The World Insurance Report illustrates how leading insurers are successfully modernizing legacy policy administration systems for product, price or operational leadership. The report examines key challenges insurers face, best practices for transforming policy administration systems, and how to define an operational roadmap for success.
Using Capgemini’s Business Agility Maturity Model, the report assesses the functional maturity and leading practices of insurers across regions. Business agility measures the speed with which insurers understand and respond to changes in the external and internal operating environment to remain competitive. Our framework breaks the insurance value chain into four distinct links: Product Design, Front Office, Policy Administration and Underwriting, and Claims, and defines the levers that influence each link.
The report draws on research insights from 19 markets: Australia, Austria, Belgium, Brazil, Canada, Denmark, France, Germany, Hong Kong, India, Italy, Netherlands, Philippines, Singapore, Spain, Switzerland, the U.K., the U.S., and Vietnam. We estimate these countries together account for approximately 66% of the global insurance market and 13 of the world’s top 20 insurance markets in terms of premiums.
Our research for the 2012 report included in-depth focus interviews with 71 insurance executives. Of the firms interviewed, 41% sell both life and non-life insurance, 31% focus solely on life, and 28% are dedicated to non-life.