Capco and a Canadian composite insurance carrier partnered together to redefine their business model transitioning from traditionally transactional-led advice to a holistic-led advice approach, enabled by a broader product offering and omni-channel capabilities.
Over the last decade, Property & Casualty insurers have been focused on the first wave of transformation consolidating their legacy core systems to modern best-of-suite applications, enabling a simplified architecture and standardization of processes across the business.
As insurers look to the future, there is an impending second wave of transformation that is enabling end-to-end digital evolution of experiences, offers and interactions with clients, service providers and employees.
Capco led the client through a 12-week strategic exercise that utilized our strength in strategy, digital and insurance subject matter content.
We utilized a design thinking led approach that provided the client with a framework to visualize their future and achieve executive stakeholder alignment. This approach focused on understanding the clients’ customer, advisor and employee experience conducting extensive primary and secondary research to uncover need, pain points and moments of truth.
Understanding the needs of the customer and the ecosystem provided the team with the ability to design a digital-first experience that shifted the clients’ business model from transactional to advice-led interactions.
The creation of the conceptual vision was enabled by creating functional views of how the business and digital would intersect, which led to a 3-year path forward.
The outcomes for the client were to achieve up to 40% efficiency gains and create capacity amongst their sales force of 10-15% through a better service experience.
Resulting from our engagement, we were able to accelerate the clients’ strategic process and position them to execute on their vision delivering:
For more information about this success story or how we’ve helped other insurance clients to embrace omni-channel opportunities and more, please contact Nick Jackson.