It can be difficult to take a top-down, cross-functional view of operations transformation with the insurance business being so highly matrixed. The structure of how things are done—from the day-to-day to the strategic—perpetuates silos between functions and business lines. And legal, compliance and security requirements complicate the picture. As such, insurers tend toward an incremental approach to improving operations, which leads to fragmentation of processes and prevents meaningful productivity and business improvements.
But leading insurers are recognizing that incrementalism is holding them back. Those that use scale and intelligent operations can take a much more holistic approach. Not only can they improve experiences and outcomes in the process, they can also transform the cost curve.