High Performance Insurance Software Solutions

Accenture's Gilles Biscay talks about the impacts of the current economy on the insurance industry. Listen to or download the podcast. [MP3, 5.26MB] [Running time 7:40] Podcast Help

Biscay describes five business imperatives that insurers should focus on to get ahead of the competition:

1. Improve investment risk management and increase the use of standardized global financial reporting protocols and reports.
   
   
2. Focus on underwriting profitability to offset investment losses. With low interest rates due to the credit crisis, insurers need to place a greater strategic emphasis on underwriting excellence.
   
   
3. Focus on cost management as an additional means to offset investment losses. The economic crisis softened insurance demand and premium growth, putting additional emphasis on controlling costs.
   
   
4. Adapt to customers’ changing demands. Insurers must be able to bring new products to market rapidly.
   
   
5. Seek merger and acquisition opportunities. The financial crisis has changed the insurance landscape and well-capitalized insurers are now positioned to take advantage of the situation and pursue acquisitions in their domestic market and enter new geographies with attractive growth prospects.

In this context, Biscay sees software solutions as enablers of the changes that insurers must undertake to take advantage of the situation and stay ahead of the competition. He describes how software solutions can help insurers strategically reduce costs without jeopardizing future revenues and accelerate the time it takes to launch new products and match customers’ rapidly evolving needs.

This podcast was produced by consultants at Accenture as general guidance. It is not intended to provide specific advice on your circumstances. If you require advice or further details on any matters referred to, please contact your Accenture representative. Read the transcript of this podcast.