Insurance

Our experience working with Insurance firms suggests that as a sector, they are somewhat behind their peers in the banking sector in mobilising their resilience work (with some exceptions). This may, in part, be because so far they have not suffered the same operational incidents or been subject to the same supervisory scrutiny. A speech by Charlotte Gerkin (Executive Director of Insurance Supervision, Bank of England) over the summer reported that insurance firms appear to have managed through COVID-19 extremely well, but experience in the early days suggested more needed to be done to sharpen the response. Understanding the resilience of third parties in particular will remain key for the insurance sector, given the use of brokers and other third parties as a key channel to sell and service products.

Click through to our paper below to understand what business services could look like for Insurers.