Realigning spend priorities for Insurance processes
In the Insurance Industry, product design, claims, distribution, customer acquisition and policy administration figures on the top of the list of Insurance specific core processes. However in the Insurance processes value chain, each process has different cost-structure. Moreover, the impact that process has on the creating differentiated competitive advantage for the organization varies for each process.
Comparing the “power to differentiate” in these processes to the “cost of the processes”, it appears that we may have to re-align spend priorities.
What is your take? Do you think the spending is in line with the industry imperatives?
Comments
Sanjay,
Can you elaborate on the source of the data if it is not confidential? This does bring a new perspective to the picture. If I would not have seen this, I would definitely have ranked it differently - product design and claims experience being on the higher side of differentiation.
Posted by: Souvik Roychoudhury | September 9, 2009 1:02 AM