The financial sector is changing dramatically in response to global trends and digital developments. In an evolving landscape that offers both challenges and opportunities, pension and insurance providers are establishing new identities in the new, digital economy. Financial service providers seek to differentiate in their customer-facing front end, while standardizing as much as possible in the back end without sacrificing flexibility. Products and services are defined by the digital options they offer or the digital content they supply. Integrated customer experience is becoming increasingly important. In pensions and insurance, as in many other sectors, customers demand a fast, fluid, mobile digital experience that meets their needs, and they want it all to happen transparently and in real time. An integrated customer experience not only fulfills customer expectations, but creates room for iterative improvement and future innovation.
In the financial sector, attracting attention and creating customer loyalty requires a different perspective on technology. Pension and insurance providers need to open up their organizational structures, setting up cross-functional units that are responsible for developing the integrated customer experience and looking beyond the status quo. As these organizations navigate an increasingly complex vendor landscape, a Service Integration and Management (SIAM) approach helps define a flexible, responsive, agile sourcing strategy that combines internal and external vendors. Data models need to be adapted to facilitate more effective decision-making processes, assess performance and provide insights into customer choices and conduct. Relying on a solid understanding of customer needs and objectives, the digital transformation to Lean and Agile can be accelerated by redesigning, streamlining and automating IT-intensive processes and taking assertive action to combat and prevent fraud. As joint initiatives between financial institutions gain ground, operational models, employee skills and organizational structures need to be adapted accordingly.
Insurance companies have been cautious about adapting their back office and service portfolios, working with closed-book policies and other legacy systems that put pressure on efficiency. The digital transformation is gradually taking hold, but finding ways to increase adaptability remains a key challenge for insurers.
Pension funds have also been under major pressure, although they now seem to be recovering steadily. One of the latest developments is new options for investing managed capital. In the Netherlands, for instance, pension funds are now allowed to invest in property through mortgage loans. Several pension providers have joined forces to create a new, digital mortgage bank. As these new financial services are being developed, the IT infrastructure and processes for the associated front office and back office demand a solid digital strategy. Pension and insurance firms need expert advice and support to design secure, future-proof IT-intensive processes that comply with Risk & Control requirements.
Quint Wellington Redwood (Quint for short) is a global, independent boutique consulting firm, helping organizations to design and optimize IT-intensive processes, services and organizations. Our consultancy focuses on supporting our clients in getting the most out of their existing and new IT by defining and implementing an effective digital strategy. Together with our clients, we build roadmaps that facilitate fast and effective change, anticipating or responding to opportunities and threats. We bring technology and its application to life.
We challenge our clients and ourselves to improve continuously, realizing tangible value together. Quint connects business and technology by sharing knowledge and arranging partnerships to accelerate change and innovation. We develop teams and people using new ways of collaboration and leadership, so that all those involved can realize their full potential and grow within the organization. Being lean and agile is at the core of everything we do.
Quint regards people, processes and technology as factors that strengthen each other. Together, they are the basis of sustainable change. We use analysis, design and implementation to connect and improve these factors. Through training and coaching our clients, we empower their ability to change, so that they can continue their transformation after the end of Quint’s involvement.
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