Insurance
Insurers today face significant challenges:
- a critical need to grow premium income in the face of ever increasing competition from traditional sources and new market entrants
- a continuing need to drive down costs. Internal performance has to be improved, and the options of offshoring and outsourcing need careful consideration. For outsourcers themselves, without the existence of free reserves, containing costs is the primary lever for continued viability
- most companies have a proliferation of products, diverse processes and a multitude of systems. These are primarily inherited from mergers and acquisitions, but also reflect the long-term nature of the business. This complexity multiplies cost of change, and inhibits speed of change
- the pace of change is increasing, and insurers are not immune. Insurers need processes and systems that can support the speedier launch of new channels and products. They also need to link with other businesses to provide combined solutions for clients
- there is the continued need to provide fair, yet economic, resolution of claims - the key moment of truth for customers
- there is the continuing need to adapt to regulatory change: the move to principle based regulation does not reduce the challenge
We bring the following skills to our insurance clients (and insurance outsourcers) to meet these challenges:
- an impressive track record in operating model redesign and cost efficiency identification using our Step Change methodology
- an unique approach to driving top line growth through our Sales and Distribution Excellence proposition
- a strong understanding of the changing regulatory environment and the project management expertise to help our clients meet implementation deadlines
- an enviable pedigree in Business Intelligence, from the definition and cascading of corporate KPIs, through to measuring and reporting on these KPIs and sifting out nuggets of opportunity
- a pragmatic response to the challenges our clients face, enabling us to create practical solutions with short payback periods
- the ability to ‘make sense' of technology, understanding the business well enough to advise on technology transformation, and to define business requirements for effective system change
- the experience to provide assistance with sourcing strategy and supplier management, including outsourcing
- an experienced team of sector specialists comprising seasoned career consultants and respected former members of the insurance industry