ConVista publishes its first article in the VGA News

How you can afford to be “different”

The industrialisation of the insurance industry is the main topic of our article.

The goal is to highlight the strategic challenges facing the insurance industry and to demonstrate, using practical examples, the required strategies to deal with them. The choice of topics should highlight the different aspects of change. The effects on various business departments are also addressed. This approach presents an integrative view of the strategic challenges insurance companies face. In addition, it offers evaluation criteria and guidance on decision-making, which can influence the day to day environment of managers.

Norbert Schroeder, Managing Partner at ConVista Consulting AG, starts with his opening article on “The Industrialisation of Financial Services”:

“Many things have been said and written about the wave of industrialisation, which befalls the service industries, in general, and the insurance industry in particular. Processes are to be automated, costs reduced and IT restructured. Comparisons are made with other industries, in particular the automobile industry. One can imagine production lines with computer

controlled assembly machines providing insurance cover 24/7. Everything’s changing isn’t it?

In times when everyone is focused on a period of severe change, the extent of which we are still unaware, and when daily headlines are causing a furore; transparency and stability are in demand.

Against this turbulent backdrop, precipitated by change, the search for steady variables reveals one thing: clients, who remain unaffected in their pursuit for appropriate insurance cover, tailored to their requirements. Since one can remember, insurance products have adapted and will continue to adapt to these changing needs. This phenomenon is no more novel than issues such as market entry, competition and the endeavour to achieve market share and profit. Clearly industrialisation is less about “what” and more about “how”. It’s not about the actual insurance cover itself, but rather the structuring and management of the supply chain.

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