The U.S. Property & Casualty insurance industry transformation is putting existing insurance models at risk. The changing dynamism has left insurers grappling with new challenges in the form of changing customer behavior and expectations, intensified competition, and digital disruption. In addition, soaring losses from rising claims are negatively impacting the bottom-line.

So what are Insurers doing?

What we see are boardroom discussions echoing almost similar strategic initiatives aimed at meeting the following goals:

  1. Expense Ratio reduction
  2. Cycle/ Turn time improvement
  3. Quality improvement
  4. Simplification of the Customer journey for Customer satisfaction enhancement

To meet the above objectives, Property & Casualty Insurers realize they need a major overhaul or modernization of their existing legacy systems. While this could definitely help achieve these objectives, many insurers are shying away from adopting this initiative. And the reason is pretty obvious – high expenses associated with modernizing the legacy platforms would create an additional strain and increase costs that many insurance carriers cannot take on in this current environment of low profitability.

‘Business Transformation’ seems to be the new buzz word in the industry

But there are other ways to achieve these goals. Focus on processes – optimizing and redesigning existing processes by selectively leveraging low cost, easy to implement technology solutions and automation to gain greater efficiencies seems to be the way forward. And since this expertise may not be available in-house, several Insurance carriers have partnered with third party service providers to help them in their transformation journey.

One of the key drivers for these partnerships is to gain access to focused technology-enabled solutions (e.g. RPA, Artificial Intelligence, data analytics, proprietary tools and solutions to drive expedited processing, QC and compliance checks) provided by the third party service providers.

Emerging Technology Deployment by Insurers


Source: Noavrica Insurance Technology Research Council


And service providers with a ready-to-implement mix of ‘non-invasive’ technology solutions complemented with business process services (for areas where manual intervention is, say, better than automation), are helping achieve faster turn time, clear backlog of issues in claims handling and policy administration, and bringing about greater accuracy in policy administrative functions. And the end result: cost reduction, improved turn times and quality, leading to enhanced customer satisfaction and increased ability to handle the competition.

Using this optimized mix of technology-enabled solutions and business process services, our proprietary Business Transformation solution SmarTransTM has helped our customers achieve 40% – 45% cost savings, 15% – 20% turn time improvement and 99.5% adherence to quality and other service levels, through optimized process improvements.

Interested to know more about SmarTransTM? Write to us at or visit our website at


About SLK Global: 

SLK Global is a business process transformation enterprise delivering comprehensive products and solutions driven by technology and contact centre offerings for the Financial Services industry including the Property & Casualty and Lender Placed Insurance industries. Founded in 2001, our team of 3,300+ experienced professionals serves over 100+ customers from multiple delivery centers including in the U.S.   

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