With new, dynamic entrants coming into the market, we understand the challenges large insurance firms face in terms of keeping up. Overheads are higher, processes less automated and expectations greater. What’s more, with service level satisfaction reportedly as low as 30%, the pressure for change has never been greater. This has led to many carriers and brokers jumping on the bandwagon of digitisation, work relocation and automation activities, without a real appreciation of the unique requirements of each.
We ensure great thought is given to service redesign. First we put clear operational models in place that will quickly lead to higher efficiencies. Before relocating work to lower cost locations, we assess whether it makes long-term business sense by identifying the costs associated with retraining employees to handle the new complexity of work. We also ensure there is a strong link between the design of the new technology and the design of the service. With the arrival of the Insurance Act, we also know how important it is to deliver greater cooperation between risk, compliance and the operation itself.
By developing an effective design of operations and ensuring a clear link exists between processes, technology and employees, we have frequently delivered cost benefits of 15-20%. More impressively still, our approach has led to improvements in responsiveness for our clients.