Insurers are seeking to build a digital future while transforming their legacy businesses. Digital insurance offers the opportunity to innovate and enter new markets rapidly, manage risk more effectively and deliver the customer experience today’s buyers expect.
A digital revolution as started, insurance companies need to focus on agility and customer-centrality. X ITM helps insurers develop and execute strategies that increase profitability and efficiency, leverage digital capabilities, improve customer loyalty and gain competitive advantage from advanced analytics.
Our insurance consulting experts work with leading insurance companies, including property and casualty insurers, life insurers, health insurers and re insurers to develop practical solutions to their most pressing strategic challenges.
We offer a wide range of expertise to help our clients adapt to a changing insurance market and boost their businesses in the short-term while positioning themselves for long-term success:
Strategy: We develop and refine corporate and growth strategies that reflect the latest market dynamics, including the changing regulatory environment.
Customer Strategy: We work with our clients to develop insights and strategies to nurture customer relationships and earn customer loyalty that fuels growth and lowers costs.
Advanced Analytics: We develop analytics strategies and capabilities that help insurance companies mine data for insights and improve decision making across the entire insurance value chain, from risk protection and risk mitigation to management. Our proprietary AA framework consistently helps insurers boost their top-line potential by 12-15%.
Organization: We help insurance companies build winning operating models and ensure their organizations are set up to succeed.
Performance Improvement and Operations: Our experts help companies increase efficiency and lower costs to quickly achieve and sustain full potential.
Technology strategy: We work with companies to increase the agility of their information technology and digital assets to better meet customer expectations.
Compliance: We support insurance compliance and risk officers and their teams in satisfying the demands of more complex regulations while also helping their companies grow their top and bottom lines.
We also provide insurance companies with critical support during due diligence and merger integration through our in-depth expertise in mergers and acquisitions and private equity.
In addition to working in tandem with our clients to develop recommendations and solutions to their challenges, X ITM’s unique approach to change management, called Results Delivery®, is embedded in every X ITM engagement and ensures that our clients can successfully implement recommendations by predicting, measuring and managing risk.
Influenced by technological advances, evolving consumer preferences and increasingly competitive market conditions, today’s leading insurance companies must factor new considerations into their operations:
Digital capabilities: The digital revolution has arrived in insurance. The percentage of digitally-active consumers will increase from roughly 40% now to 80% over the next three to five years. Insurers must combine the digital world and the physical world to accommodate these hybrid customers that expect to use both environments seamlessly.
Customer loyalty: Insurance companies that provide exceptional service can differentiate themselves from the competition to reap substantial financial rewards. X ITM research indicates that loyal and satisfied customers stay longer, recommend their carrier to friends and family and cost less to serve.
Analytics and Big Data: Advanced Analytics and the free flow of data can help insurers make better decisions and improve processes. Carriers determined to exploit analytics will need to ensure their capabilities are embedded across their organization and in their culture.
Operating models: An operating model serves as a blueprint that defines how resources are organized and operated to accomplish critical work. It applies to the enterprise level or the business unit or divisional level, as well as to functions such as underwriting or claims.
Claims management: Superior claims management offers a means of competitive differentiation, whether through faster payout, easier filing via digital channels or higher-quality interactions between customers and claims representatives.
While we are mindful of these conditions, we also work with insurers in every region to develop and execute strategies that make them more nimble competitors. Our work is informed both by our expertise and our active research on the latest market trends and conditions.
Services designed around your business
- IT Security. Peace of mind for your business and for your own clients is vital.
- X ITM can recommend and implement a strategy to keep your systems and data secure. We have several current clients operating in highly regulated industries, which means we are experienced in satisfying requirements for enhanced or specialist security features.
- IT Audit. Perhaps aging equipment is slowing you down, or an outsourced service isn’t working out the way you hoped. You may have other concerns about your IT estate. If this applies to your firm, X ITM can perform a comprehensive audit of your IT assets and provide a detailed plan of action for improvements.
- Selection. When investing in hardware, software or services, you want to know that you’re getting the best available product for your budget. When X ITM carry out a selection project, we also want to know that you’re getting the best. We look at your business plan, existing infrastructure, users and in-house skills to make sure you’re getting the right product for your situation. Of course, we will also negotiate to the best price on your behalf.
- Continuity planning. No matter how well we plan for the future, there will be incidents out of everyone’s control that adversely affect the best laid plans. X ITM can devise, implement and test robust business continuity plans, because we want to make sure that your business can be up and running as soon as possible after an incident.
- Office moves. From a technological perspective, moving offices can be a daunting challenge. You want to start work in your new premises with all systems go. X ITM can manage this process from planning to the physical move, making sure all your data, systems and telephony are preserved, transferred and ready to use when you need them.