Insurance

Developing a contemporary customer experience - in the face of relentless regulatory demands, tough competition and pressure on capital

Compliance as Competitive Advantage
The actions needed to achieve regulatory compliance can also drive higher standards of customer experience - based on improved data management, a move towards collaborative working, reduced complexity and increased efficiencies. Our specific solution offerings to help meet regulatory demands and grow competitive advantage include:
  • Regulatory change delivery – helping update and modify systems and processes to meet rapidly changing regulations
  • Business and IT operating models – designing and delivering innovative operating models to help manage and grow the business. Building content-rich, connected, integrated operations with high levels of automation, real-time processing and process optimization.
  • Enterprise architecture – accelerating change delivery through Xpress service-oriented architecture (SOA) integration. Seamlessly connecting established systems with new technologies to improve sales and service effectiveness, implementing a common customer view across applications and lines of business, facilitating integration, extending the useful life cycle of older systems and streamlining risk management.
  • Regulatory health check – diagnosing and reorienting regulatory change programs to deliver strategic outcomes. Deploying rapid diagnostic methodology to assess likelihood of achieving program delivery objectives.

Helping clients succeed
Capco professionals can independently assess key responses to the drive for customer delight, compliance and competitive advantage. From regulatory reform initiatives, through operating models to IT transformation, we offer a fresh perspective on effectiveness and capabilities. Our recent insurance industry delivery includes:

  • Data center migration for a large life and pension insurance firm – we helped migrate its data center to new managed service facilities. As part of delivery, Capco helped reduce complexity, created clear lines of communication and introduced robust governance, using a delivery methodology with closely managed releases based on explicit benefit articulation
  • Regulatory change implementation for a global life insurer. Capco managed a large, complex, cross-functional program of work to ensure the organization met the regulatory deadline, as well as satisfying the business requirements, ensuring their market position did not become compromised during delivery.
  • Strategic platform implementation for a well-known pensions and annuities provider in the UK. Capco mobilized the project and brought in a structured methodology for Business Requirements documentation. We worked collaboratively with multiple vendors, as program leads within the business and as the ‘client’s change team’.
  • Single broker access platform across multiple product lines for a global general insurer, to significantly simplify broker access processes and reduce operational costs. This was an end-to-end project that spanned from defining business requirements, simplifying processes and documentation, to working with brokers to ensure they had online access from policy proposal through to bind and documentation.

The formidable combination of customer experience, regulatory, technical and business process issues that, in particular, the U.K. insurance industry faces today creates enormous challenges. At the same time, there are significant opportunities for companies to improve performance, reduce costs and develop market leading customer service. Capco’s independent industry insight and technical knowledge – applied by expert consultants, business and IT professionals - can help all players in the insurance industry position themselves effectively today for the markets of tomorrow.