The insurance industry has been relatively slow in its digital maturity. To bridge this gap and provide better service to customers, insurers need to apply the right levers in the right ways, rather than simply embracing technology. At our consultancy, we combine insurance consulting expertise with a deep understanding of new technologies and approaches. Here are the key levers we help insurers utilize:

• Value creation and growth: We assist insurers in identifying strategic partnership agreements, technology investments, and mergers and acquisitions that ignite growth and attract investor interest.
• Customer centricity: We help insurers redesign the customer journey from the customer’s perspective, enabling improved response times, seamless interactions, enhanced transparency, and personalized service.
• Downcycle management: By adopting a proactive mindset, insurers can emerge as winners during downturns. Our industry experts, working alongside Normality’s transformation consultants, deliver short-term impact and fuel long-term insurance transformations.
• Data analytics and AI in insurance: Given that insurance is a data-driven business, we help insurers leverage data science and AI to excel in insurance analytics and transform decision-making processes.
• CFO excellence: Insurance CFOs are expected to provide business intelligence and insights while maintaining strict control over financial data. Through Normality’s Center for CFO Excellence, we help leaders achieve the highest standard of performance and efficiency.
• Productivity: The COVID-19 pandemic has highlighted the need for digital responses in distribution, customer service, operations, organization, and claims handling. We identify and implement productivity improvements that accelerate insurers’ response in these areas.
• Complexity reduction: Insurance companies often have complex product portfolios and business lines. We assist in reducing complexity, both in products and processes, to create a foundation for digital transformation and drive momentum.
• Agile ways of working: Adopting agile methodologies allows teams to work faster and with greater autonomy. We help insurance companies scale agile practices and accelerate product development.
• Systems migration: Legacy IT systems commonly used in the insurance industry can hinder digital offerings and end-to-end customer journeys. We assist insurers in modernizing their tech stack without starting from scratch.

By leveraging these levers, insurers can overcome digital challenges, unlock growth opportunities, enhance customer experiences, improve operational efficiency, and thrive in an increasingly digital landscape.