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Insurance
Overview
According to Richard Clark1 of Xchanging, the insurance industry was shaped by five major technology trends in 2012 – trends which look set to continue throughout 2013.
These trends emerged against an economic backdrop which remains far from benign and within an industry where the balance between risk and reward is always uncertain.
Insurers are looking to redefine what constitutes best practice and, understandably, learn the lessons of the turmoil which has engulfed some of the very biggest players in the industry - as evidenced through Aviva’s ongoing disposal programme2.
The industry’s technology trends reflect these wider concerns:
1. Best-of-breed software solutions are pulling ahead of end-to-end packages as insurance organisations work to target and solve specific challenges.
2. Companies are looking to gain advantage through automation and standardisation for front of office underwriting. This minimises data duplication, eases the transition from quote to post-bind and helps to control exposure when dealing with multiple channels to market.
3. There is a renewed focus on the customer. Insurance organisations are using technology solutions like those outlined above to create integrated systems that put customers back where they belong at the centre of the business rather than adopting a fragmented view across a number of lines of business.
4. There is a renewed emphasis on refreshing legacy systems in order to minimise risk and maximise the potential for growth and regulatory compliance.
5. There is widespread awareness of the significance of mobile computing as insurance organisations invest in apps, tablets and mobile devices that can deliver their insurance software suites and boost the productivity of their workers. These devices also represent an increasingly significant channel to market with the number of smartphone users in the UK alone forecast to more than double between 2012 and 2016, from 19.2 million to 41.9 million3.
Of course, technology is only one aspect of how any industry operates and develops.
But for the insurance industry in 2013 it could prove to be a real game-changer as they address issues ranging from regulatory compliance to the economy to the need to stimulate savings rates.
To discover more about the ways in which we can help our customers, please click the links below:
We offer insurance organisations the opportunity to remove complexity across a full range of business processes. By unburdening themselves of back office functions which support their operation but are essentially peripheral to their vision and mission, we give these customers time and efficiency to focus on what they do best. The result is more flexibility and greater efficiency in the face of formidable challenges. Customers in this sector already trust us with claims and policy administration for underwriting and broking as well as processing workers’ compensation in relevant geographies. When required, we can also process payroll, learning and development, recruitment, and HR administration as well as offshoring services which can deliver advantages including speed to market, back office transformation, on-demand business, improved customer service and cost optimisation.
Customers include: Liberty Syndicates, Sedgwick, Aon, QBE, Willis, WorkCover NSW, WorkSafe Victoria
We offer extensive technology capabilities across a variety of industry sectors. By using technology to make systems and processes work more easily in the business, we can give insurance executives the freedom to work more strategically on the business. On the wider stage, our infrastructure team supports customers’ growth with cost effective, scalable and rapidly-deployed solutions. We also design, build and run the software that supports a range of business processing solutions. We embed our intellectual property (IP) to create a solution faster and more cost-effectively than our customers can themselves. We can also provide customers with Total IT Outsourcing (ITO) solutions – a single point of supply for an end-to-end managed service.
Customers include: AXA, ACE, XL, QBE, Tokio Marine, Admiral, Brit, Liberty Mutual
We are experts in supporting procurement professionals with services including sourcing, spend management, procure to pay (P2P), system management and software solutions. We actively engage with the procurement community across industry sectors and look to provide thought leadership and develop strategies for creating added value procurement.
