Customer demand combined with technological advances has required a fundamental transformation in the way insurers do business. So too has the challenge of remaining both compliant and competitive.
General insurance is increasingly dependent on finding how to best leverage big data. This, along with core insurance data and analytics can enable the creation of tailored products with better prices and a more accurate spread of risk across the entire risk catalogue.
For example, mobile telematics is transforming motor insurance, while the spread of smart metering has the potential to do the same for household insurance. Future-looking firms are starting to incorporate data from social media sources to identify risk factors and create better targeted insurance products. It is a time of continuous innovation and the winners will be those who embrace these opportunities effectively.
Modern claims systems are another key focus. They enable straight-through processing for better claims handling and expense reduction, as well as supporting regulatory compliance for firms whose new business structures, customer retention and complaints reduction policies are closely scrutinised by the FCA.
Baringa’s general insurance consulting experience brings together the broad themes running through the general insurance industry. We help firms develop a joined-up digital strategy, covering CRM, servicing and front-end customer touch points. Our advisory work on digital is one part of our broader expertise in insurance system replacement, operating model design and business process development services, all of which help firms address a fast-changing risk and regulatory environment.