Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 20th of January 2018
February 28, 2012

Transforming policy admin key for insurers

by Richard Kilner

Story link: Transforming policy admin key for insurers

The Capgemini and Efma 2012 World Insurance Report, released today, has found that insurance firms are intent upon cutting costs and enhancing efficiency to combat the decline in profitability suffered since the financial crisis.

The report draws on insights from 19 nations to offer suggestions for ways that core functions can be improved.

The report suggests that minimising claims and other costs, singling out core operational functions as an area where transformation can lead to cutting costs, saving money and delivering a better customer service.

Aging and inflexible policy administration systems present insurers with an opportunity to change for greater efficiency, with 93% of European insurers and 67% of US insurers considering this to be a priority for change in the next two years.

The insurance industry has achieved greater agility in recent years in core policy administration back-office levers, according to Capgemini’s Business Agility Model.

Efma Secretary General Patrick Desmarès described business agility as the critical focus for insurers moving forward.

 

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