While the sector has been through periods of significant change before, the need to transform business models has never been greater. It is imperative for insurers to roll out advanced digital customer engagement and mobile-first customer experiences, and to apply advanced data techniques – including artificial intelligence and machine learning – in pricing and claims. 

Digital and technology transformation are key for insurers if they are to remain competitive. Those companies that have modernized their technology stack and can offer world class digital engagement will continue to benefit from strategic gains. Nearly all insurers will find moving their technology estate to the cloud to be expensive and complex, primarily due to the challenge of legacy systems.

Our insurance experts have both the business and technology knowledge to help create a viable long-term technology and cloud strategy that in turn enables their business strategy to ensure insurers thrive in the future.

Data and analytics is a critical capability across the insurance industry. Those personal lines players who are highly efficient, data-driven organisations have continued to thrive in the face of challenging conditions. That model allows insurers to pivot quickly in day-to-day pricing, improve underwriting effectiveness, use insights to enhance customer experience through personalisation, drive operational improvement, and mitigate supply chain disruption. 

Our experts support insurers by defining data governance, managing data, developing new architectures to build foundational capabilities, and engineering and implementing effective data and analytics solutions.

Heightened levels of inflation are driving many insurers to further optimise operations. Many players have shifted operations to an agile and distributed working model. This approach requires the redesign and automation of existing processes while also balancing regulatory and compliance demands. At the same time, it presents an opportunity to digitise and improve customer experience.

Capco has extensive experience in helping insurers to achieve more streamlined operational processes through the implementation of modern delivery methods and straight-through processing, as well as assessing and complying with regulatory demands.