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Insurance Services

Deep Understanding of Insurance

We understand the challenges but also the opportunities facing the Insurance industry and possess the knowledge and experience of delivering substantial change programmes across the industry. Our associates have significant experience in and across the entire Insurance market, covering Life and Pensions, General Insurance, the London Markets, Brokers and Distribution. Blackbox’s core capabilities are aligned to address a breadth of challenges facing our Insurance clients. We can deploy individuals or teams that can work from the definition of a strategy, through to the testing and implementation of new products, capabilities, systems and target operating model.

At Blackbox, we pride ourselves on being great listeners, being responsive and pragmatic, and challenging the status quo to deliver successful, sustainable change through a genuine “partnering” style of engagement. We deliver critical change for our insurance clients, including:

  • Operating Strategy and Operating Model Design
  • Sales, Customer Service and Support Operations
  • Reinsurance Solutions
  • Claims Management Solutions and Diagnostics
  • Target Operating Model Definition and Transformation
  • Digital Strategy Definition and Execution
  • Critical Programme Mobilisation and Delivery
  • Process Re-engineering and Cost Reduction Delivery
  • Regulatory Programme Delivery
  • Core Product Platform Selection, Design, Build, Test and Implementation
  • Data Migration

Insurance

Insurers today must balance the dual pressures of improving customer service and reducing costs. At a time of low investment returns and high levels of competition, their margins are under intense pressure. We expect to see clear winners and losers emerge in the next 5-10 years. Long-term success depends on bold decisions today. For many insurers, this hinges on how well they embrace a digital future.

All the associates in our Insurance team have worked in this sector for many years.

We advise companies in general insurance, life and pensions, and London markets. We plan and implement insurance system replacement programmes, streamline operations after an acquisition, help our clients make the most of other investments and we design strategies behind digital and data analytics. Underpinning all this, we transform cultures as well as introduce new technologies.

From process re-engineering to project management, our deep knowledge of the insurance industry ensures our associates make a difference to our clients’ businesses.

London Insurance Market

London is the leading specialist insurance market in the world. However, regulatory pressures have increased, margins are falling in today’s low-yield markets, and litigation is driving an aggressive approach to claims by customers.

Lloyd’s of London and company market participants are under pressure to modernise, to make better use of technologies, and to operate in an efficient way. There has also been an influx of convergence capital – capital from third parties, alternative financing and capital markets – which is depressing rates. Overseas competitors are gaining ground.

Participants are streamlining their placement and claims processes to maximise economies of scale. They are also enhancing their risk and exposure management capabilities to make their portfolios more resilient.

Insurers are overhauling their finance, actuarial and policy administration functions to manage lots of complex data. They are using other real-time business intelligence to improve their risk selection and pricing.

We help our clients in the London market take advantage of emerging technologies, practices and disciplines that contribute to tangible benefits. We recognise that these clients need to embed cultural change to help them respond to a rapidly changing environment. This is the critical component of many of our large change programmes and process reengineering.

General Insurance

General insurance relies more and more on leveraging big data. This, along with core insurance data and analytics can help insurers create tailored products with better pricing and a more accurate spread of risk across the entire catalogue.

For example, mobile telematics transforms motor insurance, and smart metering is starting to do the same for household insurance. Some firms are starting to incorporate data from social media to identify risk factors and create insurance products that are highly targeted for different customers.
Insurers are also upgrading their claims systems. This enables straight-through processing, which leads to better claims handling and lower costs. It also supported regulatory compliance for firms whose new business structures, customer retention and complaints reduction policies are closely scrutinised by the FCA.

We help insurers develop digital strategies, improve their CRM and strengthen their customer-facing operations. We have broad expertise in replacing insurance systems, designing operating models, and developing business processes. We also help our clients address a fast-changing risk and regulatory environment.

Life and Pensions

Managing the impact of the Retail Distribution Review. Delivering plans to implement Solvency II. Dealing with the influx of new customers through auto-enrolment. Navigating regulatory and conduct requirements. These are the challenges that the life and pensions industry have been tackling for some time.

Today, companies also have to work with the biggest pension reforms in a generation. In March 2014, new laws were introduced that allow customers greater flexibility in what they can do with their pension pots. Many firms have changed their products and distribution channels as a result.

There is more demand for end-to-end digital strategies, and more efficient and flexible systems to deliver them. Business processes are changing to improve customer acquisition, servicing and retention.

We have a reputation for our deep industry knowledge and history of delivering what we promise.

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