The insurance industry is undergoing rapid change. Deregulation has opened the floodgates of insurance business in the country. This has led to stiff competition amongst all new entrants thereby forcing performance improvements. The ongoing challenge in the insurance industry is to capture market share.
Globalization and consolidation is driving organizations towards greater versatility. The focus is on managing risk, maximizing revenue growth, new product development and integration of multiple distribution channels.
Moreover, organizations have a sharp focus on lowering cost of operations. To support the trajectory of growth, most organizations are heavily investing in technology solutions.
Achieving sustainable, tangible results has been a corner stone of ECS engagements.
Key challenges facing the industry
Intensifying competition: Industry is witnessing heightened competition with the arrival of new players, new products and new channel. New rules of the game are being defined with competition becoming aggressive with innovative offerings, one stop shop, free-bees etc
Changing customer behavior: Multiple choices to customers are resulting in diffused loyalty as the customers may choose more dependable and hassle free service providers. Customer are becoming more demanding in service levels and better investment returns
Capital adequacy: Given the magnitude of disasters like the September 11 attacks and recent Tsunami calamities there is increased pressure on capital adequacy
Efficiency: There is pressure on efficiency owing to longer gestation period and squeezed margins
Managing resistance to change is paramount as the organizations are under continuous pressure to adapt to the changing best practices
ECS is a management consulting firm with a dedicated practice area in banking and financial services. We have extensive experience in re-engineering the key business processes of the major life and non life insurance players in India.
ECS has a customized approach for improving operational efficiency, assisting in Channel management and reducing the time to market for new product development.
Moreover, organizations have a sharp focus on lowering cost of operations. To support the trajectory of growth, most organizations are heavily investing in technology solutions.
The key to ECS value proposition lies in delivering and implementing tangible outcomes using structured methodologies in a focused intervention. The execution strategy firmly revolves around the theme of sustenance of the intervention.
What parts of value chain we participate in?
ECS has helped organizations across all key business processes in the insurance sector.
Our strength lies in improving the efficiency of operations processes across new business and renewals.
