Global Insurance Services
Executive Brief Q2 2024
Download Q2 2024 Newsletter
In This Issue
2024 Mid-Year Recap
New Global Internal Audit Standards
The Institute of Internal Auditors released new Global Internal Audit Standards on January 9, 2024, which will become effective on January 9, 2025. These standards are designed to enhance the quality and consistency of internal auditing practices worldwide, anchored by 15 guiding principles that ensure effective auditing. To assist with adopting the new standards, we have developed a self-assessment tool designed to help you quickly identify any potential gaps in your current practices. Access it here.
If you have any questions, please reach out to Andrew Baxter at andrew.baxter@fticonsulting.com.
Five Insurance Trends To Keep an Eye on in 2024
To navigate the ever-changing insurance landscape, insurers are reconsidering strategies and transforming business models, emphasizing the crucial need to adapt to the unexpected through proactive use of new technology, customer interactions, product design innovations and aligned business strategies. FTI Consulting’s Rudy Dimmling and Marc Zimmerman highlight five key trends shaping the industry’s response to dynamic challenges in 2024 that insurance leaders should monitor.
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Special Insights & Guidance Advisory
European Insurance M&A Barometer Report
Despite rising interest rates, European insurance M&A activity continued to increase in 2023. Record volumes were reached, with 574 deals announced (compared with 435 in 2022 and 379 in 2021), an increase of more than 30%. Most deals were small, but there were several notably large transactions. While all indications show that investor enthusiasm has cooled globally, this is not yet the case in Europe. Current conditions are not inhibiting the wave of consolidation in Europe’s insurance distribution sector that started just before the pandemic.
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In the News
FTI Consulting Launches Cross-Segment Digital Offering
FTI Consulting has announced a new cross-segment digital service that leverages its expertise in digital tools, AI and data analytics. This integrated offering aims to address the evolving risks and opportunities in the digital landscape, providing tailored solutions to law firms, corporations, private equity firms and governments.
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British Insurance Awards & The British Insurance Technology Awards
The Global Insurance practice’s innovative Smart Machine Learning product has been shortlisted for two awards: the “Digital Insurance Innovation of the Year” at the British Insurance Awards and the “Launch of the Year” at the British Insurance Technology Awards. This recognition highlights our commitment to impactful solutions using machine learning to transform the insurance industry.
Service Spotlight
Compliance Reporting Solutions
Our team of property/casualty insurance compliance reporting experts have a wealth of knowledge on all types of regulatory reporting that is required by insurance carriers, as well as managing general agents and thirdparty claims administrators. The types of reporting encompass workers’ compensation policy issuance and proof of coverage reporting, unit statistical reporting, automobile liability insurance reporting (“ALIR”) and statistical reporting required for lines of business other than workers’ compensation (i.e., ISO, AAIS, NISS, etc.). In addition, we are also experienced in workers’ compensation annual aggregate financial calls, medical and indemnity data reporting.
If there is a carrier or managing general agent (“MGA”) that needs assistance with rate and form filings for property/casualty lines of business, contact Tina Knight at tina.knight@fticonsulting.com for expert assistance. If guidance is needed on rate levels or competitor information, we can also assist with that detail as well.
Related Insights
Related Information
Published
July 15, 2024
Key Contacts
Senior Managing Director, Co-Leader of Insurance Services
Head of EMEA Forensic & Litigation Consulting & Co-Leader of Global Insurance Services