Same, same but different
Insurance
The insurance industry is currently undergoing unprecedented changes.
Industry professionals must now rise to a whole new set of challenges, including new demands from the end users of insurance services.
Equinox Consulting has a solid track record working with major insurance companies. The expertise we have developed enables us to guide you through the planning and implementation of targeted organizational and sales strategies.
In today’s market insurers must improve performance if they are to face the future with confidence
Over the past several years, the insurance industry has seen unprecedented change.
The traditional borders between the insurance industry and other sectors of the economy have become blurred; the range of products and services offered—particularly to private individuals—is now perceived as commonplace.
Faced with increasing demand from clients (for transparency and an ever broader range of products and services), joint banking and insurance providers, shareholders and—more recently—direct insurance brokers, insurers must improve service quality while bringing innovative products to market.
The challenges ahead are simple:
- Improve overall performance: In the insurance industry, processes have not been standardized to the extent they have been in the banking industry.
- Increase solvency and profitability: Regulatory pressures pursuant to Solvency II, among other factors, will require profound changes and will affect the entire value chain.
To meet these challenges, insurers must overcome four key hurdles:
- Innovate to offer new products and develop a multi-channel sales strategy.
- Adopt customer strategies based on profitability.
- Optimize and standardize the value chain and, in particular, distribution networks.
- Upgrade information systems to include Electronic Document and Information Management (EDIM) and automate processes.
Equinox Consulting is poised to support you throughout these changes, from detecting and analyzing opportunities to optimizing profitability in a way that is coherent with your strategic and sales objectives.
Our purpose is to help you better respond to market expectations.
Business development and strategy planning
- SWOT analyses for banks considering bringing insurance products in-house
- Product launch assistance and critical reviews
- SWOT analyses on outsourcing support activities
- Direct insurance business feasibility studies; support launching direct insurance businesses and developing the associated product lineup
Organization and process optimization
- Partnerships: defining roles and responsibilities of the different partners and drafting the service agreement
- Processes optimization:
- Front office: launching and marketing new products
- Back office: health & benefits services; claims management
- Support functions: speeding up the account production process - Process standardization (front office and back office) for the launch of low-cost product lines
- Optimization of asset management functions
Sample project
Improving the level of service of the benefits division of a major retirement and benefits provider in France
Amid increasing volumes of information to process and the launch of several new products, our client’s goal was to provide its benefits department the resources it needed to keep its client portfolio, track execution of action items required by the internal auditing department and reach targets set by management.
Equinox Consulting responded to these issues by :
- Setting up a tracking and management system for the division’s activities
- Restructuring the division’s management methods
- Overhauling operating procedures and overseeing implementation
- Training administrators on the new procedures
- Tracking with a high level of accuracy the execution of action items defined by the internal auditing department
Thanks to our expertise, our client was able to maintain its client portfolio while meeting management’s profitability and productivity requirements.
Sample project
Clients :
Generali, Mutuelle Générale, UMC, Groupe Caisse d’Epargne, Médéric Chorum