OW Industry: Financial Services

Insurance

Oliver Wyman’s industry expertise, strategic thinking, analytical insight, and innovation create tangible value for leading P&C, life, and health insurers and reinsurers.

Our Insurance Practice operates across three core areas: strategy, operations, and finance. For every engagement, our firm draws on a dynamic reservoir of intellectual capital, mining best practices globally to develop solutions that benefit our clients locally.


Financial Effectiveness

We depend on cutting-edge analytics and a pragmatic approach to implementation to optimize risk, capital, and value management across many lines of business. We develop frameworks to measure profit, risk, capital usage, value creation, and performance to assess and improve financial effectiveness to meet regulatory (e.g. Solvency II) requirements as well as to generate a sustained competitive advantage.

Strategy and Growth

As the insurance industry continues to consolidate and restructure, achieving profitable growth is key to long-term survival. Oliver Wyman combines strategic analysis tools with extensive information on different businesses, markets and value chain activities to help insurers design strategies that give them a competitive edge.

Cost Leadership

In today's economic environment, cost management is at the top of insurers' agendas. Oliver Wyman's differentiated approach to various areas of cost delivers comprehensive, deep, and sustainable cost management. Our framework distinguishes between six areas of cost and acknowledges the different levers along the value chain and the different cost drivers in each area.

Operational Effectiveness

While insurers have developed bold strategies, many struggle to translate them into a daily reality - failed IT programs, turf wars, and  rganizational inertia are still commonplace. Our approach to designing target operating models has enabled us to support our clients to deliver transformational change successfully. Starting from a deep understanding of strategy, we follow a stringent approach to design the necessary business architecture, business operating model and IT architecture, backing the conceptional work up with the necessary change management support.

Distribution and Marketing

Drawing on our management experience, we maximize sales productivity, optimally configure distribution channels, and clearly delineate value propositions for our clients. Our expertise includes improved targeting, sales processes, alignment of infrastructure, and connecting sales and pricing and service to improve profitability.

Product Development and Management

Through optimizing their product portfolio we help insurers to improve their economics and proposition to customers. We support clients to become more innovative, to bring ideas to market quickly, to effectively optimize the economics of individual products and the overall portfolio and to combine products into aligned customer propositions.

Underwriting and Pricing

Sustained underwriting profitability and differentiation is key to the success of many companies. We guide our clients to take advantage of customer behavior characteristics, to consider additional underwriting factors, to invest in product design/research and to improve upon their negotiation/pricing resources.

Regulation

Oliver Wyman shapes the future of the industry, advising clients on regulatory issues and collaborating with regulators and other standard setters to develop solutions to complex industry issues.

Claims Management

Our proprietary techniques identify sources of claims "leakage," including fraud, over-generous settlements, poor litigation management and inefficient claims handling. We structure solutions to improve processes and align an organization's management and incentives to support those improvements.

ATLAS Software Suite for Variable Annuities and Segregated Funds

ATLAS is Oliver Wyman’s world-class platform for modeling and managing the risk of variable annuities, expressly engineered to meet the full range of business needs of VA providers. With a proven track record and an extensive global client list, Oliver Wyman is able to draw on best practices and years of experience to facilitate the successful implementation of ATLAS across business applications, ensuring a complete transfer of knowledge and professional, timely ongoing software support.

 

Insurance Insights