Reduced investment returns and an exceptional increase in catastrophic weather events have significantly affected the income and re-insurance/claims costs of the Australian insurance industry. Competitive pressures and new, low-cost entrants offering innovative and competitively priced products are starting to squeeze premium income. Proposed regulatory (Solvency II) and reporting (IFRS) changes also promise to have a financial impact.
All these pressures will require a much greater focus on managing costs. The competitive pressures will also demand that insurers become more agile and innovative in designing and launching new products and services and in moving into new markets. Strong and deep customer relationships will be paramount.
The Litmus Insurance team works in the general, life, health and reinsurance sectors, and with insurance brokers. Our key areas of focus are:
We are specialists in designing and executing strategies for premium growth, operational and claims improvement, and cost reduction. We complement our local capabilities by drawing upon Highland Worldwide’s global insurance IP and expertise to benefit our clients.