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Agile in Insurance

The insurance markets are undergoing change like seldom if ever before:
  • Compliance and regulation like Solvency II pose challenges, but also offer opportunities
  • Electronic exchanges for insurance services, in addition to aggregator web sites for commodity policies, are changing relationships within the markets
  • New business models, more complex value chains for distribution of insurance products, ever more ingenious approaches to sharing, managing and packaging risks develop apace
  • Increasing uncertainty about economic, political, and climatic change across the globe makes insurable risks more difficut to assess
  • The need to analyse and manage ever growing data sets to assess risk demands more complex systems and new skills in underwriting.

Underwriters, brokers and agents who are not able to develop and change rapidly will struggle to meet the expectations of customers facing inexorably rising premiums.

Insurance organisations need a highly flexible approach and the right technology to enable them to develop progressively, quickly and effectively. Business agility has never been more important – organisations can no longer afford the long lead time inherent in traditional approaches.

Cornwell has quietly built its capability in the London insurance market.

  • We have transformed the business processes and IT architecture for a marine P&I club, developing and managing an outsourced programme to create a full SOA, giving underwriters and claims handlers a full set of integrated IT capabilities wrapped around their core system.
  • Cornwell has provided strategic advice for a business plan and supported in the development of a case development, business and IT process mapping and project management for a start-up MGA.
  • We supported a Lloyds managing agent adopting cloud computing.