Risk Management in the Insurance Industry

Managing compliance risk is crucial in the challenging environment of the insurance industry. But it’s time for a new approach.

Because of increased consumer awareness and expectations, evolving business models, new technologies with emerging risks, new waves of regulations, and an unprecedented level of sanctions, insurance companies must revise their risk strategies and invest heavily in compliance.

Awareness of compliance risks has risen dramatically, and many companies have already started the journey toward structured, business-driven, forward-looking compliance risk management practices. But there is still significant work to be done.


Managing Insurers’ Compliance Risks in a Changing Environment

Leaders in the insurance industry have the opportunity to make their compliance model more robust—and transform their approach so that compliance becomes a strategic function at the core of key business processes.

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Fortifying Insurers’ Defenses in an Era of Cyberrisk

Insurers must treat cyberrisk in much the same way that they treat traditional insurance risk—by defining the level of exposure they are comfortable with and prioritizing investments accordingly.

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BCG’s Experts in Insurance Industry Compliance

  • Risk management and regulation
  • Transformation for banks and insurers
  • Postmerger integration (PMI)
  • Enterprise risk management (three lines of defense)
  • Financial and capital management
  • Actuarial (pricing, reserving)
  • Regulations and regulator relationship
  • Compliance
  • Regulation
  • Risk Assessment
  • Non-financial risks
  • Digital transformation
  • Cyber security
  • Digital platforms
  • Agile@Scale