Client Need
A global European Insurance company wanted to
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Conduct an industry wide benchmark across the peer group of companies to compare the GWP to Technology and Operations Cost ratio
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Recommend initiatives to lower the cost of Technology and Operations by redefining the infrastructure strategy and the Outsourced vendor engagement model
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Reduce OPEX, improve Customer Experience and service quality
Client Solution
A review across Life and General Insurance companies were conducted using Primary and Secondary research techniques to build the GWP / Tech & Ops Costs, engaging senior stakeholders.
The survey extended beyond capturing OPEX to new understanding new initiatives and innovation.
Technology and Operations vendor RFI was conducted to benchmark the cost of operations.
Client Impact
Recommendations to reduce the OPEX by 65% by
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Implementing the Data Centre Transformation strategy
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Renegotiate the Technology vendor contracts for Run and Change
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Digitization and Process Automation for KYC and Claims and other processes