2022 Insurance Industry Transformation Trends

System implementations are just one of the levers insurers are pulling to help transform their businesses. Most of the time, these projects are not done in a vacuum, as the insurers are evaluating or implementing other solutions and/or outsourcing operations, dealing with post-merger integration, assessing their Target Operating Model, and continuing to design, offer, and deploy additional and more complex products.  
 
One of our current platform modernization projects has turned out to correlate well with these trends, as our client is implementing an asset class-specific system, but has simultaneously undergone other transformative initiatives, including an Investment Book of Record, the implementation of managed accounting services, a new derivatives program, and the planning for a new general ledger. Due to expected high levels of profitability, the client is heavily investing in its asset management division, partnering with prominent technology and asset management firms on managed services and investment accounting technology, Technology-driven automation, and an increase in sophisticated product offerings including complex derivatives and an increase of residential and agricultural loans in their mortgage book.
 
If you're interested in discussing how Clarendon Partners can help your company to address transformation challenges like the ones in this graphic, contact us at digital@clarendonptrs.com. We look forward to hearing from you.