Shifting insurance operating models
As disruption, led by technological advancements, forces insurers to adapt their business models – for example to shift from traditional protection to prevention,...
...legacy operating models often lack the agility to keep pace.
By investing significantly in people, infrastructure, technology and re-engineering processes throughout the value chain, insurance companies can align their organizations to industry sectors (rather than functions), increase the use of shared services between functions and geographies, and recruit from outside the industry for vital skills like data science.
But there is no ‘one-size-fits-all’ operating model. Instead, insurers should assess current operating models against future business model requirements, develop models that can respond to change, and embed a culture of continuous improvement to drive organizational agility.