Empowering intelligent insurance
Redefining how insurers do business by improving operations, enabling revenue growth and delivering engaging experiences.
Manage risk, build trust and enhance customer experience
Find new ways to engage customers and improve risk modelling to achieve your business outcomes.
Financial Services and Insurance Industry Landscape
The financial services industry (FSI) is under tremendous pressure, as banks, capital markets, and insurance firms face ongoing threats of disruption and disintermediation. Customer expectations are growing as the modern customer demands easy, fast, digital services from anywhere at any time. The drive for a frictionless customer experience calls for financial institutions to transform their legacy technology to support the new demand for the right experience, at the right time, and through the right channel. Siloed data and systems that don’t interoperate fail to keep up with the new pace of business.
Financial institutions are seeing a decrease in customer satisfaction and loyalty, and savvy consumers are turning to alternatives such as social media platforms and big tech companies for services and products traditionally offered by banks and insurance companies.
In addition, capital charges are increasing, regulatory compliance costs are growing, and new regulations threaten revenue and profits. Financial institutions are also in an arms race against criminals and face a critical need to modernize operations and transform their workforce to keep up with the pace of change.
Effects of disruption in the industry
Fraud incidents, both online and offline, increased by more than 130 percent during the past year (2017-2018), resulting in significant monetary and reputational losses for financial institutions. (Source)
Ninety-four percent of consumers under 35 years old are active users of online banking. Seventy-one percent of Millennials would consider their banking relationship to be transactional rather than relationship driven. (Source)
Insurance Trends and Disruptors
The modern consumer demands an insurance buying experience that is simple and personalized, similar to shopping experiences in other areas of their lives. Younger generations of insurance customers expect custom policyholder experiences and easy, intuitive solutions.
They have less loyalty to brands than previous generations and are willing to move insurance relationships for cheaper quotes, faster turnaround, or better customer experiences. Their loyalty is to their last best experience. Insurance carriers sell complex and highly regulated insurance products, so it is challenging to remove the complexity from the customer buying experience.
The insurance industry is often said to suffer from the “burden of legacy.” As much as 70 percent of an insurance carrier’s IT budget may be relegated to keeping legacy systems running.
This leaves little of the IT budget for new initiatives. The ability to lower IT cost ratios or move some IT costs from capital expenditure (CAPEX) to operating expenses (OPEX) can be attractive to insurance carriers wishing to respond to market opportunities or challenges.
The weight and cost of on-premises, legacy platforms and siloed data are barriers to transformation.
Severe catastrophic events occur much more often than they used to, and when they do occur, the scale of those catastrophic events is larger and larger.
Year over year, carriers are asked to comply with increasingly stringent regulatory requirements. This specifically impacts how insurance is sold and a number of carriers have been fined for not selling the right products to the right customers.
In the wake of the financial crisis of 2008, regulators in many markets increased their regulatory requirements impacting the liquidity ratios of financial firms, including insurance carriers.
Regulators are requiring greater levels of confidence in risk insight, risk processes, and reserve levels.
This is causing insurance carriers to invest more in risk systems and improve their models to optimize their reserve levels.
This complex regulatory environment requires focus and investments in regulatory reporting and compliance. Insight into risk management and regulatory compliance is central and strategic to the industry.
In addition to technology and macro-economic trends, such as the increase in catastrophic events, there is a great deal of new competition in the insurance market from fintech and insurtech startups, social media platforms, and big tech companies who are disrupting the insurance value chain, delivering new and innovative customer experiences.
Born-in-the-cloud companies that do not have the burden of legacy are hiring data scientists and making interesting use of the data available to them, offering ultra-customized policies, social insurance, and using new streams of data from internet-enabled devices to dynamically price premiums according to observed behavior.
Technological advancements are at the heart of the changing landscape. Traditional insurers must respond to disruption and innovate, or risk being left behind.
Digitization across industries has led to rising customer expectations in service and information they receive from insurance carriers. This has led to new challenges that insurance companies must overcome to facilitate frictionless and enhanced experiences for customers, while also continuing to reduce cost, improve efficiencies, and drive loyalty like they have in the past.
Insurance companies are challenged to modernize operations and take steps to:
- Improve collaboration among employees and the ability to collaborate between carrier employees and the agent distribution channels in the field
- Enable mobility for employees to access information while they are on-the-go
- Provide accessibility, empowering a diverse workforce in order to drive innovation and help create inclusive customer products
In addition, insurance companies are working hard to attract and retain millennials and compete in a battle for tech talent.
CSP solves the challenges of having to deal with multiple vendors by offering a “one stop shop.” This allows organisations to partner with a single provider for all their cloud strategy; licensing, road-mapping, implementation, user productivity and enablement needs, security, and on-going managed services. We provide organisations with real-world cloud expertise; budgeting, architecting, and a mature road-mapping model giving our customers significant time and cost savings.
Our transformation vision and scoping offering begins with a series of strategic meetings between our team and key stakeholders within your organization. In these meetings, we discuss your organization goals, potential roadblocks that could impede these goals and how we can best achieve the defined organization goals through open communication with the output being a phased business transformation strategy outlining the key objectives and initiatives that would mean success for your business.
Our Project Advisory & Delivery Consulting offering helps you to develop efficient approaches to project initiation, execution and control to achieve desired project outcomes. We work with you to align project activity with your key business strategies, identify and manage risk, change and quality as a result of project activity ultimately to transform your business using market-leading cloud business solutions and delivery frameworks.
Every organization wants to be more effective and inspire its employees to work better together. To help them get there, we offer solutions for teamwork and real-time collaboration. But changing a work culture goes far beyond the effort required to deploy a new solution. We add value by helping employees understand the solution’s value, how to engage with it daily and use it to transform the way they work.
Any successful digital transformation has to take business intelligence and analytics into consideration as organizations are now increasingly harvesting a significant amount of disconnected data in the cloud but with the right solutions like Microsoft Power BI, that data can become a very powerful asset empowering you and your people with data visualizations that translate into actionable strategic insight
We serve numerous clients worldwide in Europe, Middle East, Africa, North America, and Asia providing tailored training solutions and courses to meet their business-specific requirements through our many highly qualified Trainers with extensive experience in their respective industries.
Transformation the right way.
We help organisations plan, design and implement aligned business management solutions with an emphasis on return on investment, speed to delivery, staying within budget, improving business performance and ensuring proposed solutions fit your specific business processes.