This paper explores why the need for transformation in the L&A industry is now and how it can only be achieved by harnessing volatility and unlocking breakthrough value through a punctual analysis of business objectives around people, technology and processes. We lay down a recommended path to becoming Inventive Insurers, leveraging open platforms and a modern architecture to build a partner ecosystem through seamless collaboration with third parties. Finally, we highlight Capgemini’s approach to define a transformational roadmap with a clear set of metrics around each of the relevant key competencies.
Ultimately, the most forward-looking L&A insurers will leverage modern architecture and business-led transformation to create considerable value, but this will require discipline and competencies that may not be internally available. Putting the right team in place from the outset can make all the difference. Those insurers that succeed will foster an open-minded culture that embed continuous innovation in their culture and enables the firm to bolster critical business capabilities, including operational effectiveness, agility, and customer focus.
Our report – How to Unlock Value by Embracing Business-Led Transformation – explores this journey and how L&A insurers can accelerate it and maximize the value generated.