Delivering Operational Excellence to Support Growth
Over 60 percent of insurance providers find their policy administration systems out of date, expensive to run, inflexible and redundant. Market dynamics are forcing insurers to plot a course to replace these antiquated systems in whole or in part, resulting in large scale transformation efforts in the drive for flexible systems, enhanced business capabilities, and profitable growth. The cost and effort are worthwhile; upgrading or replacing these systems can improve operating efficiencies, reduce the expense ratio by as much as three points, and provide the flexible business capabilities to compete in an increasingly competitive marketplace. The key is implementing the business capabilities to facilitate competing in the marketplace on your terms: speed to market with products; increased customer/producer services across all channels; or efficient processing in support of ease of doing business.
Capgemini’s Policy Administration Capability Architecture combines business capabilities and policy components to help identify how best to drive business value as consideration is underway to addresslimitations with legacy policy systems. Our approach, tested in real-world engagements with leading insurance companies, enables risk reduction and accelerates the process. Companies can leverage Capgemini’s experience in mapping capability to business value, and identifying the key levers that drive business value.