Prepare today for the transformation of the insurance industry
In the first phase of the crisis, insurers had to maintain their operational capacity to (re)act and at the same time implement state-imposed security measures. The typical change curve with rigidity of shock and subsequent actionism could be broadly observed. Now the industry returns to a phase of consolidation. According to Niklas Elser, the necessary actionism in the crisis allowed for many things to develop overnight and the crisis created instant clarity about pending digitization plans. However now, these initial achievements must be combined with an overarching strategy, otherwise event the best approaches will be lost.
A global reinsurance company with established operations in the Chinese market needed to comply with China’s evolving regulatory environment in the cybersecurity field. BearingPoint worked with the client’s project team to identify key impacted areas of cross-border sharing of data and to restructure their IT architecture, to comply with legal requirements and enable ongoing operations in the local market.
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