Maximize results through system and process modernization
Insurance is an evolving and highly competitive industry. With a market that is increasingly focused on price and value, carriers are faced with the complex challenge of balancing investments in sales growth, pricing sophistication, lean expense ratios, and aggressive loss control.
Emerging technology and insurtech are also disrupting the way organizations work — for instance, new blockchain technologies can expedite claims processing while microservice architecture has the power to elevate policy administration software. To remain competitive, insurance firms must navigate these changes and address emerging demands with competence and tact.
At SEI, we live by a philosophy of radical flexibility. Backed by nearly three decades’ worth of experience and a full suite of services, we help our insurance clients drive revenue and increase profitability. We know that a confluence of external and internal circumstances can generate unique business and technology challenges, as well as opportunities, for modern insurance firms. Working with key stakeholders, we zero in on sales and distribution, underwriting, claims lifecycle management, and customer care services to position our clients for large-scale growth while managing expenses and risk.
Our technology enablement expertise allows us to effectively deliver streamlined Salesforce and CRM solutions and apply proven process design to lean out back-office sales operations. By strengthening our client’s sales operation in these ways, we empower them to achieve the economies of scale needed to realize tight expense ratios.
SEI also brings data science offerings to the table for our diverse client base, providing insurance companies with the actionable insights they need to navigate critical state regulations, create segmented pricing strategies, and enhance product underwriting. From a claims perspective, our insurance experts design state-specific loss mitigation strategies, streamline subrogation operations, and implement predictive analytics solutions designed to help claims leaders get the most out of their operations.
Collaborating with insurance executives, we define and implement strategies to transition existing services into optimized global shared services. Through on-the-ground coaching, we empower our clients to increase efficiencies in their product and service offerings, ultimately allowing them to scale capabilities while simultaneously reducing costs and maintaining their customer-centric reputation.
Put simply, SEI enables insurance clients to manage their investment operations, focus on growth levers, and take their businesses to new heights.
YoY increase in U.S. P&C insurers' net income in 2018
Share of new life insurance sales that will be driven by digital interactions in 2020
Share of Americans who do not own any form of life insurance
Data-Driven Strategy Implementation
After taking over a new data group, the IT leadership team of a major insurance company was challenged with enabling the organization to leverage data to drive business outcomes. SEI’s strategic guidance in the implementation of a robust data governance system helped the company’s IT leadership team deliver on seven critical value-driving data initiatives in under eight months.
In an effort to streamline operations and deliver on corporate strategy, a leading global insurance provider sought to divest several books of business. SEI led the program for the largest divestiture, effectively managing cross-functional teams within the buying and selling organizations up until Legal Day One. We also oversaw the conversion of policies and claims during the transition period.
A U.S.-based global insurance provider needed to update platforms and applications that had been in place for over a decade, resulting in an operational transformation across people, processes, and platforms. SEI spearheaded the transformation, developing robust risk mitigation strategies and conducting in-depth assessments along the way. Ultimately, this created greater efficiency, transparency, and collaboration across all teams and processes.