Market players need to adapt to a changing environment bringing new challenges, in an increasingly competitive market.
An increasingly competitive market
- Growing and ageing population more sensitive to Insurance products;
- Mergers and Acquisitions reshaping the market
- International competitors investing in the region
A changing environment brings new challenges
- In a context of increasing control from the regulatory authorities, market players need to leverage on a risk management oriented strategy and on a high level of internal control;
- Necessity to communicate with investors and rating agencies to show more transparency on financial reporting using new key performance indicators: embedded value, value at risk, etc;
- To set up an efficient asset liability management with the growing complexity of insurance products and financial securities combined with a volatile market;
- To keep up with new information technologies in order to face major developments needed in the field of customer relationship, full risk management approach, financial reporting, etc;
- Manage the distribution networks;
- The development of IFRS standards adapted to the insurance industry.