Operational Excellence in Insurance
By KPMG & ACORD
Insurers are under more pressure than ever to effectively manage their current operating expense environment. In order to gain insights into the most effective techniques and capabilities for optimizing expenses, KPMG and ACORD conducted a survey focused on the challenges and opportunities insurers face in improving operational efficiency.
Overall, responses make clear that a lack of process standardization and strategic vision are hindering the majority of organizations from achieving their operational efficiency goals. This report highlights approaches that senior leaders across the strategy, technology, and operations areas should consider in order to correct these deficiencies. Transformation initiatives discussed include:
- Operating model & process redesign
- Legacy systems
- Alternative sourcing
- Intelligent automation
ACORD R&D white papers are available free of charge to all ACORD members.