Insurance
Insurance: Finance Transformation, Regulatory Reporting and Compliance, Sub Ledger and Accounting Engine, Actuarial Engines
Gartner forecasts global IT spending in insurance will increase by 7.9% in 2023 to reach $208.4 billion in constant U.S. dollars. From 2022 to 2027, the spend is forecast to grow at a CAGR of 8.1%, driven by the growth in IT services and software at a CAGR of 9.3% and 12.1%, respectively. Whilst not as large a market as Banking, this sector is still showing growth in software investment. The pace of technology change continue to be high with IFRS 17 driving change in the Finance area and customer experience driving change at the “front end”. This pace is set to continue with Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (MI) technology have a greater impact.
The UK Insurance market is certainly the biggest in Europe and currently ranked number 3 globally, with major players such as Aon, Prudential, WTW and Aviva dominating in size at least. The UK also hosts the Lloyds of London market which boasts 77 syndicates, 50+ Insurance Businesses and over 375 Brokers with close to £50bn Gross Written Premiums (GWP) being written annually.
The US Insurance market has major numbers of insurance firms in Life, Property & Casualty and Health, approx. 6000 in total, with some states such as New York with 500+ alone, with close to $3trn in GWP it is the biggest market globally. Healthcare leading the way in size such as United Health, Elevance Health, Humana and HCSC with other P&C firms such as State Farm and Progressive featuring also on the Top 10 list. The US market is also grappling with regulatory challenges and digital disruption from new technologies and Insurtech businesses offering a more agile and digital approach.
Our experience and networks are built from many years of successful campaigns and engagement within the market covering areas such as Finance Transformation, Regulatory Compliance (Solvency II, LDTI and IFRS 17), Finance (Sub Ledger and Accounting Engine), Actuarial, Regulatory Reporting, Data Management / Lineage, Call Centre Transformation
How It Works & How We Do It
Retained access to a “White Labelled“ Senior Sales Expert, with 25+ years Financial Service Software market experience and global networks. Working as an extension of the clients Sales and Market team to execute “From Lead to Close”. G2M Experts will orchestrate the sales process through the key stages:
Qualification
Discovery process, deep questioning techniques to establish pain points, requirement and fit against client capabilities - qualify against agreed client (Ideal Client Profile) ICP model, assess buyer readiness and price qualification based on guidelines provided.
Proposing
Co-ordinate presentations and demonstrations to showcase the value proposition and benefits for the customer. Orchestrate the bid / RFX process, work with in-house Pre-Sales and Marketing team to deliver best in class bid materials shape bid and create value framework for the prospect and outweigh the competition.
Shortlisting
Leverage digital and personal channels to build relationships to engage the prospect organization and partner eco system to build champions and promote value. Build out ROI model and business value framework for the client to validate investment. Build stakeholder map to ensure “buy-in” across the prospect organization. Create “win/win” commercial model and joint close plan with prospect
Closing
Work across the stakeholders to ensure all needs and concerns are being addressed. Work closely with the client team to close out with Commercial and Procurement team to deliver successful sale for the client
Tried And Tested 4 Stage Process
We leverage our specialist knowledge and networks in the UK and US Financial Software Markets