Carriers, brokers and insurance retailers are all facing significant challenges from new market entrants and technology, growing regulatory pressures, and the need to remain competitive in an increasingly global economy.
All this change makes it no surprise that merger and acquisition activity is at an all-time high, causing additional integration challenges for many organisations.
With service level satisfaction reportedly as low as 30%, the pressure for transformation has never been greater. Unfortunately this has led to many insurance organisations jumping on the bandwagon of digitisation, robotics and automation without a real appreciation of their unique requirements. Coupled with tactical offshoring and outsourcing decisions, this has only served to reinforce challenges for the industry.
With end-to-end experience across the sector we understand how to help insurance brokers, carriers, and retailers with their strategic operational and service challenges.
Consulting and training work in the UK covers the London Market and beyond. Our international experience includes individual overseas projects, as well as global transformation programmes delivering significant shareholder benefits.
No matter which client we are working for, or which part of their organisation, we always ensure great thought is given to the design and set up of their services. This particularly applies to the recent trends for automation and relocation, which can easily fail if not reviewed and applied in a wider business context. Our understanding of client and customer needs, and expertise in operating model design, means that we can make sure these projects are delivered as effectively as possible.
We also ensure there is a strong link between the design of the new technology and the design of the service. With the arrival of the Insurance Act, we know how important it is to deliver greater cooperation between risk, compliance and the operation itself.
The results are in
By developing an effective design of operations and ensuring a clear link exists between processes, technology and employees, we frequently deliver cost benefits of 15-20%. More impressively still, this approach often leads to improvements in both responsiveness and customer satisfaction, as well as making it easier to achieve regulatory compliance.
We have also developed bespoke management and operations training and coaching programmes for insurance clients – standardising approaches and sustaining change.
A recent transformation programme delivered an increase in EBIT (earnings before interest and taxes) of 5%, whilst decreasing service variability by 80%. Through our accredited ILM training, we were also able to ensure that leaders and managers could sustain these operational improvements.