Insurance strategy consulting
EY-Parthenon insurance strategy consulting professionals help EY clients maximize opportunities caused by new technologies, products, distribution models, competitors and regulatory changes. Through bespoke strategic analysis, recommendations might include digital transformation, business model reinvention, M&A and more. The goal is to help your business thrive in tomorrow’s market environment.
What the EY-Parthenon insurance strategy consulting teams can do for you
The world’s complex insurance industry is rapidly evolving. It is becoming a realm of new technologies, different competitors, regulatory changes and innovations. New products and distribution models are enabling fresh industry prospects. These changes are occurring across the entire insurance spectrum with property and casualty insurance (both personal and commercial) as well as life and annuity insurances, experiencing the most upheaval. Distribution and reinsurance are less impacted, but they still must adjust to remain competitive. EY-Parthenon insurance strategy consulting teams help companies determine how best to take full advantage of these new opportunities.
We help answer such questions as:
- Are there embedded insurance opportunities that can be offered with a particular existing product?
- What is entailed in converting part of the business from a B2B model to a B2C?
- What are the best practices in offering online insurance? As opposed to only selling term life insurance, can annuities be developed that connect to other savings plans and behave like a lifetime income fund?
- What other markets can be developed to expand a specific product portfolio?
EY-Parthenon insurance strategy consulting teams help determine the answers to these questions and more while tailoring suggested solutions to each unique business situation. We help companies assess the competitive dynamics within their particular market sector; how they are positioned within it. Some recent examples of transformation the EY-Parthenon insurance strategy teams realized include:
- Helping a company embed insurance products within other offerings to consumers, thus establishing a B2C relationship for the first time
- Assisting an online company to begin selling business insurance directly to small-and medium-sized businesses, even though this practice is still in its infancy
- Facilitating the development of a new enterprise strategy for life, health and annuity products for a global reinsurance company
These are just examples of the transformations we helped envision and achieved. We can do the same for your business.
Like many other sectors at this time, the insurance industry is experiencing considerable disruption. EY-Parthenon insurance strategy consulting teams’ goal is to help businesses manage these changes and reveal fresh opportunities for swift value realization.
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