Insurance
 From accelerated consolidation in both general and life insurance in developed countries to the dramatic growth in Asia and developing countries, the insurance industry is undergoing a massive shift in the ways insurers traditionally distribute products, assess risk and manage insurance operations. For larger corporations, alternate risk transfer methods will continue to grow to complement traditional insurance covers.
Dramatic advances in the use of technology – including data mining using advanced predictive modeling methods, further outsourcing and offshoring of non-core activities, and accelerated new product development cycles through replacement of antiquated legacy systems – have changed the success criteria in this rapidly changing environment.
One of the most significant trends will be the continued change in the distribution and sales of insurance products and services. In personal insurance, organizations tied to a single distribution method will lose ground to those more open to allowing the customer greater options in how insurance is purchased and serviced. The professional agent and advisor will continue to play a vital role in the more complex product purchase decisions, while direct sales will take a greater share of standard products. In addition, there will be fewer opportunities for independent producers in these market segments.
Conversely, the independent agent, broker and third party administrator will thrive and grow in the commercial insurance and benefits administration sectors, where unbiased consultative services and multiple market access remain an important service requirement of business clients.
PA can help insurance companies to address their most important challenges:
- consolidation – we assist major global organizations in post-merger integration efforts. These include back-office reorganization, shared service development, outsourcing evaluation and support
- globalization – as an active player in the Asian, American and European markets, PA assists financial institutions to formulate expansion plans to capitalize on growth in new markets, particularly in the life, accident and commercial insurance sectors
- risk management – PA works with clients to assess their market, credit and operational risk, and to develop strategies to mitigate identified risks, including effective disaster recovery plans. In commercial insurance, this function will become even more important as larger corporations, their brokers and insurers evaluate alternative risk mitigation options in addition to traditional insurance coverage
- technology – PA utilizes dynamic modeling and other methods to develop sophisticated predictive solutions, which help management forecast and prepare for various business outcomes
- sales distribution – working across the spectrum from global brokers to mass marketers, we help organizations to create more efficient sales support operations, develop alternate sales channels, and manage call centers and marketing strategy more effectively.
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