Insurance Team
Insurance Team
We understand insurance, Because we’ve worked at insurance companies.
The Insurance Team at KPMG is comprised of a diverse group of professionals specializing in audit, tax, consulting, and technology, each with specific expertise in the insurance sector. They work in perfect synchronization to meet the unique needs of our clients.
Our deep understanding of the insurance industry comes from direct experience working within insurance companies. In Israel, the insurance sector is complex and expansive, featuring around five major players along with numerous smaller and medium-sized firms. The industry confronts a multitude of challenges, including redefining business strategies, navigating mergers and acquisitions, exploring new expansion opportunities, undergoing digital transformations, and adapting to the emergence of new InsurTech companies. Additionally, there are challenges in complying with evolving regulations, managing open banking, adhering to ESG practices, dealing with illiquid investments, and addressing both Israeli and international taxation issues.
Our service to clients, which includes insurance companies, pension funds, and pension plans, is comprehensive and addresses all aspects of the complex environment in which they operate. Our offerings encompass insurance, accounting, information systems, tax consulting, business consulting, due diligence, identifying new revenue streams outside of traditional insurance operations, and creating synergies with the financial and InsurTech sectors.
Many of our team's experts have previously worked within insurance companies, equipping them with an in-depth and insider's understanding of the industry. This experience is crucial, as it distinguishes our team members from general IT experts to those who have directly worked within the insurance sector. Having been at the heart of the industry, our team is uniquely positioned to see and understand the full picture.
Our deep understanding of the insurance industry comes from direct experience working within insurance companies. In Israel, the insurance sector is complex and expansive, featuring around five major players along with numerous smaller and medium-sized firms. The industry confronts a multitude of challenges, including redefining business strategies, navigating mergers and acquisitions, exploring new expansion opportunities, undergoing digital transformations, and adapting to the emergence of new InsurTech companies. Additionally, there are challenges in complying with evolving regulations, managing open banking, adhering to ESG practices, dealing with illiquid investments, and addressing both Israeli and international taxation issues.
Our service to clients, which includes insurance companies, pension funds, and pension plans, is comprehensive and addresses all aspects of the complex environment in which they operate. Our offerings encompass insurance, accounting, information systems, tax consulting, business consulting, due diligence, identifying new revenue streams outside of traditional insurance operations, and creating synergies with the financial and InsurTech sectors.
The Insurance Team at KPMG works in close collaboration with KPMG Global, sharing knowledge and expertise with our insurance partners across the firm worldwide. For our clients, this global connection provides access to international benchmarks and best practices. Our team is well-versed in operations within Europe, understanding how to interpret regulations and navigate transactions effectively. This global insight facilitates the streamlining of processes and enables the timely capitalization on opportunities.
Here are just some of the services we offer:
- Comprehensive consultancy on IFRS 17
- Actuarial and accounting consultancy, Solvency II
- Connections for transactions, investors, and opportunities
- Supporting InsurTech companies in obtaining insurance licenses in Israel
- Strategy development
- Modernization of core systems
- Guidance in open banking
- Actuarial and accounting due diligence
- Risk surveys and compliance with fraud and embezzlement prevention
- Assistance with FATCA, CRS, and anti-money laundering compliance
- Israeli and international tax consultancy
- Corporate restructuring
Why the KPMG insurance team?
Sectoral specialization
Dedicated and limited staff
Unique adaptation to your needs
A panoramic view
Creativity and business initiative
Accompanying Partners
Additional services we offer
Audit Division
Tax Division
Consulting Division
Contact us
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KPMG Somekh Chaikin, an Israeli partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee
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