Big data has a welcome disruptive quality for insurance companies. It helps identify new revenue opportunities, provides actionable operational diagnostics and highlights control enhancements for improved regulatory compliance. Improving pricing accuracy, timely and efficient loss control and prevention, and deepening customer relationships are just a few examples of the competitive advantages available to insurers and risk management advisors via analytics.
When it comes to extracting value from the vast array of available data, there is almost no limit to the technology and real-time analytics capabilities that you could develop. The key is finding the solution you should use—one that provides the right balance between sophisticated technology and cost-effective business results. Analytics are quickly becoming table stakes – a critical capability to keep pace with your competitors. Now is the time to harness your data to drive fact-based decisions and revenue growth, at a price-point that won’t impair financial results.
Analytics as a game changer
How can insurers select the right data, implement business-friendly toolsets, and change the way they execute based on the resulting insights without impeding existing operations? How do insurers innovate and deliver customized products and value-based risk advisory services matched to behavior-based metrics (without putting data security at risk)? Insurers have a business imperative to transform the management of their data, one of their most important assets, to inform and sell to an increasingly demanding and empowered customer.
Understand and operationalize
We leverage lessons learned from the application of analytics in other industries, combined with hands-on insurance industry experience, to deliver solutions that flex with the increasing velocity, volume and structure of data. West Monroe Partners employs the three “Rs” of analytics: reliable, repeatable, and relatable to create an insights-enriched enterprise.
The result? The delivery of superior risk management solutions to customers, and the monetization of data for additional revenue streams. Improved ability to attract, win and retain customers with new products and advice, and seamless data sharing with business partners in ways that enhance the insurer’s brand.
The insurance landscape is changing and technologies are a strategic differentiator in the insurance value chain from both an efficiency and engagement perspective. Customers want their service and product providers to “know” them and provide unique experiences and expertise to them on demand, requiring an interaction model that involves digital while maintaining a personal touch. And, the compliance obstacles most insurers face in servicing customer complaints are daunting.
With thoughtful investment, it’s possible to keep pace with the speed of your customers, and orchestrate a customer-centric ecosystem with business partners.
Well established insurers are facing disruption with new entrants consolidating mobile access to insurance products and services. Insurers strive for trusted business partner status and loyalty in relationships, and loyalty is about engaging and enabling the ecosystem to succeed. This is forcing insurers to take a second “outside-in” look at their customer experience strategy, re-evaluate, and go to market in ways that anticipate and cater to customer needs.
Understand and operationalize
We leverage lessons learned from the application of social and digital solutions in other industries, combined with hands-on insurance industry experience, to deliver tangible, sticky client experiences anytime, anywhere. That means going beyond strategies and roadmaps; going beyond design and code; and finding ways to institutionalize continuous change as the new normal in a risk adverse environment. It’s the efficient transformation of internal processes with technology to flex with the customer.
The result? A differentiated customer experience delivered across multiple channels, new business opportunities derived from improved decision-support, and streamlined operations across the value chain.
Process optimization is a core part of any business and IT transformation, whether it is a claims or policy systems consolidation or a CRM transformation with a captive or non-captive agent/producer network. However, many organizations struggle with realizing the full desired business benefits from a transformation program. These changes require a focus on governance, process optimization and change not only in planning efforts, but ongoing to drive accountability and value realization. West Monroe can help:
- Ensure alignment between business strategies and transformation initiatives
- Secure and maintain executive sponsorship or “buy-in” – securing the partnership between the business and IT
- Develop an enterprise capability model that includes people, process and technology, with clear ownership of capabilities (despite traditional product ownership)
- Create a clear vision with measurable KPI’s to create a compelling case for deeper process focus
- Treat process improvement as a project or core thread, with a clear scope, schedule and resources
- Define a governance structure to establish guiding principles, decision making rights and framework to deal with exceptions
- Integrate knowledge management into the enterprise: enable knowledge to flow through knowledge connections
- Incorporate organizational change management to drive employee/agent/producer/broker engagement, understanding of and readiness for changes and effective training
- Determine ways to sustain desired changes – through ongoing measurement, continuous improvement and performance management
The result? A high-powered, high-performing workforce can help you adapt to changing customer demands and grow your bottom line.