General Insurance
The Insurance industry has had a turbulent decade. For many, the poor performance of the equity markets meant that investment income would not cover underwriting losses forcing a serious rethink in terms of underwriting philosophy and a significant period of cost reduction and restructuring.
Add to this extreme weather, talent shortages, dramatic changes in distribution and the introduction of regulation and it’s easy to see why many in the industry feel bruised by constant change and scrutiny.
Now the focus is back on growth but with an emphasis on controlled expansion, with many companies setting ambitious plans that will certainly mean more mergers and acquisitions. Organic growth may be harder to achieve and will rely heavily on the ability to demonstrate the value of product and service as a vehicle to increasing cross product holdings.
As always the greatest challenge is turning the strategy into deliverable operational plans and reinvigorating the culture of the organisation to optimise the potential of the people. Further to this, leveraging the regulatory imperative to best commercial value presents the industry with the platform to address some of the longstanding challenges associated with customer service, claims fraud and selling practices.
Focusing on the operational functions within the business, Huntswood specialises in delivering sustainable business improvement within the insurance industry, whether increasing sales, improving capacity and streamlining processes through customer service, claims and underwriting or helping to achieve regulatory requirements.
Examples of the recent programmes Huntswood have conducted in this sector include:
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Processing advice related general insurance (GI) complaints following implementation of general insurance (N4) regulation for a top ten UK bank
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GI training and supervisory training for a FTSE 100 UK bank
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Historic GI sales reviews in respect of ICOB Sourcebook requirements
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Design and development of the regulatory control function following NGI day for the GI division of a large retail financial services organisation
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Developing a monitoring plan and conduct operational audit of GI compliance function
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