations include everything from governance, risk management and data protection, while from a prudential control perspective, the primary focus on organisations is to maintain the integrity of risk management and governance arrangements.

The insurance industry is facing rapid change, with new challenges prompted by digital innovation – challenges that mean companies must be even more vigilant to ensure their continued compliance.

But while regulatory/best practice requirements require continual checks to be made, we take the view that responding to the changing regulatory landscape is actually an opportunity for clients to look for ways of creating strategic advantage.

What are the new strategic advantages?

As with any new strategic advantage, alot depends on the nature of your challenge and your individual circumstances. But while there is no single solution that fits all, what our team will do is work closely with clients to consider how their response to challenges may create a competitive advantage or a strategic opportunity.

Take recent concerns about pricing practices. The FCA has expressed concern about organisations offering new customers low prices for policies in their first year, to attract new business, whilst charging higher prices to established customers. Deloitte has already worked with clients to not only ensure their pricing strategy complies with the FCA’s conduct rules, but to also use this review as an opportunity for a company-wide review of pricing. We take the view that whenever any new regulation comes in, we’ll work with clients to identify not just issues of compliance, but also areas of market opportunity.

The same approach applies to acquisitions. Always, the challenge is to ensure the combined entity continues to comply with conduct rules and prudential regulation requirements. But by helping clients with their compliance first, we also help them look for strategic opportunities that may arise in adjusting their systems. Our approach is always two-fold: First, we ask, “How should you respond to a regulatory challenge in the most appropriate way?” Then, “What strategic advantages might this offer?”

Start-up businesses

Digital technology is giving rise to significant growth in the number of start-up businesses in the insurance industry. We work with new companies that have limited previous experience of regulation, helping them through their regulatory application.


We work with clients to help them manage and leverage their ever-increasing use of software to comply with regulatory challenges.

Remaining alert to change

Future success in the insurance business depends on innovation and initiative within a regulatory framework. To keep pace with all these changes we have built a robust approach combining compliance and strategic initiatives.

Key contacts

Adam Knight

Adam Knight


Leading Deloitte’s General Insurance Regulatory and Strategy team. This work includes internal audit, due diligence, section 166 reviews, control framework reviews (including risk, compliance, interna... More

Cindy Chan

Cindy Chan

Partner, Risk Advisory

Cindy Chan has over 20 years of financial services consulting and audit experience. She has extensive experience in supporting firms in regulatory risk assurance reviews and conduct risk projects incl... More