Tag: mckinsey

The landscape of the insurance industry is undergoing a profound transformation, driven by rapid technological advancements.

In the competitive landscape of banking, customer onboarding emerges as a pivotal phase, with customer due diligence standing at its core. When managed poorly, the onboarding process can deter potential clients, causing banks to miss out on new revenue streams. Conversely, hasty or inaccurate due diligence could lead to the acquisition of customers who pose commercial and reputational risks, potentially incurring hefty regulatory fines.

The digital era has revolutionised the financial sector, particularly accentuated by the pandemic's push towards digital platforms. The evolution into a hybrid model, integrating in-person and digital interactions, marks a significant shift in wealth management strategies. However, this shift brings forth the challenge of maintaining consistency across these interactive channels.

Managing General Agents (MGAs) are becoming increasingly instrumental in the global insurance market by targeting niche or underserved sectors. With approximately 600 MGAs in...

ORX, a global association of operational risk professionals, has launched the world’s first industry-wide Controls Library for operational risk.