Insurance companies today face challenges that require the involvement of professionals with strong technical expertise and industry experience. Our experts understand actuarial services as well as processes, regulation, and finance. This allows them to assist clients with everyday tasks as well as major implementation projects.
Successful implementation of IFRS 17 can take several years. We help you manage all steps – from readiness assessment to designing appropriate process, actuarial, and IT solutions, to the final implementation of the standard in practice. We have supported numerous implementation projects in both large and small insurance companies in the Czech Republic and other Central and Eastern European countries.
Solvency II is a European regulation that applies to all insurance companies operating in EU member states. In 2016, Solvency II requirements were also incorporated into the Czech Insurance Act. A new wave of regulatory updates is planned for 2027. The Czech National Bank (ČNB) monitors this area, confirming that solvency reporting and processes are often inadequately set up. At KPMG, we have extensive experience with implementation and assurance projects focused on insurance solvency and closely follow current developments.
Properly pricing insurance products is a key factor in staying competitive and achieving profitability. Valuation requires sufficient data on the target market, functional methodologies, and well-designed segmentation. Today, machine learning and artificial intelligence increasingly influence pricing. KPMG offers extensive experience with international reach in this area.
Together with our actuarial experts, we conduct actuarial analyses for both life and non-life insurance. We can create actuarial models to calculate various types of technical provisions, assess the adequacy of reserves or premiums, calculate solvency requirements, monitor profitability or products, or review existing models and calculation tools. We have extensive experience with reserving methods, product valuation, and NBV, MCEV, or solvency calculations.
We guide you through licensing processes, investor negotiations, and the establishment of a “greenfield” insurance company. In addition to Solvency II or IFRS 17 requirements, we help ensure compliance with GDPR, IDD, PRIIPs, and other regulations affecting insurance companies.
We guide you through all ESG requirements and attributes, design suitable solutions for new obligations, and help implement them into insurance company processes. Beyond responsible and sustainable corporate behavior, ESG legislation also requires non-financial reporting. ESG requirements are also integrated into insurance risk management processes – for example, the ORSA process works with mandatory climate scenarios. We help design and implement ESG solutions in all relevant areas of your organization.
We help optimize governance structures and individual processes. We assess and analyze your current processes and propose adjustments to accelerate reporting, improve management information or client services, and save valuable human resources. We digitize document workflows and identify opportunities for efficient robotic process automation.
We offer a wide range of additional services, from market analysis and benchmarking, actuarial modeling, to short-term capacity coverage by our experts. We can assist with insurance company transformation or specific process improvements using the latest technologies. We also help automate actuarial calculations and processes, design validation tools, or set up reporting and data visualization. In mergers and acquisitions within the insurance market, we assist clients on both the buying and selling sides. We can create tailored services precisely matching your company’s needs.
