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Recent extreme weather events attributable to climate change have major implications for policy. Here we summarize and evaluate the current state of climate change adaptation policy, from a health perspective, for Aotearoa New Zealand, based on government sources.
The following conclusions can be drawn about the potential effects of this climate change on the health of New Zealanders. Climate trends in recent decades may already be affecting our health. The direct impacts of changes in climate extremes are likely to be relatively small.
Our New Zealand Insurance Update 2022 provides access to our KPMG Insurance Insights Dashboards and offers insights into relevant topics including how insurers are helping lead New Zealand’s response to climate change, updates on external reporting requirements, including the new climate reporting regime and also a glimpse at what’s likely comin...
Summary. Climate change is afecting New Zealand and the health of New Zealanders as many factors that contribute to our health and well-being are threatened by climate change. Over time, increasing climate change will lead to our health being impacted more severely, and more of us will be afected.
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- ESG in claims: Vision, strategies and decision-making for better outcomes
- ESG issues demand stronger governance, strategy and disclosure
- Leading the way on today’s ESG agenda
- A closely aligned supplier network is now crucial
- Embedding sustainability into your culture
- Social licence to operate
- Collaboration has become critical to progress
- Making a difference — four steps for progress
- Data and Analytics: Unlocking the power of claims
- Using data to meet today’s cost challenges
- Data and analytics can transform claims products and settlements
- Breaking through the roadblocks to progress
- Map out your journey to a data-based claims function
- Using expertise to kickstart your data transformation
- Unlocking the power of data and analytics
- Embracing conduct and culture in insurance
- What is CoFI and why is it important?
- Isn’t it just another compliance programme?
- So what needs to be done?
- Conduct
- Customers and tone
- Systems
- Incentives and Intermediaries
- Remediation
- Can Capital Markets Save the Planet?
- Agile claims supply chains: Building an ecosystem of strategic partners
- KPMG and Microsoft for Financial Services
- New claims solutions: Transforming the value proposition
- Closing the disconnect in ESG data in financial services
- Innovative risk approaches: New compliance and conduct solutions
- Operational management: Re-setting the foundations within claims
Dr Charles Ehrhart, Director and James Young-Drew, Assistant Manager, KPMG New Zealand Given the nature of their business, insurers are in a unique position to connect with a wide range of individuals and businesses and positively influence public behaviour concerning today’s important social and environmental issues. Insurers, like all businesses...
Building a robust governance structure that aligns decision making with ESG strategies has become crucial. Global market leaders in every sector, including today’s insurers, are recognising the value of this approach as they begin to adopt it. Market leaders are also pivoting their strategies to include ESG at their core and to shape their values. ...
Where relevant to the business, publicly demonstrating alignment with best practice and going beyond what is required by mandatory reporting will increase trust and confidence among stakeholders and differentiate insurers as being informed, proactive and forward-looking. The infrastructure required to compile this data takes time to embed, making i...
Large organisations are increasingly being held accountable by their customers, stakeholders and the public for the behaviour of their suppliers, and insurers are no exception. Reputations can be tarnished in an instant by questionable practices that can come under global scrutiny and severe criticism in today’s connected world. Suppliers should po...
Being a purpose-led organisation that strives to have a positive impact on the planet and its people matters today as never before. An effective way to embed sustainability is to encourage and listen to the views and insights of employees, who today see employment as a partnership and want a voice in how the business is run. By giving all staff a v...
Incorporating ESG and sustainability principles into every aspect of operations is increasingly becoming a necessity for businesses, particularly in the financial services sector. Customers, employees, suppliers, shareholders, and other stakeholders require insurers to earn their social licence to operate, ensuring that society can have confidence ...
Insurers can also drive progress by working together and sharing best practices. Historically, insurers have pursued a more short-term competitive advantage, but sustainability is an area in which collaboration can make a powerful difference. Market leading companies across different sectors are already sharing experiences, expertise and working to...
ESG is complex and informs many different aspects of business. Think about what it means in the claims area by considering these four points that can make a difference: Define how the claims function feeds into the overarching ESG strategy for the organisation. Understand how claims can promote ESG practices and the ESG ambition of the insurer and ...
Stephen Hastings, Partner and Alistair Evans, Director, KPMG Lighthouse New Zealand Businesses in every sector are pursuing game-changing digital capabilities to drive growth and success in a new era of client centric service, and today’s forward-looking insurers are no exception. They are exploring ways to unlock the potential of claims-related da...
Data use can help insurers reduce indemnity spend by improving loss prevention and claims processing. By proactively using data and engaging with customers to identify risks related to vehicle safety or home security, for example, insurers can provide customers with personalised service that enhances their experience. This can, over time, also prov...
