The recent financial crisis caused a seismic shift which has profoundly impacted the P&C insur- ance industry. Low investment yields, exposure of long-term underwriting losses, increased competitive pressures, limited growth, and regulatory uncertainty are just a few of the deep, long-term implications
insurers are beginning to understand. The result is a new
normal for the insurance industry.
Combined ratios are still lingering at higher than needed levels, and the industry is currently facing record capacity with decreased exposures. Underwriting profits are nonexistent, and claims payouts continue to accelerate. Market
demographics have shifted significantly, driving change in
consumer behavior and distribution channel preferences.
Further, the industry is facing a serious shortage of skilled
workers, which means business process outsourcing is
more warranted and needed now than ever before.
This shift to a new normal requires business strategy
and business model transformation to create a new, agile
foundation that adapts to change, enables continuous innovation and provides a platform for a new future.
The Public
Claimants, Policyholders, Witnesses
Insurers
Innovation
Insurer
Software
First Notice, Auto and Property Services
Enterprise / Innovation Insurer Software
Network
Suppliers
Innovation
Supplier
Management
Innovation Hosting Services
A New Business Model
A convergence of long-term trends played out over decades
is fundamentally re-shaping the business landscape. Declining return on assets (ROA) suggests the current way of
doing business is fundamentally broken. With the speed
and depth of industry change continuing to accelerate, a
long-term vision is critical to ensure that
investments today meet current and future
business demands and position insurers to
seize market opportunities and grow.
New operational models which combine
modern technology solutions, BPO services
and alternative delivery platforms designed to extend organizational capabilities, allow insurers to focus on value-added
core competencies. The key features of this new model are:
highly-configurable, componentized SOA solutions which
leverage business process management (BPM), integrated
analytics and flexible delivery options such as on-premise,
hosted, BPO and SaaS, and integrate effortlessly with expert,
specialized BPO services for insurance.
This new insurance model, which features a convergence of modern SOA technology and BPO services, offers a
new, strategic platform for market agility and growth while
lowering total cost of ownership ( TCO). This new business
model enables breakthrough innovation and business
transformation, enabling insurers to combine emerging
demands, operational efficiencies and dynamic insights
around business processes to maximize profitability, market share and competitive differentiation.
A New Business Solution
The new normal’s new business model requires a new business solution. Insurers must look beyond modern SOA, Java-based solutions that only just out-perform legacy systems, to
solutions with truly new business capabilities and delivery
options. The best solutions are designed to rapidly adapt
to cyclical business changes, build and deliver innovative
products, services and real-time access, enable multi-dis-tribution channels, provide operational claims excellence,
deliver customer and underwriting performance insight, all
while maintaining a low TCO and business agility.
Innovation Insurer is that new business solution.
Based on a business architecture model, Innovation Insurer includes business experience, functionality and IP
developed over 20 years, built from the ground up on a
100 percent Java, SOA architecture. The new Innovation
Insurer inherently utilizes Innovation Group’s extensive
BPO operational experience providing a functionally-rich,
Innovation Insurer provides customer relationship management (CRM), real-time access, out-of-the-box portals for
agents, customers and partners, mobility enablement, rapid product configuration and market delivery, rules, product templates and integration, extensive FNOL capabilities,
integrated supply chain management, integrated business
analytics, billing and financials, and reinsurance management. Most importantly, Innovation Insurer is backed by a
forward-thinking roadmap that anticipates future business
changes. It is a scalable, proven, business solution with
multiple delivery models, which makes Innovation Insurer
a robust, innovative alternative to traditional systems. It is
built and priced for all insurance companies, big and small
alike. Innovation Insurer is the solution which will help
insurers compete in the new normal.
A New Business Partner
Innovation Group’s strategic direction and vision for the
P&C insurance industry capitalizes on capabilities of the
company’s core software and BPO services. Today, Innovation Group is delivering this new solution and business
model to drive more value to insurers, offer greater flexibility, and agility to change with shifting market conditions through best practices, a consortium of new ideas,
market trends and capabilities, and a platform for continuous innovation and transformation.
Leveraging extensive BPO experience gained through
support for over 800 policy and claims insurer customers
globally, Innovation Group is a key part of insurer clients’
operations and brand promise. Deep involvement in our
customers businesses give Innovation Group a unique perspective on the innovation, energy and insight required for
competitive advantage. This insight provides understanding
of the complexities and challenges of the business, as well as
the pressures on financial performance.
Instead of selecting different vendors for software and
BPO, today P&C insurers can choose a partner, Innovation
Group, a company uniquely qualified to offer a bespoke
range of solutions to suit insurers’ needs from end-to-end insurance or risk management, replicating the operational delivery of an insurance company that provides
comprehensive business capabilities that enhance our
customers’ brands.
A New Innovation Group
Many describe Innovation Group as a company that is “
different” and pushing change. While some vendors continued down the path of delivering traditional, yet separate,
software solutions or BPO services, Innovation Group
took the path less traveled, and is today delivering on a
strategy that offers a new solution portfolio and a new
business model for our customers and the industry.
“The Road Not Taken” by Robert Frost states, “Two roads
diverged in a wood, and I— I took the one less traveled by,
and that has made all the difference.” Without question,
change will continue at a rapid pace, offering different paths
and making it a very promising time to be “different.” While
others continued down the same path, Innovation Group
took the one less traveled and applied new ideas and energy
to a traditional business seeing big changes and plenty of
competition, creating a new path for a successful future, one
that will make all the difference.
76 Batterson Park Road
Farmington, CT 06032
United States
t: 860.674.2900
f: 860.674.1059
e: info@us.innovation-group.com
