The current insurance industry ecosystem is in a state of flux. Characteristic of the industry are regulatory and legal requirements that are becoming increasingly granular, as well as new business models that are entering the market to leverage margin advantages. Digitization and distributed ledger technologies, such as blockchain, are replacing analog processes and making it possible to make optimal use of personnel capacities.
This affects internal processes, new products, sales and investments, but also entire business models. These issues are exacerbated by the continued lack of clarity in the development of interest rates and increasing mass consumer lawsuits. We support you in mastering the many challenges associated with insurance law.
The traditional range of insurance products on the market has been experiencing a noticeable surge in innovation for several years. Due to the development of innovative technologies, new players are entering the market with modern product solutions. Examples include driving behavior-based billing for car insurance and blockchain-based claims insurance.
European regulatory initiatives such as IDD and PRIIPs, as well as court decisions on the effectiveness of premium increases, transparency and the sale of insurance products, pose major challenges for insurance companies and distributors alike. Traditional structures and processes must be fundamentally rethought in order to remain competitive in the future. These developments also influence the design of products and compensation agreements.
With the help of the latest technology, we advise you on the design and realization of new solutions. With a careful eye on relevant legal and regulatory requirements, we find efficient and pragmatic ways, build modern distribution channels involving bots, and develop blockchain-based solutions. In court proceedings, we represent your interests and provide highly professional and field-tested substantive support with routine procedures in the case of so-called mass actions.
We are part of the KPMG Global Legal Insurance Network (GLIN) and also advise insurance companies on global business activities. Thanks to this network, we are able to support our clients’ cross-border, international projects with a globally positioned Project Management Office (PMO) in the insurance sector and involve the best experts from the relevant legal fields in the respective countries for the specific situation. Ongoing quality assurance and budget controlling are a matter of course for us.
The upheaval in the insurance landscape is increasing the pace of transaction and restructuring projects. In addition, the internationalization of the insurance business is leading companies to look for new organizational channels, such as cross-border insurers affected by Brexit.
Not only in the context of restructuring, but also beyond that, we provide support in run-off and outsourcing projects. Our range of advice covers aspects of insurance supervision and insurance company law as well as all other areas of law touched upon, such as data protection, IT or employment law.
In cooperation with the experts at KPMG AG Wirtschaftsprüfungsgesellschaft, tax, economic and, not least, corporate culture implications are also taken into account comprehensively and the projects are implemented and followed up in a structured manner. This allows us to create holistic concepts that we can implement together with you.
Our team ensures that processes in the company take appropriate account of all regulatory innovations from insurance law and related areas of law (Solvency II, MaGo, IT Directive, DSGVO, NPP, etc.). In doing so, we support the implementation of regulatory requirements and advise on issues of insurance supervisory law as well as insurance organization law, for example in the establishment of insurance companies or in restructuring and outsourcing projects. We establish compliance management systems or adapt them to new requirements and assist in audit activities. We also advise and train supervisory bodies on issues relating to governance, compensation and liability.
Choosing and designing the right insurance solution can be critical to a company’s success. We advise insurers and policyholders on all issues relating to corporate insurance, in particular D&O insurance, individual insurance solutions and the design of international insurance programs. We point out insurance coverage gaps, identify optimization opportunities and conduct insurance due diligence in the context of company acquisitions.
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