Most Insurers already know that although they have weathered the past crisis, how they move forward will determine their profitability in the future. As government regulations change to fit political climates, the insurance industry must find new ways to deal with the demands and remain financially fit.
Retaining a long-term business base as well as containing costs while drawing a younger more mobile consumer base will present challenges that have not been faced on a scale seen before. We help companies evaluate the current technological options and remain financially stable. Our executive consultants understand the current economic climate as well as the changing political stage and can help mitigate the learning curve as an insurer moves into more cost-effective technologies to meet new regulations that can make or break the bottom line.
Most insurers, regardless of how they fared during the crisis, are now forced to confront a wide range of challenges if they hope to return to the highest levels of performance. These are the key issues they face in a new global environment:
1) How to capture growth in a two-speed global economy
2) How to adapt business models to structural shifts in the industry (low-interest-rate environment, Solvency II, aging populations)
3) How to create competitive advantage through execution excellence in distribution, claims, pricing, and closed books
4) How to leverage global scale in a “multi-local” industry
5) How to build the capabilities necessary to win