There is currently an unprecedented opportunity for insurance carriers to transform their business and leapfrog their competition through improved product and pricing flexibility, speed to market, and customer services, as well as reduced indemnity payments and lower costs. The convergence of aging legacy platforms, complex market demands and more demanding clients has created the need for change. A new breed of technology platform helps enable this transformation.
Carriers have known for years that their legacy policy administration, claims and billing systems are out-of-date, but have largely worked around them with manual processes and one-off technology efforts. However, today's competitive environment, pricing pressures and changing market dynamics are forcing carriers to consider a more dramatics approach. The result has been a move to replace the full suite of applications carriers have been using to run their business. The new systems allow carriers to realize efficiencies, gain flexibility and organize their data for business analytics. Carriers that do not adapt risk losing market share while experiencing continually escalating costs.
PwC provides insurance companies with a customized approach to core insurance systems transformations. We specialize in the following key areas:
A PwC-led transformation has the potential to:
Our systems transformation credentials include:
PwC’s Core Impact app helps guide insurers’ through core transformations, from strategy through execution, by simulating the complex dynamics within large scale transformations. The app enables insurers to make better decisions before, during, and after the implementation.
Insurance carriers need to accurately quantify the benefits and critical success factors of a core transformation before investing in one. Benefits Projector facilitates more informed business decisions.
Transformation projects typically do not prioritize benefits tracking or measurement of realized benefits. The result is reduced accuracy and confidence in data that informs transformation status and corrections.