Helping Insurance firms across the globe
Attractive new insurance products may tick the right boxes for offering greater returns, meeting customer demands and addressing sustainability factors, but they also expose you to additional risks. Whenever you diversify your investments, whether it’s asset classes or more sophisticated derivatives, you open the door for operational inefficiencies and regulatory overheads.
So, can you really afford to rely on a platform that doesn’t give you a holistic, compliant, and cost-effective way to manage your investments? You need to be able to future-proof your operating model, to provision for risk-adjusted returns whatever the market conditions.
Article
There’s no doubt that technology is rapidly shaping the insurance space. Yet, before you can fully reap the benefits of innovative technology, you have to determine if your operating model is best set up to handle the changes.
We turned to our Director of Consulting Services Scott Ferrante to get his thoughts on the insurance operating model.
In the last decade it’s gotten harder to find alpha in traditional investments. This has led to an explosion of complex asset classes that require more overhead and oversight. But being there for your clients doesn’t have to be difficult for you. You can reduce business process complexity and operational risk by using a lean system landscape that includes both public and private investments in one place.
You have new options to automate manual tasks using the latest cloud-based technology or use tech-enabled services to remove time consuming and costly processes, allowing your team to focus on more rewarding and value-added tasks.
Better data insights combined with holistic views of all insurance products will increase the agility of insurance companies in meeting changing consumer needs.
Global Insurance Leader, EY
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