Tight local regulation once kept competition in insurance markets low and profit margins high, but deregulation and globalisation has intensified competition, especially across Europe, and brought margins down.
Today’s insurers need to find the right balance between adding value for clients with increasingly complex demands and implementing new technologies internally to reduce costs. Tomorrow’s winners will be the firms that effectively align their technologies with their business and IT strategies and execute internal initiatives as efficiently as possible.
We help our insurance clients to align their business and IT strategies. Every company needs a different approach, but we act decisively, both in their core insurance areas and general functioning, to help them to meet their targets.
Our team also provides operational and IT solutions to help our clients to meet more demanding customer requirements while providing them with the scope and flexibility to adapt to market changes. We benefit from the experience and insight we have gained through mutually rewarding working relationships with many leading European insurers.
Working closely with insurance industry representatives, BearingPoint has developed a pan-European reporting solution for Solvency II that covers the standard and local requirements of regulators. It covers all Quantitative Reporting Templates (QRTs) currently defined by the European Insurance and Occupational Pensions Authority (EIOPA) and will be continuously adapted to reflect subsequent regulatory changes.
Optimising claims processing is a key topic on demand for customer, insurer and business partner. While the customer satisfaction rises due to service quality and processing speed, the insurer benefits from optimised cost structure and improved agility.
Various insurance companies are in the process of optimising their core applications or replacing their entire system landscape to achieve extended flexibility and reduced operating costs for areas such as product development, policy administration and claims management leveraging latest technologies.
Post financial crisis analysis underlines that companies with a flexible business model have been significantly more successful than firms tied to a rigid environment.
Customer demand for individually tailored insurance products, added value services and optimized response times drives industry efforts to trim product management functions towards highly flexible products, added services and use of new technologies to achieve sufficient “speed to market”.
To grow customer portfolios in today’s saturated European insurance markets companies need to differentiate not only by providing innovative product concepts for pricing and coverage, but also by providing a unique and consistent customer experience across all channels especially for services.
Insurance companies need to prepare for the changing business environment regarding methods, organization, processes and systems driven by latest regulations on risk management and capital requirements (Solvency II).
Here’s how your function relates to what we offer.
We make sure we understand your business problems, the trends in your industry and then work out what we need to do to achieve results for you.
Our consultants know where you are coming from, because they’ve usually been in your industry.
We combine our deep knowledge and experience in your sector with the technical ability to create solutions with real business value. We’re always looking to find ways to improve your productivity, streamline your processes, and leverage new revenue opportunities for you.
Finally, we get results - virtually all of our most significant clients renew their relationship with us year on year.