The insurance industry is on a volatile path with growth in severe weather events, burgeoning claims, the growth of cybercrime, combined with technology to mitigate or eliminate industry risk.
In response insurers have adopted a dual focus of top-line organic growth while also driving operational efficiency or scaling agenda. While new technology presents a challenge to revenues (e.g. driverless cars), it will also be a tool in the armoury of insurers as they look to embrace the likes of AI.
The old legacy systems, like those of the banks, will strangle companies that fail to embrace alternative models. Insurers have noticed the shifting sands and are now partnering with technology companies and platform providers to create new value propositions for customers. This means new models, with deep expertise in and understanding of data in the target areas, and the use of AI and machine learning.
The role of The Clearview Group
Procurement is tasked with supporting not just growth and scaling, but also helping to implement the future. New solutions, technologies and partners must be procured, implemented and managed to deliver the new competitive offerings. Heads of procurement are demanding more investment, both in terms of people and systems.
Our experience with the insurance industry is both broad and deep. We managed the procurement planning and tender management for the construction and fit for a multinational insurer as it sought to scale and future proof its operations. Our work has also brought us into the health insurance market.
With another insurance client Clearview led a procurement transformation programme including full categorization, an in-depth procurement diagnostic and transformation plan. This included designing and delivering a company-wide procurement upskilling programme delivered to 100+ management and staff in the Insurance and Medical Relations businesses. We also executed several tender processes (print, cleaning services, supplies, etc) including eAuctions, delivering a significant ROI.
Our work there has grown to the extent that we provide onsite managed procurement for the Health & Wellbeing business of the insurer. As the organisation enters a new service market, Clearview is leading the development of a new supply chain and scalable procurement function as part of a build and transformation effort.
Global Insurance Industry Insights
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