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KPMG: Cost reduction vital to life insurance sector

Tue, 22 May 2007

Over 50 per cent of the leading life insurance companies in the UK think that cost reduction is essential in steering the life insurance industry forward, according to recent research by KPMG . The survey found that the major four life insurance firms valued cost reduction above all else.

The findings were presented at the Institute of Economic Affairs 10th Anniversary Conference in London . Cost reduction was placed ahead of structural organisation, operational efficiency and distribution methods, which ranked second.

The head of insurance advisory practice and partner at KPMG, Paul Bishop, reportedly commented: "Over the last ten years we have seen considerable consolidation in the life insurance industry, be it big companies getting bigger, or smaller companies in aggregating. As a result of this activity companies are now focusing on their search for efficiency."
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