Prepare today for the transformation of the insurance industry
Sustainability considerations are increasingly moving into the focus of the financial services industry for a myriad of reasons: Environmental challenges, regulatory pressure and change in mindset of clients towards more sustainable behavior.
Process management is high on the agenda of many companies, but how can they reach their ambitious goals? Our current study shows that successful process management builds up the appropriate competencies and measures process management and process performance regularly, enabling processes to be managed efficiently over the long term.
In 2015, BearingPoint performed market research to understand the drivers of an adaptive insurer, focusing on the business’s ability to respond to economic, demographic and regulatory change. At this point in time, we identified three clusters of companies with a strong correlation between adaptiveness and market performance: leaders, midfield and laggards.
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.