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Five recommendations for insurance leaders in Switzerland
The insurance industry is undergoing fundamental change as it continues to face challenges from low interest rates, a changing risk landscape and new regulations. In addition, digital technology has fuelled accelerating shifts in consumer demand and mounting competition from InsurTech players. In the face of so many disruptive forces, it’s important not to lose sight of the huge opportunities the industry offers insurers.
PwC Switzerland offers a uniquely broad spectrum of integrated services to help you navigate this increasingly complex and uncertain business. However we don’t just bring the right experts to your table. We are also equipped to look beyond the traditional boundaries of the industry, innovate together with you and deliver cutting edge technology to help you enhance or even reinvent your business.
PwC helps insurers to prepare themselves for the new IFRS insurance standard (IFRS 17) in order to meet the new requirements. We are able to support you during all phases of the implementation.
The insurance industry continues to face a myriad of challenges both at the macro-economic and micro-prudential level, exacerbated by a plethora of new regulatory pressures.
The key challenge is how to incorporate these regulatory demands into each organisation and how to use the change process as a platform for improving governance, decision-making and ultimately adding value to the business.
PwC’s Insurance Risk and Regulatory team can help you along this journey whether it is dealing with ongoing regulatory changes and their implications or a need to get more added value out of the business from the Compliance, Risk and Regulatory functions.
Digitalisation and globalisation are making markets increasingly complex. This also increases the risk potential for organisations, because high complexity also makes it more difficult to keep track of everything. That's why effective risk management is now more important than ever, because you can only avoid the risks you can identify.
This requires a clear and unbiased picture of all the critical areas of your business – which is what PwC Risk Assurance can offer. We have the necessary experience and expertise for effective risk consultancy. So we can help you to establish company processes which are as reliable and low-risk as possible.
The 1,100 professionals on PwC's global actuarial services team help clients act decisively on their most important issues. We apply our risk and analytical skills to turn complex data into the predictive insights that inform practical business solutions.
Our Swiss practice consists of over 25 actuaries with capabilities in modelling and data analytics to better enable you to understand of your business and implications of your decisions. We have effective solutions developed for life, non-life and health insurer, reinsurance companies as well as regulators, captives, banks and agents and brokers. Our team works both with domestic as well as international companies.
Our Swiss practice is part of the innovative PwC Digital Services. Together we can provide insights and solutions for adapting to new technologies and how they could affect your business.
Helping you navigate regulatory complexity and strengthen trust and transparency
It’s hard to know how to steer your business with the pace and turbulence of shifting regulations, technology and competition. We can help you deliver a clear path to value through improved transparency with stakeholders, confidently protecting and reporting on information for your business. We bring new perspectives, harnessing specialised knowledge of your business, the insurance market and regulations to deliver deeper insights and advice across your organisation.
Our experience from a local and international tax perspective shows that global operations of insurance and reinsurance companies spanning multiple tax jurisdictions can increase the group’s tax exposure and ultimately its tax risk. This is particularly true these days where several tax systems undergo fundamental changes and where international tax transparency is high on the agenda everywhere. Hence, it is crucial that the resulting tax risks are properly and pro-actively managed. We have highly qualified resources and our team offers consistent and outstanding high-quality service.
A successful acquisition demands an effective strategy and a suitable takeover target. PwC’s expertise can guide you through the transaction process, and thanks to our global network, we will also be able to identify a number of potential acquisition targets. We can review and evaluate these and present the results for your consideration. This will leave you free to focus on your business in the meantime.
Insurance companies need specialist legal support and advice more than ever before – at every level, from strategic consulting to routine drafting.
In an increasingly interconnected and transparent world driven by digitalisation and internationalisation, you have to satisfy rapidly changing customer perceptions and respond swiftly and efficiently to new regulation. You also face the challenge of InsurTech: harnessing new technologies and models while ensuring adequate legal protection for your business and your customers.
A strategic advantage for the benefit of the environment, society and economy alike