General insurance relies more and more on leveraging big data. This, along with core insurance data and analytics can help insurers create tailored products with better pricing and a more accurate spread of risk across the entire catalogue.
For example, mobile telematics transforms motor insurance, and smart metering is starting to do the same for household insurance. Some firms are starting to incorporate data from social media to identify risk factors and create insurance products that are highly targeted for different customers.
Insurers are also upgrading their claims systems. This enables straight-through processing, which leads to better claims handling and lower costs. It also supported regulatory compliance for firms whose new business structures, customer retention and complaints reduction policies are closely scrutinised by the FCA.
We help insurers develop digital strategies, improve their CRM and strengthen their customer-facing operations. We have broad expertise in replacing insurance systems, designing operating models, and developing business processes. We also help our clients address a fast-changing risk and regulatory environment.