Insurance

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Balancing risk and reward

Tight local regulation once kept competition in insurance markets low and profit margins high, but deregulation and globalization has intensified competition, especially across Europe, while also bringing 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.

Expertise

We help our insurance clients to align their business and IT strategies. Every company needs a different approach, but our common aim it to act decisively, both in their core insurance areas and general functioning, to help our clients meet their targets.

Our team also provides operational and IT solutions to help our clients 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.

We currently focus on

ABACUS Solvency II

We have leveraged our longstanding experience in regulatory reporting to create a solution tailored to the requirements of Solvency II. We have more than 120 clients in banking and the financial services industry.

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Claims Management Optimization

Our approach focuses on transforming the entire claims process to optimize client services and business partner networks as well as using system-supported and standardized process flows.

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Insurance Application Lifecycle Management

A set of comprehensive methods and tools for the lifecycle management of core applications and insurance processes help insurers select and implement the most efficient core systems along the entire value chain.

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Insurance Operating Model Optimization

Redesigning insurance operating models in terms of their structure, process, people and technology enables companies to reduce operational costs and improve efficiency while maintaining service levels.

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Product Management Transformation

Our approach to Product Management Transformation enhances speed to market by making the most of modular product design and straightforward development along standardized processes.

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Sales Force Efficiency

Our comprehensive methods, approach and tools are focused on increasing the efficiency of sales & distribution management. Our advice and help spans sales strategy, customer management, sales support and sales controlling.

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Solvency II Advisory

We support insurers preparing for the changing business environment regarding methods, organization, processes and systems meeting new Solvency II capital requirements starting in 2013.

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We innovate through these solutions:

Active Manager

Active Manager is a manager-led business transformation methodology that creates a sustainable step change in operational performance. It typically delivers performance improvements between 10% and 20%.

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App Factory

Find innovative mobile solutions for your digital landscape

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BE Tax Reporting Solution

With BearingPoint’s tax reporting solution, financial institutions will be able to cover their entire reporting needs under many tax regimes, such as FATCA, the new reporting standards for the Automatic Exchange of Information and the Swiss Final Withholding Tax, as well as to cover the country specific tax filings of their wealth management clients.

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BEAT - BearingPoint Analyzer and Transformer

BEAT is an analysis tool based on a functional data model using an integrated approach. BEAT accelerates the conception and design of a target finance-risk architecture for insurance companies. BEAT supports the structuring, analysis and documentation of changes in regulatory and legal environments.

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Business Process Management Proof of Quality

Business Process Management (BPM) is more important for insurance companies than any other industry (according to a BearingPoint Study in 2015). Currently only 31% of insurance companies are satisfied with their BPM approach. Key objectives: higher cost transparency, cost reduction and harmonization of the business process landscape with a reduction of error rates, acceleration of process cycle time, increase of client satisfaction and better risk compliance.

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CASAPlus

Making software evaluations more effective and delivering higher quality of information for the decision process. Insurance companies face major IT-transformation needs when replacing old core systems in the area of policy/claims handling. To face this challenge, they start investigating standard products such as Guidewire, TIA or others. BearingPoint has a strong tool, CASAPlus, to drive RFPs/software evaluations by comparing requirement catalogs to suppliers/systems, thus delivering strong analysis functionality.

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Cloud Navigator

Cloud Navigator is our tried and trusted way of helping you navigate quickly and effectively through the cloud. We offer incorporated cloud computing into your strategy, assessment of cloud computing scenarios & options, security & compliance check, sourcing & transformation advice, as well as adaptation of governance & operation.

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CLU

The best idea is useless if it is not identified within the organization. CLU is an idea management platform supporting the innovation management process and fostering innovation as an important component of the corporate culture.

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Digital Customer Service

Enhancing customer service and saving money through digitization. Working closely with you, we can help you transform the way you organize and deliver customer service in the digital age, so you can provide an enhanced customer experience and achieve greater cost effectiveness.

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Digital Testing

From innovative testing such as agile testing, mobile testing, and crowd testing, to traditional step-by-step waterfall testing for one critical application or for an ongoing managed test service to support a customer solution spanning years.

