Risk & Insurance Technology Services

Issues and opportunities:

Distribution:

• Managing an expanding number of products, channels, brands and partners – the need to optimise the use of channels to ensure any marketing and sales strategy is co-ordinated and effective
• Increased use of the internet for direct sales and customer service
• Increased commoditisation of risk solutions to simplify distribution and servicing and add value to the customer proposition
• Having the agility to be first to market with new products and services in response to customer demand

Efficiency:

• Having the flexibility to support multiple business operating models whilst maintaining an integrated and cohesive approach to customers, partners, processes and information
• The need for improved efficiency (e.g. paper based, high frictional costs, high cost base, low service levels)
• Electronic trading – an opportunity and a threat – current market approach is fragmented, uncertain and cautious about adopting non-generic approaches
• Leveraging investment in existing systems, proven best practices and procedures

Compliance:

• Dealing with the impact of regulatory compliance on customer and partner-facing channels
• More stringent and demanding regulation

What can we do? (Services)

• Marketing and product strategy – advise on marketing and product structure to maximise sales and differentiation
• Current Distribution – review current approach and identify opportunities for improvement
• E-trading Strategy – advise on how best to leverage this technology including the use of workflow and document management solutions whilst embedding compliance within the process
• Implement solutions – assist with identifying solutions and managing their implementation
• Manage Performance - to ensure targets are agreed and achieved

Why idRisk?

• In-depth experience of implementing multiple distribution strategies with major corporations (e.g. Marsh, Lockton, Hiscox, NU, Liberty)
• In-depth knowledge of technologies used to distribute insurance products and exploit e-trading solutions (e.g. SSP, Sirius, Acturis, iMarket, Genius, Open GI)
• Experience in leading and delivering web-based solutions to aid distribution and servicing of insurance products
• The Risk Consultants within the idRisk network have in-depth knowledge of insurance products and best of breed solutions for risk transfer and captive management. This expertise can be used to identify and deliver product related opportunities.
• Client examples: Lockton Companies International Limited, Marsh UK/Europe/US, Catlin Group, Groupama, RSA, Liberty, Hiscox, AXA, ACE, NU, WRB, Novae
• In-depth knowledge of risk issues across industry sectors combined with product knowledge across all classes provides a basis for creating differentiated offerings and reduces time to market for product delivery
• Industry knowledge provides a sound basis for understanding the key requirements for the IT architecture – this is used to either assess an existing architecture or assist with designing and implementing a new or improved architecture