Industry context
The insurance industry is under tremendous pressure for change. Customers have become used to the digital experience of tech companies, the world of underwriting is getting faster and more competitive, new risks are emerging requiring specialized expertise and data, digital ecosystems are increasingly the principal way to reach out to new customers
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In the meanwhile technology is offering opportunities to change business models, enhance products and augment underwriting and operations.
Perspective on key transformations
1 / Embed technology in any aspect of strategy and operations
Insurance companies used to define a strategy, then develop insurance products, then design operating models and processes and finally enable them with technology.
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We need to rethink this: tech platform are increasingly dominating access to customers and define standards for customer engagement. Insurance products build without a digital consumption and distribution in mind are destined to fail in these markets. Insurance software companies have embedded in their products technology-enabled workflows. Speed-to-market, ability to quickly test underwriting models and agility of execution are becoming increasingly more relevant.
2 / Radically revise the value proposition to customer
The value proposition of insurance to customers was once fairly straightforward. The customer pays a premium, if an accident happens, a claim reimbursement is extended after proper due diligence. It was a very inward oriented world, customer would rather not engage with insurance if not absolutely needed.
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This has changed. Technology has made prevention, rapid intervention, impact mitigation and quick recovery possible. Companies look a whole health and wellbeing of their retail customers and resilience of their commercial ones. To achieve this they need to understand how to embed a broad set of services in their offering and operations.
3 / Engage your employees and build a widespread culture of agility, innovation and digital savviness
Innovation and improvement are a continuous process. Your employees are the closets to customers, distributors, partners, they understand processes and they have ideas on how to improve them. Companies need to explore several different avenues to engage employees, from task forces, to bootcamps, to centers of excellence. They also need to develop widespread culture and skills on digital, agility and the overall organizational infrastructure to empower and enable ownership of transformation.
A different type of advisory
We help companies on strategy, design and execution of technology solutions, whether on products, distribution, customer experience, services, underwriting and processes.
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We built this company with agility as inspiring principles: we have identified a set of core focus area with common challenges and have developed a sprint approach to drive material decisions and results.
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We also help companies navigate innovation, heloping them on the strategic side but also in understansing how innovations concreately embeds into the busioness model and the processes.
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