Today’s insurance and reinsurance carriers face an array of challenges. In an industry which is marked by a limited amount of product innovation, stubborn cost structures, and a slow reaction to alternative capital strategies and new risks, even the most successful companies struggle to reduce the cost of doing business and improve performance. This includes managing premium growth, improving capital efficiency and supporting higher returns.
To remain competitive, carriers need better ways to benchmark their position, address drivers of decline in revenues, and identify continuous opportunities for sustainable growth. Key obstacles to improvement often involve highly fragmented underwriting, multi-layered distribution strategies, incomplete, dislocated and inaccessible data, complex technology applications, a complex regulatory environment, and redundant overheads.