With insurers finding profitable top-line
growth hard to come by, slashing costs is now a key focus, ccording
to the 2012 World Insurance Report produced byconsultancy
Capgemini and theEuropean Financial Managementand Marketing
Association (EFMA).
For the majority of insurers in developed
markets, Capgemini and EFMA found that a costcutting priority is
policy administration system (PAS) transformation.
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Among European insurers, 93% cited upgrading
their PAS’ as of primary significance while in North America it was
cited by 67% of insurers.
“Policy administration transformation is
fundamentally critical for insurers who are up against today’s
challenging economic backdrop and new competitive environment where
the right opportunities for improving margin and top-line growth
are hard to find,” said Jean Lassignardie, vice-president, sales
and marketing of Capgemini’s financial services global business
unit.
He continued: “In such conditions, we see
insurers modernising legacy policy systems to achieve streamlined
operations with much needed reductions in operational costs. This
same path is serving to capture efficiencies that ultimately lead
to improved time-to-market, increased customer satisfaction and
better servicing of policies.”
According to the report, PAS’ modernisation
can reduce the cost of ownership of these systems by up to 40% and
cost per policy by up to 30%. Speed to market of new products can
be increased by up to 60%.
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