Insurance Industry
Trends 2021
- Today’s customers are fundamentally different from their parents and require brand new propositions,
- Accelerating shift to digital as primary driver for growth,
- The Shift In Culture From Legacy To Innovation. Today’s insurers became early adopters of the latest technologies. Digital-first insurers and tech giants entering the insurance space are one of the forces pushing the industry as a whole toward an innovative mindset.
- Personalization is crucial for acquiring new customers.
- Customer Interactions Become A Customer Journey
Specifications
Challenges and Opportunities 2021
- Macroeconomic recovery
- Utilizing Big Data Correctly.
- Remaining on the Cusp of New Technology.
- Understanding Cyber Risks.
- Dealing With an On-Demand Economy.
- More Catastrophic Events.
- A reinvigorated sustainability agenda
- The evolving regulatory framework
- Building more agile and resilient operating models
- Accelerating cost reduction and restructuring
- Technology and industry 4.0
Objectives
- Transforming the business to be more agile, digital and customer-centric
- Redefine and refine purpose in setting the strategic direction
- Create value by optimizing cost management and capital allocation
Our Solutions/Services
- Project/Program Management to overlook and combine the different initiatives with clear milestones,
- Cloud Solutions to provide a save passage to cloud
- Strategic Assessment to validate/design the digital enterprise roadmap,
- Business Intelligence & Advanced Analytics Services to design/improve intelligence, predictive analytics and performance management.
Benefits
- Improving return on digital investments,
- Efficiency on integration of multiple related initiatives,
- An integrated strategic direction to adapt to market disruptions/changes,
- Increased forecast accuracy and adaptation to customer demands based on predictive insights,
- Improved reliability and efficiency of reporting,
- One integrated architecture combining innovative digital solutions.
Reference Cases
European Major Insurance Company
Financial/Solvency II Reporting with SAP Disclosure Management (BODM)