Unlike ever before, the climate of the Insurance industry is one of extreme competition and diminished customer loyalty. Consumers, many of them shopping online each year for their insurance needs, are seeking the best value and an ideal customer experience. The ease at which they can compare plans, prices and features allows them to quickly change companies to receive a higher perceived benefit. The key to survival in this environment is the ability of the insurance providers and brokers to not only reduce costs and improve operational efficiency, but implement data-driven strategies to meet the unique demands of each individual customer – interfacing with them online, by phone, or in person, 24-hours a day.
West Monroe Partners’ insurance industry leaders have more than twenty years of experience delivering strategic solutions to address today’s shifting marketplace. Our team can assist in customer acquisition and retention by defining the ideal type and level of interaction with each customer and identifying appropriate target markets for specific products and services. West Monroe also provides technology solutions to improve operational efficiency and data reporting, including claims process optimization to streamline underwriting, rating and policy administration processes and effective analytics reporting that enable firms to leverage information to guide product development and deploy intelligent rating/pricing capabilities.