Wednesday, 31 August 2011

ERM benchmarking - Accenture - "High-performance insurer of the future"

A decent effort from the guys at Accenture on identifying and explaining the kinds of strategies which in their mind will separate the insurance men from the boys in future.

They have researched 70 companies (mix of single line, multi line and multinational companies) and come out with;
  • A suite of KRIs to measure and benchmark corporate performance
  • 5 Key attributes of "high performance" insurers; Customer-centric distribution, responsiveness to market, operational excellence, pursuit of cost reduction and focus on risk management
  • 5 forces for change in the industry; growth shift to emerging markets, increases in technological development, escalation of risk and regulation, changes in consumer behaviour and changes in the competitive ladscape
  • 6 distinct business models that should flourish
Very useful for benchmarking, KRI and ORSA purposes, particularly if you are working for a "multi" - the future growth aspects are likely to be hitting a strategic plan near you in the next couple of years...

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