Automated Underwriting Consulting
The deployment of technology in the life insurance space is accelerating. Companies at the forefront of these developments stand to gain competitive advantage, but can also bear an increased costs and greater risks. On the other end of the spectrum, many companies are struggling to keep pace with change and can be stranded on legacy systems and outdated processes.
Taking advantage of the opportunities that new technology offers, whilst avoiding the pitfalls, requires expertize and intuition. At CumPane, we have a depth of experience in managing the successful introduction of technology across the insurance value chain. We support companies with a range of consulting services including:
Technology Review, Needs Analysis & Sourcing
Reviewing the current environment, selecting the right solutions, developing the business case, supporting the cost-benefit assessment, feasibility and procurement processes. Assessing the capabilities of vendors and the optimum operating model for success
Engaging stakeholders at the start of the project to develop a shared vision of success. Guiding the implementation process, establishing project management and monitoring / governance. Regular touchpoints to identify and address issues early.
Specification and Design
Supporting the specification & design phase of the project in a way that maximises the time available from the subject matter experts. This support compresses the timeline and reduces the likelihood of requirements being missed or lost in translation
Testing & Deployment
Providing guidance on test plan development and execution. Establishing a regression test framework to allow streamlined management of future changes whilst maintaining strong risk management.
Analysis & Optimization
Post go-live, the optimization process begins. Inputs for this are normally user feedback and analytics. Understanding the initial performance sets the benchmark for future improvements. System reports should highlight the key metrics (e.g. straight through rate) but more detailed analysis is needed to identify the root causes. Changes are identified and managed through a change control process.