Insurance companies around the globe are refocusing their efforts to improve overall operational efficiency, squeezing costs out of the system without impairing the overall customer service experience.
Our practical industry expertise enables us to assist businesses identify fundamental and lasting improvements in operations. Since the specifics of a firms’ business model and service offerings vary, we explore a spectrum of potential operational efficiencies.
With spreading internet and mobile self-service channels, IT enabled advisors, brokers, and a host of sensitive data, insurers have become prime targets for cyber-criminals. The gap between how security is currently managed and the increasing risks is growing. In our second article, we take a look at how insurers can close this gap in a continuously changing environment. Click here to view.
IT complexity – the silent killer of business performance This article provides practical solutions for addressing IT complexity, an issue many insurers are facing. IT complexity is increasing as is evident by a combination of rising IT costs and decreasing IT agility. The article looks at four practical changes an insurer can make to their IT decision making process to help alleviate the IT complexity within their business.
In this article we focus on the draft Prudential Practice Guideline (PPG) covering the ICAAP and supervisory review and the key considerations for boards and senior management.
Core system modernisation A select group of banks and insurance companies around the world are setting themselves apart by modernising their core systems. This report looks at the lessons we can learn from the banks and insurance companies successfully delivering these mega-projects, this report offers you nine common keys to success.
The analytics advantage: driving claims transformation, customer satisfaction and regulatory compliance For many general insurers, the goal has been to create more competitive, flexible and scalable claims operations. While some have seen bottom-line benefits from improved claims handling and reduced expenses, the benefits have often been limited by a siloed approach; that is, too many insurers have invested in “point” solutions that don’t fully integrate processes or data flows for optimal process efficiency and effectiveness.Outsourcing: how to make it a success 2011 was a tough year for insurers and with slow economic growth, low interest rate and changing capital requirements; 2012 will continue to be a challenging one. To combat these challenges and put their profitability on a firmer footing, management is turning its attention to cost reduction initiatives.
Toward effective governance of financial institutions Much has been done to improve governance at the world's largest financial institutions but in its recent report, Toward Effective Governance of Financial Institutions, the Group of 30 said improving corporate governance across the industry at large is a matter of great urgency.
Delivering results through claim technologies How well are insurers achieving improved claims management through their investments in claims technologies? Our survey shows which areas insurers need to invest in to see improvements. See also our webcast.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.