In our view, the future of insurers will be determined by agile digital organisations. InsurTech and digital technology will play a decisive role. New pricing methods, continuous cost reduction and market consolidation are other factors that will improve the profitability of insurers.
Cost reduction remains an important strategic issue when trying to remain competitive in a saturated market. But narrower margins, lower interest rates and the ban on complex products also require a tight policy when it comes to costs. How can u make sure your organisation minimises its costs for e.g. your legacy systems and closed books?
Internal processes at insurers must be further digitalised if they are to operate efficiently. And digital customer contact is becoming increasingly important – for private clients, as well as the pensions and commercial markets. InsurTech makes it possible to offers services that go further than reactive damage processing and can even help to prevent damage altogether. At the same time, digital customer contact allows valuable data to be collected which, after data analysis, can result in better risk analyses. How would you like to deploy digital resources to serve your customers?
Digital technology also offers insurers opportunities to create communities, thus reaching potential customers and broadening their service concept. Such eco-systems allow insurers to offer services together with other companies. Which networks and alliances are attractive for your organisation?
‘After a difficult period, insurers can now see light at the end of the tunnel. And some rather drastic austerity measures have helped to create a foundation for the future.’
An ongoing cost reduction strategy requires research on outsourcing, for example, of your back office, operation or support departments.
Our strategy consultants from Strategy & will develop a growth strategy and matching operating model with you in which digitization has a place.
To reduce complexity in your organization, we simplify and standardize your organizational structure and your commercial and internal processes. We guide all aspects of transformations, such as hosting your administration in cloud computing and changing work culture.
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