Focus on transforming the policy administration and underwriting function
The fifth edition of the World Insurance Report from Capgemini and Efma looks at how insurers are focusing their efforts on operational efficiency and effectiveness to protect and grow margins, even when demand is slow to increase. The report offers insights into how leading insurers are refocusing efforts to reduce both cost per policy and total cost of ownership, and acting to improve the operational efficiency of their business processes.
The report illustrates how leading insurers are successfully modernising legacy policy administration systems for product, price or operational leadership. It examines key challenges insurers face, best practices for transforming policy administration systems, and how to define an operational roadmap for success.
Using Capgemini’s Business Agility Maturity Model, the report assesses the functional maturity and leading practices of insurers across regions. Business agility measures the speed with which insurers understand and respond to changes in the external and internal operating environment to remain competitive. Our framework breaks the insurance value chain into four distinct links: Product Design, Front Office, Policy Administration and Underwriting, and Claims, and defines the levers that influence each link.
The findings of the World Insurance Report 2012 draw on research insights from 19 markets: Australia, Austria, Belgium, Brazil, Canada, Denmark, France, Germany, Hong Kong, India, Italy, Netherlands, Philippines, Singapore, Spain, Switzerland, the UK, the US and Vietnam. Among these countries are 13 of the world’s top 20 insurance markets in terms of premiums.