Over the past decade, insurance supervisors have elaborated the Solvency II European directive, a major step towards policyholders protection and financial transparency. While Solvency II has been at the forefront of most stakeholders' preoccupations, local markets are also subject to regulatory challenges (e.g. in France: Loi Hamon, ANI, life insurance reform, etc.). This complex environment is constantly monitored and analyzed by Sia Partners’ experts.case study
Sia Partners is a unique management consulting firm composed of passionate consultants who are able to drive business changes among our customers. Through unparalleled industry expertise, we deliver superior value and tangible results to our clients.
In a difficult environment from both economical and regulatory standpoints, the insurance market resists. However, competition between players is increasing and the market now also faces the arrival of newcomers from various fields (retail, media, Internet, etc.). As a result, the profession fosters portfolio profitability and market shares acquisition through different strategic areas, such as:
- Expense ratio optimization (e.g. promoting operational excellence or digitalization);
- Product offering transformation (e.g. creating customer-oriented products);
- Distribution channel adaptation (e.g. making the most out of cross canal customer journeys);
- Innovation (e.g. fostering customer retention through product differentiation);
As a result, if most transformations over the past decade have been driven by supervisory issues, the insurance market now simultaneously faces transformation challenges on different strategic axis. Sia Partners assists its clients to cope with these challenges, in both priorities definition and recommendation implementation.
Thanks to Sia Partners' international footprint our Insurance practice is an a global watch and can provide assistance wherever insurers need it (New York, London, Hong Kong, Singapore, Brussels, Milan, Rome, Paris, etc.) and our integrated model allows several teams from different countries to work together on the same project for our international clients.
Sia Partners has developed strong competencies in P&C, Life & Savings and Sia Partners is able to accompany most directions of an insurance company as it has been recognized as a leading consulting company for the chief risk officer, chief financial officer, chief marketing officer, chief digital officer, chief technical officer and the human resources department.
To share our passion, and help you to better understand and analyze the Financial sector, Sia Partners has created a specific blog: http://en.finance.sia-partners.com/. This blog is managed and updated on a regular basis by our team of consultants.
Comply with Regulations
Sia Partners was involved in the project management and implementation of the Solvency II Approval process of a major French insurer (and all its worldwide entities). The project encompassed different technical contexts, applying Internal Model, USPs or the Standard Formula to all Lines of Business.
Enhance operational efficiency
Cost reduction is an essential component in today’s insurance strategies, especially on the direct market. Improving the operating ratio is a key element in restoring financial and commercial leeway. Sia Partners’ DILO method and Lean-Six Sigma expertise allow us to offer action plans to achieve operational excellence and decrease the expense ratio.case study
Sia Partners helped a large Direct Insurer redefine and optimize its process for managing mail (underwriting, claims, etc.). Our solid field analysis enabled us define a measurable transformation plan.
The insurance market is fostering new growth drivers as the market is mature and competition is severe. Therefore, insurers envisage innovation as a differentiation (therefore acquisition and retention) lever. Innovations can fall into the field of developing new products, inventing new distribution channels, or even reinventing business models. Sia Partners’ research center identifies these innovations and shares its prospective vision through regular publications.case study
Different insurance companies – in different countries – required Sia Partners assistance in redefining their product offering . The project included an international benchmark and recommendations with corresponding business cases.
Steer / Manage implementation
Transformation projects have become more and more complex and international and involve many actors (business, support, IT). Managing its implementation requires specific skills and sophisticated tools in order to provide both a macro and micro vision. Sia Partners’ feedback allowed us to build a custom methodology kit for general management and project contributors.case study
Sia Partners helped a large insurer with their global management of the compliance program Solvency 2 (COMEX Group reporting and management of each task).
Anticipate technological breakthrough
The digital world is becoming omnipresent and data is becoming more and more complex to analyze. New communication channels are the beginning of a new era in the way we understand customer relationships. Aware of the importance of these transformations, Sia Partners provides a digital center of excellence able to accompany their clients in the new "digital world". This center of excellence encompasses all industries to ensure a global and up to date watch of digital breakthroughs.case study
Sia Partners assisted an insurance company in performing its digital turn. The project included definition of strategic objectives and a gap analysis on both internal (HR, working habits, etc.) and external (customer journeys, big data, etc.) streams. Ultimately, Sia Partners provided assistance during the implementation phase.
Support growth operations
External growth operations have become essential in order to 1/ expand in a global economy and 2/ face concentration trends on local markets. Due diligence, data rooms and post-merger integrations are recurring activities when implementing strategic plans. Sia Partners’ international network provides a global support for their key customers and offers them a custom approach.case study
Over the past decade, Sia Partners accompanied the transformation program and the integration of different insurance companies during their mergers. These projects always included definition of a target organization and the very implementation of operational changes
Les Cahiers de L'Assurance 3
Data science : le nouveau challenge des organismes d’assurance.
La mise en place de Solvabilité II a conduit le monde de l’assurance à porter une attention particulière au développement de modèles quantitatifs. De part leur complexité, la donnée et l’information associée ont quelque peu été délaissées. Que ce soient pour des raisons réglementair...Pdf 4.62 MB download
From our Blogs / Here’s what our international consultants are talking about
Five lessons for achieving SMCR compliance for solo-regulated firms from those that have gone before