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Top Risks Facing Insurers, 2016 - Infographic

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The insurance industry faces immense challenges, developing from emerging risks that touch upon accelerated regulatory developments and market volatility. This infographic features information pooled from published reports and surveys taken by insurers, covering the risks you face today and what you may encounter in the not-so-distant future.

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Top Risks Facing Insurers, 2016 - Infographic

  1. 1. TOP RISKS FACING INSURERS The insurance industry faces immense challenges, developing from emerging risks that touch upon accelerated regulatory developments and market volatility. This infographic features information pooled from published reports and surveys taken by insurers, covering the risks you face today and what you may encounter in the not so distant future. Our insurance practice utilizes integrated teams of insurance accounting, risk management, business advisory and technology professionals to address your key issues and to realize your company’s inherent value. For more information please visit protiviti.com/insurance © 2016 Protiviti Inc. An Equal Opportunity Employer. M/F/Disability/Veterans. Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services. PRO-0516-104247 Top Risks Facing Insurers Protiviti’s Insurance Solutions 1. Regulation Dramatic alterations and major additions to regulations lead to: Increased financial and reputational risk Cost burden Competitive disadvantages Deficient preparative measures Lack of standardization 3. Capital Management Insurance companies are finding it harder to define: Capital requirements in uncertain financial climates Amounts of immediate access to capital necessary 3. Data and Analytics Partner with our quantitative experts to enhance your data insights regarding: Pricing Underwriting Capital models Finance Claims Investments Business intelligence 4. Macroeconomic Trends A critical top fear for insurance companies is another financial crisis, leading to: Slower recovery rates Delayed organizational strength Continued low interest rates 1. Risk Compliance and Controls We partner with your organization to prepare and help you respond to complexities involving: Internal audit The Own Risk Solvency Assessment (ORSA) Enterprise Risk Management (ERM) State departments of insurance Solvency II Regulatory compliance 2. Technology Insurers are looking to transform their legacy IT systems to address growth, customer experience, and efficiency. Advancements in technology and the rise of big data are contributing to: Cyber threats Progressively weakened security measures 2. IT Consulting Allow our global practice to make the difference in process changes that support short and long-term solutions in: ERP Claims Policy administration Service delivery Reinsurance Underwriting General ledger Vendor selection Legacy modernization IT risk and security 4. Business Performance Improvement Our BPI services include: Business Process Outsourcing (BPO)/ shared service Operational excellence and industry best practices Target Operating Model (TOM) Service delivery excellence Improve operating efficiency Shawn Seasongood Managing Director +1.212.708.6341 Shawn.Seasongood@protiviti.com John Rao Managing Director +1.212.708.6372 John.Rao@protiviti.com Brennan Warren Director +1.312.476.6061 Brennan.Warren@protiviti.com Contacts Michael Pisano Managing Director +1.212.708.6353 Michael.Pisano@protiviti.com Bryan Comite Managing Director +1.212.471.9682 Bryan.Comite@protiviti.com

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