Expecting The Unexpected: Australia’s preparation for financial uncertainty

whitePaper | September 10, 2022

State governments, not federal agencies, have preeminence over the insurance industry (as defined by the McCarran-Ferguson Act of 1945). Thus, it is up to each state to pass and enforce laws governing insurance companies. Each state has its own chief insurance commissioner to manage this function.

whitePaper | July 3, 2022

The D&O insurance market over the past decade experienced rate reductions, broadening coverage and increasing claims frequency and severity. This meant that losses outpaced premiums and the industry needed to respond. The magnitude and speed of the response that followed surprised many market participants. Significant capacity shortage led to sharp price increases and in many cases to reduced limits purchased by companies. The outlook for the D&O market remains challenging as the risk environment is more uncertain than ever.

whitePaper | December 28, 2019

At a time when every industry is being affected by digital disruption, insurance is facing a sea of change. From new competitors to complex regulatory requirements and the rapid proliferation of data, a myriad of factors is putting pressure on insurers to evolve. Amid this evolution, one part of the business is critical: regulatory compliance and financial reporting.

whitePaper | January 18, 2023

Anyone who follows the InsurTech space knows that Shift Technology started life by applying artificial intelligence (AI) and advanced data science techniques to the challenges of identifying suspicious claims and helping insurers make better decisions about what to do with them when they were discovered. Fast forward to today, and Shift is supporting insurance decisioning across the policy lifecycle and throughout the claims process. This depth and breadth of experience gives us incredible insight into the trends shaping the insurance industry.

whitePaper | August 1, 2022

After enjoying healthy margins for several years, insurance organisations aren’t as profitable as they once were. McKinsey’s 2022 global insurance report finds that, after decades of stable returns, more than half of insurers now earn less than their cost of equity. Worldwide, around half of all listed insurance organisations have traded below book value over the past five years.

whitePaper | June 15, 2023

In 2018, a PWC industry report1 indicated that 44% of those surveyed did not believe existing insurers would survive in their current form. The industry is moving into an era called “Digital Insurance 2.0”2 and many insurers are struggling to keep up with its accelerating pace. The shift was born to support new technologies, processes and a market of predominantly Gen Z and Millennial customers. Digital Insurance 2.0 is centered on becoming more customer-centric across operations, people, technologies and processes.