Balancing customer focus with cost reduction in insurance

As with much of the Financial Services Industry, the insurance industry is under scrutiny from both the regulator and the public. The pressure is on insurers to maintain low expenses while also working to reshape their operating models to embrace the digital future.

Keeping employees, customers and regulators positively engaged, while transforming business models and operations, will present winners and losers over the next five to ten years. Executive teams have to make some bold decisions that will determine long-term success.

Expense reduction, platform selection and conduct risk are just three of the many challenges leadership teams face and the need to put customers first while delivering cost-efficiencies is top of the insurance agenda.

All Baringa’s insurance management consultants have extensive experience within the insurance industry, and help companies in General Insurance, Life and Pensions and London Markets to manage their response to these challenges. We support the planning and implementation of insurance system replacement programmes, the design of effective digital and data analytics strategies and the introduction of real cultural change to accompany technological change. We work with insurers to help streamline operations post-acquisition or secure the greatest efficiencies from corporate investment decisions.

From process re-engineering to project management, our direct experience of the diverse insurance industry ensures our consultants make a real difference to our clients’ businesses.

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