Insurers can use claims data to help support the development of new product solutions that are designed to complement a change in focus from traditional claims management to consistent and reliable claims prevention. ‘Parametric’ products can be created for a variety of insurance lines, with prior claims data used to determine a set of conditions w...
While some leading insurers are looking to embrace the power of data and analytics, many others are facing obstacles in leveraging claims data to improve efficiency and transform the client claims journey and experience. Legacy issues with systems and data architecture limit their ability to extract and manipulate information or integrate new digit...
Transitioning to a data-based claims department will not just require insurers to review whether they need to update or upgrade their systems architecture. Insurers will also need to review the adequacy of the processes that underpin data processing and analytics, alongside ensuring claims colleagues are receiving sufficient training to leverage th...
KPMG Lighthouse can help facilitate the data transformation for New Zealand’s insurance sector. Lighthouse is the KPMG centre of excellence for data and analytics, AI and automation. Our utilisation of industry knowledge combined with our proficiency in delivering technical solutions gives our insurance customers the confidence to tackle challenges...
It should be clear to today’s insurers that improving their use of existing data, augmenting it with external data sources, and introducing advanced analytics can help drive new client and marketplace insights, improve efficiency, competitiveness and decision making, and enhance the client experience. To unlock the power and informed decision makin...
Hester Cutts, Associate Director, and Adele Wallace, Director, Consulting The Financial Markets Authority (FMA) recently published its Insurance conduct and culture: Fire and general insurers update which summarised findings from its evaluation of responses to the Life Insurer Conduct and Culture review by the FMA and Reserve Bank of New Zealand (R...
The aim of CoFI is to close any conduct gaps, building on previous findings including the Conduct and Culture Review of 2018 and legislation like the Financial Services Legislation Amendment Act (FSLAA) and Credit Contracts and Consumer Finance Act (CCCFA). Previous legislation dealt with either specific products (consumer lending: CCCFA) or a poin...
It could be easy to look at CoFI as a tick box exercise, another bolt-on to underfunded, already creaking legacy systems and inefficient processes. However, thinking of CoFI as another compliance programme will prevent maximising on the opportunity to make the changes required. The work required for CoFI is best approached holistically across the i...
By taking a ‘compliance by design’ and customer centric approach rather than treating it as a siloed regulation or individual product orientated proposition, insurance companies will see the benefits of an efficient and transparent customer experience that also satisfies the regulators.
Insurers should create an overarching Conduct Framework that spans the whole customer lifecycle, aligns to their organisation’s values and includes all the relevant regulatory obligations (e.g. FSLAA, CCCFA and CoFI). Along with the framework and values, questions should be asked around: What controls can be introduced to encourage the right behavi...
The voice of the customer is not always considered during strategy setting at executive and board level, but this is critical for organisations to meet CoFI regulations, as well as the changing expectations of customers. The customer has to be at the heart of everything, not only from a conduct perspective but also in order to succeed in the emergi...
A number of factors have resulted in existing systems being disjointed, requiring manual work arounds or remediation to tackle human errors. Historical constraints around the level of investment in systems, silo resolution for legislative requirements and slow legacy replacement have all contributed to this issue, but there is scope to improve. Now...
With the introduction of CoFI, insurers will need to review their employee remuneration and intermediary interaction, as a main focus of CoFI will look to remove sales targeted incentives and commissions to employees and intermediaries. This change in how intermediaries can be compensated is combined with a desire for insurers to have greater overs...
Financial service regulatory bodies and the general public are demonstrating less tolerance for financial institutions making mistakes or not taking a customer-centric approach. We have seen an increased regulatory focus on remediation resulting in fines, settlements and pecuniary penalties for breaches along with significant negative media attenti...
The role of capital markets in the transition to a low-carbon world.
Aligning the supply chain with customer, supplier and insurer values.
Improving ways of working to help increase flexibility, advance automation and focus on prevention for the claims function.
Improving ways of working to help increase flexibility, advance automation and focus on prevention for the claims function.
Improving ways of working to help increase flexibility, advance automation and focus on prevention for the claims function.
Improving ways of working to help increase flexibility, advance automation and focus on prevention for the claims function.
Improving ways of working to help increase flexibility, advance automation and focus on prevention for the claims function.
This report provided an evidence summary of how climate change will affect the health of New Zealanders. The impacts identified are: direct health impacts of climate change (increased flooding, fires and infrastructure damage, displacement and extreme temperatures)
The purpose of the study is to identify and quantify the effects of climate change mitigation policy (including the emissions trading scheme) on future population health and inequalities in NZ, using comparative risk assessment methods. Nurturing high quality research and researchers.
