D.I.V.E. Diagnostic Service Sheet
Optimizing Operational Performance for Insurance Companies
July 08, 2022DownloadsDownload Service Sheet
The urgency to optimize operational performance for insurance companies is at an all-time high; market volatility, changing consumer demands, claims inflation and competition for capital and resources are driving organizations to revisit how they deliver value to their customers.
Top performing companies outperform competitors through their ability to achieve and sustain holistic performance excellence, while maintaining the agility to capitalize on emerging opportunities and manage risk. This is not easily achieved under the best of circumstances but is especially difficult given the current market disruptors. Fully identifying and understanding your pain points is key to deriving an effective route to excellence.
Gaining a perspective on your organization's performance requires leadership to take a broad-based view of the existing operating environment and potentially challenge long-held assumptions.
Undertaking this type of analysis can be daunting because there are many potential places to start and it’s difficult to achieve from a business-as-usual viewpoint. Each organization has its own unique culture, capabilities, challenges and opportunities, and accurately assessing each is critical to focus performance improvement efforts.
Ineffective diagnosis costs insurance organizations millions per year in misaligned transformation initiatives. In contrast, effective diagnosis provides an impartial view of prioritized actions and common understanding to drive change and improve performance.
The D.I.V.E. diagnostic is a rapid, comprehensive review of an insurance entity using FTI Consulting’s proprietary methods and tools, benchmarking data and industry experience. We perform a rapid operational assessment and identify key organizational performance constraints, typically within a two- to three-week timeframe.