Singularity Consulting - Intelligent Relationship Management

Changes in market conditions, environmental factors and technologies are providing insurance providers with new opportunities and exposing them to fresh and some old challenges. Many of these opportunities and challenges are similar across life, property and casualty and healthcare services. Some are more acute in specific niches of the industry (e.g. regulatory pressures are widely felt in the healthcare market). Some of the issues facing the insurance industry are:

Rapidly acting in new markets and under new business models in response to market pressures from globalization, convergence, etc.;
Managing increasingly fluid and complex partnerships and channel relationships and at the same time simplify the value chain and the players involved (risk managers, agents & brokers, insurers, reinsurers, adjustors, attorneys, financial institutions, boards & bureaus, service organizations, regulators, etc.);
Responding to opportunities offered by the Internet;
Providing better customer service;
Increasing profitability through customer retention, improved actuarial and underwriting processes, etc.;
Effectively managing regulatory changes.

Largely in reaction to these issues, many insurance providers have made significant investments in various technologies. To evaluate the efficacy of their initiatives, however, organizations need to examine their answers to some fundamental questions:

Do we know who our customers are? Do we have a unified picture of our customers across our sales, customer service, underwriting and book of business systems? Are we capturing what we need to measure our efficacy? Is our information consistent with our partners and channels?
Are we using this information to improve customer service and retention? Are we using our book of business and claims data to attract and retain profitable customers?
Is our claims processing efficient? Are customers satisfied? Are agents and brokers incented, motivated, and satisfied?
Are we using processes and information to make our underwriting more accurate? Are we losing money on new customers? Do we need to?
How can we attract new customers? Who are they? What are our differentiators? Are we flexible and responsive?
Have our technology investments paid off?


At Singularity, we are clear that the critical success factors upon which to focus and the business intelligence needed differ significantly by industry sector. Cookie cutter solutions do not work. Our experience working and consulting within specfic industry segments is what brings clarity to your strategic opportunities. Here, we share our insight into the most pressing contemporary issues within the industries we know. This month, we feature the Insurance Industry. Check back often for more on our industry-specfic frameworks.
Insurance Industry	Changes in market conditions, environmental factors and technologies are providing insurance providers with new opportunities and exposing them to fresh and some old challenges. Many of these opportunities and challenges are similar across life, property and casualty and healthcare services. Some are more acute in specific niches of the industry (e.g. regulatory pressures are widely felt in the healthcare market). Some of the issues facing the insurance industry are: Rapidly acting in new markets and under new business models in response to market pressures from globalization, convergence, etc.; Managing increasingly fluid and complex partnerships and channel relationships and at the same time simplify the value chain and the players involved (risk managers, agents & brokers, insurers, reinsurers, adjustors, attorneys, financial institutions, boards & bureaus, service organizations, regulators, etc.); Responding to opportunities offered by the Internet; Providing better customer service; Increasing profitability through customer retention, improved actuarial and underwriting processes, etc.; Effectively managing regulatory changes. Largely in reaction to these issues, many insurance providers have made significant investments in various technologies. To evaluate the efficacy of their initiatives, however, organizations need to examine their answers to some fundamental questions: Do we know who our customers are? Do we have a unified picture of our customers across our sales, customer service, underwriting and book of business systems? Are we capturing what we need to measure our efficacy? Is our information consistent with our partners and channels? Are we using this information to improve customer service and retention? Are we using our book of business and claims data to attract and retain profitable customers? Is our claims processing efficient? Are customers satisfied? Are agents and brokers incented, motivated, and satisfied? Are we using processes and information to make our underwriting more accurate? Are we losing money on new customers? Do we need to? How can we attract new customers? Who are they? What are our differentiators? Are we flexible and responsive? Have our technology investments paid off?