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.
Download
| Title | File Type | File Size |
|---|---|---|
| Turning growth into profits | .2 MB |
Related Solutions
Insurer Solutions
Insurer Solutions brings together risk, capital, people and operational solutions that help insurers to navigate the challenges disrupting the insurance value chain.
Insurer Solutions: People
The profound shift in how work gets done – and by whom – is forcing insurers to rethink traditional approaches to human capital. We provide deep sector expertise and unparalleled experience to help clients foster talent and gain a competitive advantage.
Insurer Solutions: Operations
Three words frequently define the modern operational challenge for insurers – faster, better, cheaper. We provide solutions for operational transformation to unlock sources of competitive advantage and drive profitable growth.
Insurer Solutions: Capital
Insurers are in a constant battle to allocate and manage their capital, to provide returns in the face of diminished and fluctuating investment returns and product demand. We provide innovative capital management solutions designed to help insurers optimize capital strength and stability, promote resilience and create a framework for capital-based business management.
Insurer Solutions: Technology
Technology is integral to the insurance industry. Astute companies gain competitive advantage through smart implementation. We combine technology engineering expertise with a deep understanding of the insurance industry to create technology solutions that enable insurers to more effectively manage and transform their business.
Insurer Solutions: Risk
Insurance exists to help manage risk. The risk landscape, however, is constantly changing, its complexity increasing and assessment of risk is continually evolving. Drawing on extensive knowledge and expertise from across Willis Towers Watson, we help clients to navigate this landscape through a combination of advisory services and technology solutions to assess, manage, mitigate and create value from risk.