The insurance market has rarely been more challenging than it is today. All sectors of the industry are affected by the continuing global economic uncertainty and the increasing demands of regulation. Each sector in turn has its own added challenges.
In general insurance, fraud continues to be an issue of such significance that it is driving increased collaboration between insurers. Digital channels are changing your relationship with – and understanding of – your customers.
The reinsurance and large commercial market is seeking to improve its understanding of risk to avoid a repeat of the un-modelled losses of 2011. The industry is also developing innovative products to better address emerging risks such as cyber risk, which was in third place on the Lloyd’s Risk Index 2013.
Life and pensions customers are reluctant to put aside part of their shrinking discretionary income in an environment with highly uncertain investment returns. Often they are confused about what is the best approach and unsure whether they can trust the advice they receive.
Data management is an important component of regulatory compliance, particularly in relation to Solvency II. In addition, the use of data can help you unlock new opportunities. Effective and timely analytics can give your organisation the edge in areas ranging from operational efficiency to product pricing, from channel performance to customer profitability and from risk assessment to loss adjustment.
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BAE Systems can help you:
- Detect and prevent fraud especially as new channels make it easier for adversaries to manipulate their identities and test your thresholds
- Better understand your customer behaviour so that you attract and retain customers more effectively
- Improve policy pricing and loss adjustment
- Develop a refined and more timely understanding of your aggregate risk exposures
- Extract insight from unstructured data
- Comply with regulatory obligations
- Offer cyber risk cover that helps your customers to understand and mitigate cyber risks, and underwrite this cover with confidence
- Safeguard mission-critical information from cyber threats, whilst treating information security as a business enabler
- Embrace digital transformation to enable product innovation and deliver compelling customer experiences .
Contact us today to discuss your requirements with our experts.