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Enterprise Performance Management Cloud

BearingPoint’s Planning and Reporting Cloud Service is a cost-efficient, reliable and secure way of arranging your organization’s Enterprise Performance Management (EPM) processes.

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Governance, Risk & Compliance

Working closely with the client, we deliver a rigorous and effective integrated GRC (Governance, Risk and Compliance) solution – one that is not only right for the client, but also available for them.

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HyperCube for Insurance

A Project Based Assessment using HyperCube will deliver several improvements in general insurance performance. HyperCube investigates selected data of the insurance company and provides easy to use business rules for helping the client to improve processes according to a concrete improvement implementation roadmap.

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Input Management 2.0

Enhanced Document Automation. In spite of various initiatives to exchange data electronically, and especially in the digitization era, millions of documents will still be exchanged between companies or customers. As a result, a high amount of manpower has to manually process documents to route them correctly to execute requests. To accelerate these processes and to increase the efficiency and quality at the same time, an appropriate solution is necessary. Input Management 2.0 is just the solution when facing these challenges.

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Integrated Sales Platform for Omni-Channel

BearingPoint has been entrusted to support a large CRM initiative after a successful CRM strategy study, a vendor selection and implementation of a CRM-Software. By the end of 2011, the insurance company started to reshape its sales force. BearingPoint supported key activities, including a strategic readiness study as well as CRM vision and a vendor selection for the best-suited CRM-Software.

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Investment Accounting in the Cloud

Many mid- to small-size insurance companies strive to run SAP solutions in asset accounting and reporting (SAP CML, SAP CFM) but are not ready to invest heavily in implementing and running SAP. The cloud technology will allow these companies to exploit the advantages of a SAP based solution without major upfront investment in technical infrastructure, licensing and consulting fees. A template based SAP CML/CFM run in the Cloud will address this issue.

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Investment Data Warehouse

The low-interest period is forcing most insurers to control and monitor their financial investments. In contrast to a risk focused approach seen in recent years, yield controlling and monitoring will have top priority. In order to reach this goal, many insurers are modernizing and enhancing their data warehouses. BearingPoint is offering a predefined investment data warehouse comprising the most required KPIs, reports and the underlying data model.

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IT Mergers & Acquisition

We are neutral IT Advisors for the full M&A life-cycle – for strategic buyers/sellers and for Private Equities. Within our industrialized IT Due Diligence or IT Assessments, we minimize risks and identify cost reduction potentials as well as growth opportunities – based on the investment thesis. Our proven track record and our unique partnership with West Monroe Partners, a leading IT M&A advisor in the US, underlines our capabilities.

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Media and Marketing Optimization

Combining our strong industry and marketing expertise with our unique HyperCube® analytical tool, we will work with you to build a truly independent and detailed picture of your marketing and media world, with specific insights and actions that enable you to optimize the way you communicate with customers and spend your money.

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Omni-Channel-Management Framework

The Omni-Channel-Management-Framework (OCM Framework) consists of seven components and serves as a basis for the strategy development as well as the operationalization of a firm-wide Omni-Channel-Management. Therefore, it enables, especially insurance companies, to build and subsequently reinforce their Omni-Channel capabilities.

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SAP Simple Finance

SAP Simple Finance and S/4 HANA are the solutions which will push ERP into a new generation of “digital business”. The accelerator is a service which is part of the Digital CFO campaign to demonstrate what “digital” means for the CFO.

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Smart Analytics

Smart analytics enriched products & services will become key differentiators for insurance companies. A key feature is that all players may have access to all data. At the same time, smarter analytics may eliminate the requirement to share risks. In recent years, the globalization of fraud patterns requires the analysis of "world data“ and there is the need to establish the future position in the BigData & Smart Analytics ecosystem.

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Sourcing Maturity Assessment Services

Enable an increased efficiency of your sourcing setup, assess and plan your strategic change

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Universal – Consor

Tool for individual and industry insurance. Efficient solution to combine individualization and standardization for the quotation and policy process. Universal is a web-based solution for insurance companies to create standardized processes, business rules and modular products. It supports the insurance underwriter in managing the whole contract lifecycle in only one application, and ensures the traceability of all individually created products and product generations. It is compatible with other quotation and policy systems, and decreases the complexity of the IT infrastructure.

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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.

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