We partner with the world’s top insurance companies to solve their most complex operational challenges for future success.
The insurance industry is undergoing a radical shift, driven by constantly evolving business models, disruptive technologies and customers seeking a consistent experience across both digital and human touchpoints. An ever-evolving regulatory landscape, increasing compliance costs and competition from fintechs, insurtechs and regtechs as well as other market factors, have increased pressure on profitability. Yet, shareholder expectations remain unchanged.
Insurance companies must create new competitive service offerings, think disruptively and be agile, rationalize business lines, and reduce operational costs, while consistently elevating customer experiences. With deep expertise in the sector, we help identify and remove the roadblocks to improve processes, enhance digital systems, optimize distribution channels and deliver exceptional customer experiences.
We also help you engage your people along the way with the new way of doing things. When teams are engaged and work together, customer service improves, and sustainable growth and profitability are achieved.
Here are five of the key areas in which we work with insurance organizations to ensure sustainable high performance:
Transformation and operational management
Transforming your insurance organization through streamlining business processes is necessary for any future high performing insurance company. We help you achieve enterprise-wide operational excellence through the development of your optimal Target Operating Model (TOM).
The focus on digital transformation must be applied enterprise-wide, to processes across the front (marketing, distribution, underwriting), middle (policy administration, reinsurance, risk, and compliance) and back office (claims, finance, HR). We take stock of current initiatives and help to design and implement the program that makes sense for your business model.
In the digital economy, there is a greater push for digital distribution of insurance products. We help you optimize your channel mix and develop alternate channels for distribution.
The digital-savvy consumer wants a flawless and consistent experience, and there is no room for error. We analyze all the distribution channels across customer segments in the different business product lines to gauge how they run operationally and improve policyholder experience.
The insurance company of tomorrow needs to have a clearly defined ESG framework that measures each component of ESG in a continuous and cyclical basis. We help you define a decisive ESG strategy.
What if you could...
...with Proudfoot you can!
Increase in Net Written Premium
Reduction in end-to-end policy issuance time
Reduction of operating expenses
Medical Insurance: What if you could save a $30 million IT investment from being lost? We helped turn around a $30 million IT investment. Second in the process, we engaged 300 users to gain confidence and user adoption, and realise the promised business case.
A trusted and established Japanese insurance and risk solutions provider, with over 100 years in the business, serving customers in more than 30 countries, was experiencing significant inefficiencies in its Singapore division. The company needed to quickly improve their operating issues so they could move on to implementing already defined the next strategic priorities and goals for three years.