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Products & Services
The insurance industry, like all of financial services, is facing unprecedented challenges from market forces beyond its control. At the same time, forward thinking insurance companies are looking for ways to increase the pace of profitable growth. Competitors are not standing still, with foreign insurers making their presence known on U.S. shores as well as wealth management and other financial institutions vying for the lucrative asset protection market.
Novantas helps life and property and casualty insurance companies improve profitable growth and lower cost per sale by enhancing their data intelligence around markets, producers and the insured. This includes optimizing distribution (agency and direct), finding niche markets (e.g., small business and the middle market), and developing product/pricing and cross-sell strategies. We help insurers take a more proactive role in managing the retention of their book of business, especially orphaned accounts, by unlocking the value of the data they have.
Despite strong growth in variable products and international expansion, insurers recognize that capturing the wallet share of retiring baby boomers needs to happen in the next five years as the market expansion peaks. In order to do so, insurers are looking to optimize their manufacturing capability to better serve a multitude of distribution channels, most of which are grappling with the complexity of insurance products.
Property & Casualty insurers are looking to mitigate the cyclical nature of their business. Commercial players continue to search for niche profitable markets, while personal and commercial players look for ways to innovate underwriting and pricing. Distribution optimization is another key focus for captive agency force insurers playing a more active role in supporting productivity improvement and prospecting; and for the independent agency channel insurers looking to optimize their share of business and focusing their resources on those agents with the greatest potential.
Novantas’s Novarica division helps insurers address pressing IT and operational issues through ongoing advisory services and published research.