"We are going through a period in which legislative reviews and reports are increasing, the legislation on financial reporting is changing, investor expectations are rising, and competition is intensifying", said Ms Busra Kodaman, actuarial consulting services senior manager at EY Turkey, Middle East Insurance Review writes.

According to her, insurance companies should seek new ways to streamline their operations and systems for the future. "When we look at the past, we can say that insurance companies focused on reporting rather than planning and analysis. Today, we see that financial reporting tools are limited by data sources, manual processes, complex models, and insufficient technological infrastructure. This situation causes more time to be spent on the preparation of reports than on analysis and decision support. Life and non-life insurance companies face these and similar challenges. There are companies that use more than one accounting system that is independent of each other".

To streamline the system, the finance, actuarial and risk teams must work together. When the tools available are not designed with the life and non-life insurance sectors in mind, they may not be able to model insurance liabilities, assets and capital to the degree required by insurance companies, the report said.