Angela Fleming
Partner & Head of Financial Services Tax, BDO Dublin
Both life and non-life insurance play critical roles in managing risk and providing financial security to individuals, businesses, and other entities.
Life insurance provides financial protection to policyholders and their beneficiaries in the event of death or other specified events, such as disability or critical illness. Non-life insurance, on the other hand, provides coverage for a wide range of risks and losses, excluding those related to life events.
Within the insurance sector, companies face various challenges. BDO supports clients in this sector by offering comprehensive services tailored to their specific needs. From regulatory guidance and risk management to strategic planning and technology advisory, BDO provides expertise and guidance to help insurance companies navigate challenges, optimise operations, and seize opportunities for growth.
Insurance brokerages play a crucial intermediary role within the insurance sector, acting as intermediaries between insurance companies and their clients. These firms help individuals, businesses, and other organisations find the most suitable insurance coverage to meet their specific needs and risk profiles.
Insurance brokerages offer several key services, like:
- Risk Assessment
- Insurance Placement
- Policy Management
- Risk Management Consulting
Insurance brokerages operate under a fiduciary duty to act in the best interests of their clients and provide impartial advice. They are compensated through commissions or fees paid by insurance companies for placing insurance coverage on behalf of clients.
Challenges in the insurance brokerage subsector are many and may include increasing competition, regulatory compliance, and evolving client needs and expectations. Brokerages must stay abreast of regulatory changes, technological advancements, and market trends to remain competitive and provide value-added services to their clients.
BDO provides comprehensive support to insurance brokerages, covering a wide range of services, including tax advisory, audit, regulatory compliance, risk management, cybersecurity, and people advisory services. With BDO's expertise, insurance brokerages can navigate regulatory complexities, optimise operational efficiency, and enhance client satisfaction in today's competitive insurance marketplace.
