The Client Challenge
A personal lines carrier (auto and homeowners), specializing in affinity relationships with a direct distribution model, turned to Willis Towers Watson following a period in which net income had been negative, resulting in its parent company having contributed significant capital to support the operation. Issues were exacerbated by high rates of growth, which prevented the lack of profitability from being properly addressed.
Our Solution
Willis Towers Watson proposed a solution drawing on the strengths of its Willis Re and Insurance Consulting and Technology businesses and aimed at both optimizing the company’s reinsurance structure and introducing pricing best practices to foster profitable growth. Our solution involved proprietary software and modeling tools as well as advisory services to help improve the client’s analytical capabilities and pricing. This would ultimately translate growth from the top to the bottom line.
The Outcome
The client attributed Willis Towers Watson’s dual focus on reinsurance and pricing capabilities as the key factor for being appointed. Building on the early success of the approach, the client’s growth-minded affinity partner has set its sights on dramatically increasing the penetration rate of its members purchasing insurance. To support the continued growth and profitability of the business, the company is looking to enhance its capabilities across pricing, predictive modeling and claims management to reserving and economic capital modeling. It will do this by leveraging Willis Towers Watson software to underpin this.
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| Title | File Type | File Size |
|---|---|---|
| Turning growth into profits | .2 MB |
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