Impacted by widespread economic stress and regulatory uncertainty, with many regulations yet to be promulgated, Insurance companies have focused their attention on increased oversight, higher compliance costs, and a movement away from exotic financial products and back to core business operations.
As financial reporting and regulatory requirements change, Insurance companies have to continue managing their business with a series of new metrics, and Insurance executives need to use them strategically, making integrated portfolio management decisions aligned with the strategy even more critical to the business. Since its inception, UMT has helped many Fortune 500 Insurance companies support their Business and IT portfolios, and has leveraged its knowledge of industry best practices to become a long-term partner for these firms.

Keep reading for examples of how we became strategic partners of some of our Insurance clients.

Front Office functions

Global mega trends, such as the advent of technology, mobile, and social networking, are leading to dramatic changes in the way that Insurance companies define and market their products.  From the perspective of consumers information is readily available, and comparing product features or alternatives has become easier than ever before, without the need to interact with traditional sales channels.  For Insurance firms, the possibilities introduced by Big Data, globalization, the increased frequency of environmental and man-made catastrophes, and the fluidity of regulatory frameworks present both major opportunities and challenges for the years ahead.  UMT has partnered with Front Office functions within the Insurance industry to implement capabilities and solutions that help them confront these critical challenges.

Innovation Management Product Lifecycle Management
  • Centralized management of customer feedback and product ideas
  • Sorting and scoring of product ideas
  • Data-driven management of marketing campaigns
  • Feasibility analysis for new or enhanced products
  • Stage gate processes for new or enhanced products
  • Product mix analysis
Program and Project Management Financial Business Intelligence
  • Implementation programs for Product Launch
  • Impact assessment for various markets and segments
  • On-going tracking of initiatives and programs
  • Dashboards by Lines of Business, Products and Geographies
  • Sales force and channels analysis
  • Profitability tracking of product mix
Infrastructure & Support functions

As in other areas of the broader Financials Services industry, the effectiveness of the technology, operations, and information management functions is a critical driver of success for the Insurance industry.  As products become highly tailored, sales more self-serving, and channels rely more heavily on mobile technologies, it becomes critical for Insurance companies to make smart investments in process and technology optimization projects.  Efforts to mine data to tailor products or develop intelligence in pricing or risk management strategies are complex and expensive but are essential in creating differentiation. UMT has worked with infrastructure and support functions within the Insurance industry to help manage the ongoing needs for analysis and decision-making that managers in the industry are confronted with.

Investment Optimization Integrated Portfolio Management
  • Funding Allocation Analysis
  • Strategic Alignment & Investment Selection Analysis
  • Optimal Investment Value to Cost/Risk
  • Alignment of Assets and Investments against Architectural Drivers
  • Infrastructure Financial Tracking
  • IT Cost of Ownership
Program and Project Management Resource management
  • IT Project Management
  • Deployment and Release Management
  • IT & Operations PMO Process Design and continuous improvement
  • Business-as-usual work management
  • Labor Resource Supply/Demand and Surplus/Deficit Analysis
  • Labor Resource long-term roadmap analysis
  • IT & Operations Asset Management strategy
  • Optimal resource allocation
Back Office functions

Back office operating areas that process orders, applications, claims, and payments have historically been left to develop their own solutions and strategies. Even though Insurance companies have invested in technology to automate their paper-intensive back-office operations in order to streamline their processes and enhance their quality, little to no effort has been directed towards improving efficiencies related to resources which are typically considered to be working in non-strategic operating areas. Recently UMT has been helping back office functions with building a strong resource management and forecasting capabilities - making sure that they have the right number of employees with the right skillsets to deliver the work at the right time, as well as optimizing their use of capital.

Financial Governance Resource Management
  • Capitalization model for assets and projects
  • Automated rules for modeling financial regulatory requirements
  • Extensive Financial Reporting
  • Resource skillsets inventory
  • Workforce Management
  • Resource Forecasting
Program and Project Management
  • Compliance Risk Analysis and on-going management
  • Project Management capability maturity assessment and Workforce development