Each year KPMG releases its South African Insurance Survey, and each year it provides the industry with interesting insight.
The 2014 survey, which was presented on 7 August, was conducted based on the financials of 42 short-term insurers, 32 long-term insurers and seven reinsurers, and was presented in line with a football theme – a unique and fun way of presenting such information.
With the industry constantly changing and evolving, KPMG had more than its fair share of adequate content to include in its 2014 edition. Among those topics covered are social media usage within the industry, salient features from South Africa's short-term and long-term insurance markets, current industry trends, and data and analytics.
It is interesting to note that many of its featured articles focus on the availability and use of information, as well as on data quality. KPMG noted how the insurance industry has made huge investments in technology over the past few years, which shows that insurers across the country realise the importance of, and need for, accurate data.
Sticking with the football-inspired theme, KPMG picked two BRICS nations (Brazil and South Africa) who had both hosted the World Cup on their soil, and had KPMG insurance leaders from these two countries discuss market trends and contribute thought-provoking insight into their respective markets – which can also be found in the survey. In addition to the regulatory content contained in the 2014 edition, KPMG benchmarked the remuneration models of football players and insurance executives. The results are definitely worth a read.
You’ll find more information on KPMG’s South African Insurance Survey 2014, as well as the results of the survey itself (in PDF form), on the company's website.
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