The challenges faced by the insurance industry are diverse – from changing customer behavior and dealing with new competitors or partners to advancing digitization. Insurance providers should strive to modernize their products and services, readjust their value chains, and orchestrate internal collaboration to think and act in a more agile and customer-oriented manner. Together, we will find effective strategies and solutions to help you successfully manage your digital transformation.
Improving performance management
Amid increasing regulation and an abundance of data, there is a risk that managing an insurance enterprise could increase in complexity – however one must strive for the opposite. Management should be provided with insights relevant to the life cycle of their respective business models, and be able to evaluate possible actions – and react. Real-time transparency may be a trendy buzzword, yet it is not always necessary for the management of insurance business models with a long term lifecycle. We will help you develop the performance management framework which supports your specific business model and fulfills regulatory requirements.
Insurance providers are modernizing their value propositions – i.e. their products and services – to reflect changing customer requirements, adjusting their value chains, and reorganizing internal collaboration in order to think and act in a more agile and customer-oriented manner. As part of these processes, we can help you to define an appropriate level of change, support with you with design as well the implementation of your transformation journey.
Using digitization efficiently and effectively
Digitization encompasses a broad spectrum for insurance companies. In our experience this ranges from business model refinement and customer journey optimization to increased efficiency or automation of internal processes, as well as enhancing IT Capabilities to enable modern services to be offered. We will help you to define your target state, and gradually operationalize this to make it a sustainable reality.
Successfully planning and implementing insurance transformation
We can provide you with optimal assistance to combat a variety of challenges:
- With our strategic excellence approach, we can guide you to successfully implement your (agile) strategy process.
- Insurance sales transformation: We can support you to enhance sales success, develop partnerships and increase customer loyalty.
- Claims excellence: We can help you to optimize the claims triangle according to your specific objectives.
- Smart insurance operations: We can take your operational excellence to a new level in order for you to deliver sustainable, financial and market success.
- Performance management: We can develop modern, integrated performance management systems to enable you to act (or react) – with improved speed and in a more targeted manner.
- Target operating models on enterprise level or for individual functions: We help you to make your organization more agile and optimize interaction – defining an operating model that is “fit for purpose”.
- Insurance IT excellence: We can jointly develop your target vision for a future-proof IT landscape, plan focused and feasible implementation supported by our Performance Alliance Partners.
Dr. Stefan Bergsmann
Corina Iulia Malioukis