The insurance industry is riding a wave of consolidation. To extend their competitive reach, insurers are adopting strategies to either become the “consolidator” or to shift their focus on specialized markets. Regardless of strategy, all insurers are evolving their operations to better address the needs of their customers and agents/brokers. They are also retooling core processes and systems to increase efficiency and flexibility, reduce costs and better manage risk.
 
To harness these opportunities, insurers are incorporating business intelligence tools to gain better insight into their customer and agent/broker wants. They are also experimenting with innovative product development processes and delivery channels to test and rapidly introduce new offerings and better service customers. Through reengineering, functions are streamlined and long-standing barriers are removed. Through third-party strategic partnerships, the optimal combination of global and local expertise and service delivery is achieved.

Benchmark Consulting is a leading partner to insurers seeking to capitalize on market consolidation and specialization. Our complete services capabilities encompass the proven processes and tools that allow carriers to increase their competitiveness. We help clients focus on those functions that achieve market differentiation, such as product management and sales channel development, and deliver structured platforms that transform such functions as underwriting, policy administration, premium accounting and claims. Benchmark Consulting also manages non-core yet critical back-office functions on clients’ behalf, allowing them to achieve optimal business performance.