Capgemini’s Core Policy Processing Services
While property and casualty insurance is by definition the business of risk, in recent years the industry has faced unprecedented market issues. Between stiffer competition, rising costs, reduced investment income, fleeting customer loyalty, and slowing premium growth, insurers are challenged to protect profitability and grow premiums. In this environment, insurers need to respond quickly to changing business conditions to achieve a competitive edge. Strong policy processing capabilities can bring insurers this advantage. In fact robust policy processing can provide a stable and reliable operating platform from which insurers can build business agility, and create marketleading business capabilities–the fundamental pre-requisites for brand differentiation in today’s marketplace.
Capgemini believes the best way to address the policy processing technology challenge is to take a business-driven approach to core policy transformation that ensures business outcomes are achieved and targeted benefits are realized. Such an approach significantly reduces risk, increases capabilities per dollar of IT spending and, importantly, enables the insurer to optimize its operating cost as a result. We’ve found that this approach can also be implemented through individual components and in an incremental manner to help mitigate risks.