Industrialization of Business Operations in the Insurance Industry
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Overview: A volatile economic and investment environment, changing customer needs, and increasing regulatory scrutiny continue to push insurance companies to find new ways to improve revenue, capital utilization, risk profile, and ultimately profitability. As claims and expenses rise at a faster rate than premiums, and investment yields (and, often, spreads) decrease, insurers also cut costs. With the transformation of support operations across the industry, the traditional model of maintaining multiple or non-standardized back offices to support different product lines and business units is giving way to more "industrialized" target operating models.