All Aboard for Modernisation: Next Stop Underwriting - Paper - Page 18
Chapter 2: Building for
Success: Essential Capabilities
To Win (cont.)
Keeping capability at the core
The acquisition of more external data may appear
to be the answer to the slow underwriting problem
but by looking at the core capabilities, it becomes
clear that without the technical development of
underwriters, the addition of more data will have
a negligible impact upon turnaround times.
Despite being a fundamental element of any business,
capabilities are seldom considered in depth unless
there is an operational problem. By engaging with
them as part of an overarching operating model
review and classifying their respective maturity, an
insurer can benchmark itself against competitors
to get a better understanding of its position in the
market and how far down the modernisation journey
it has travelled.
If that market position cannot be identi昀椀ed, it is a very
good indicator that a business has not yet modernised
and there is work to do within the business
capabilities to change that.
“I would want to look at the operating
model for any problem that a company
is experiencing. Sometimes the answer
is pretty straightforward or we can
discover that the problem only exists
in one area. The capabilities provide
a detailed picture of the maturity
across the business and helps us
understand where the opportunities for
modernisation exist.”
Mark McDonald
Altus Consulting
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