The Insurance industry is facing an unprecedented amount of change driven by both internal and external forces. The graph displays how these changes are impacting the way that Insurance companies conduct business in today’s world. Some of the internal priorities and external drivers include:
With an increasing amount of internal and external pressure, Insurers are faced with the challenge of keeping costs down while increasing efficiencies throughout their organizations. Navigant’s Insurance team provides comprehensive solutions to help clients address and manage the complex challenges facing Life Insurance, Annuities, Group Insurance, Retirement and Property & Casualty (P&C) insurance companies, by providing the following services:
- Business Transformation: Target Operating Model (TOM) Development/Organizational Design, Process Improvement, Sourcing & Procurement Strategy, Vendor Sourcing/Selection/Governance, Change Management, Sales Strategy & Effectiveness, Transition/Integration Planning and Implementation Support, IT Strategy/Portfolio/Program/Project Management
- Risk, Compliance and Control: Risk and Compliance Programs, Controls Review, Risk and Controls Self-Assessment (RCSA), Vendor Management Program Development and Execution, Compliance Testing, Risk Management, Unclaimed Property Solution
- IT Strategy & Transformation: IT Strategy and Effectiveness, Enterprise Application Roadmaps, Strategic Sourcing, Security Vulnerabilities, Portfolio/Program/Project Management, and IT and Application Selection
- Data Analytics: Enterprise Customer View, Data Cleansing and Rehabilitation, Customer Segmentation and Predictive Analytics Sales and Service Strategy, Improved Underwriting Capabilities, and Focused Marketing Efforts
Navigant's Unclaimed Property Compliance Solution
Includes Fuzzy Match capability for RSA, NCOIL model law and Policy Finder matching
By working with Navigant, our clients achieve meaningful and lasting improvements in cost reduction, top-line growth, service quality, agility and responsiveness, operational efficiency, resource enablement, and risk reduction.
Navigant’s Insurance professionals bring our clients a blend of industry and consulting experience gained from working with leading insurers and blue-chip consulting firms on a portfolio of relevant projects. Our Team is a multi-disciplined assembly of results-oriented experts who utilize proven methodologies and call upon deep industry insight in order to deliver independent advice and drive results by working collaboratively with your team.
To learn more about Navigant’s management consulting services for insurers, click here.