Insurance companies face a number of challenges.
The digital transformation is gaining momentum, not least due to advances in generative AI. This, in combination with rising cost pressure, increases the demands on the efficiency of one's own organisation.
Customers expect fast, uncomplicated service and a hybrid customer journey.
The regulatory and social ESG requirements for insurers are increasing in quantity and quality, making sustainability an increasingly important success factor.
At the same time, there are a number of new business potentials.
Platform approaches such as "Financial Home" go beyond the pure insurance product and enable better coordinated cooperation with third-party distributors.
New AI models offer the possibility of addressing and serving customers in a more individual and tailored manner.
To ensure competitiveness in the future, insurers must actively address the challenges and opportunities mentioned.
The definition of future-proof strategies and the integration of more efficient processes and IT infrastructure are crucial.
This goes hand in hand with the (agile) transformation of their own organisation and a realignment of the interaction with customers.
The Management Consulting Insurance team supports insurance companies.
We help in actively exploiting the potential of today's and tomorrow's insurance market.
In doing so, we distinguish ourselves through in-depth industry expertise, end-to-end delivery capability (from strategy to (IT) implementation) and a holistic view of current trends and developments.
In doing so, we draw on our large network of experts within KPMG.
Dirk Siegel
Partner, Financial Services
KPMG AG Wirtschaftsprüfungsgesellschaft
Knut Besold
Partner, Financial Services
KPMG AG Wirtschaftsprüfungsgesellschaft
Implementing strategies means thinking ahead about the consequences for the organisation and IT and – especially in the insurance industry – keeping an eye on the regulatory framework. This holistic approach is our trademark.
A selection of our services for your company
Business model and (agile) organisational development:
- Business strategy and market orientation (product portfolio, customer segments, sales channels, marketing, pricing)
- Strategic transformation management and programme architecture
- Agile transformation (agile mindset, agile strategy, objectives and key results)
- Market entry and growth strategies
- Identification of cross-divisional and cross-industry platform models (e.g. Financial Home)
- Innovation strategies
Optimisation of sales processes and structures:
- Analysis of remuneration systems and redesign as well as review of strategy conformity
- Consolidation of commission systems
- Market development model for third-party distributors (conception of services for third-party distributors and support organisations)
- Conception and operationalisation of (IT) development plan
- Customer-centric sales transformation (conception of a target picture, development of the operational and organisational model)
- Analysis and implementation of the use of technologies in the customer journey
End-to-end transformation of insurance processes:
- End-to-end legacy transformation
- Process optimisation/automation and complexity reduction
- Claims function optimisation and digital claims
- Post-merger integration of operations and IT
- IT strategy (e.g. make-or-buy analyses)
ESG strategy and operationalisation:
- As-Is analysis and the development of purpose-driven sustainability strategies
- Design of a social strategy (for the "S" in ESG)
- Measurement, analysis and definition of measures to reduce the carbon footprint
- Definition of sustainability criteria for IT (e.g. development and procurement of sustainable software)
- Conducting an ESG market analysis and benchmarking with a view to the most relevant competitors in each case
