Atos Origin works with all types of insurers – general and health, life and pensions. We deliver IT solutions and services for the market, which are typically focused on optimising efficiency and revenue growth by transforming back-office processes, reducing operational risk and improving business transparency.
The life and pensions industry is under intense pressure as current operating models prove uneconomic, inflexible and dogged by poor customer service. In response to fundamental changes in regulation and legislation, a shifting distribution landscape, falling margins and rising numbers of closed funds, we help traditional life and pensions companies ensure that their operating models are fit for the future.
Tap into the potential of emerging opportunities
With ongoing uncertainty about the UK pensions industry, it is likely that providers will look to focus on a narrower range of propositions to maintain and gain competitive advantage. Typical opportunities are emerging in the administration of closed book fund management; in niche markets such as SIPPs and Wraps, where service and product innovation will be key; and in the launch of mass-market products where profit will be driven by convenience and popular appeal.
Atos Origin is helping its insurance customers to identify emerging opportunities and ensure that their business can move swiftly to innovate and convert untapped potential into a tangible revenue stream. We have worked closely with a number of clients to guide their entry into the growing market for closed book fund management. We can assist with every aspect of the process, from developing a business case for acquisition of a closed fund through to its cost-effective management and outsourced administration.
Investing in future-proof flexibility
With the viability of traditional insurance models being called into question, we are helping providers to ensure that their operating models and core business systems are aligned with best practice, revenue generation potential and future requirements. We design, build and run end-to-end solutions based on adaptive target operating models that combine the agility to capitalise on new market opportunities with the flexibility to address future needs.
Our methodology for the development of future-proof insurance solutions:
- Conduct a critical analysis of the organisation's current capabilities
- Develop a benefit driven route map of improvements
- Drive service and cost improvements through the value chain
- Align organisational culture with business strategy
- Ensure a customer-centric approach
- Consolidate applications and platforms to streamline systems
- Stringently assess the best onshore/offshore outsourcing model for processing and IT - protect customer service while reducing cost, addressing competence gaps and accessing high calibre resource where required
- Deploy robust security and compliance measures to minimise risk
- Ensure seamless integration of back-office and front-office processes.
Helping to manage the compliance challenge
As well addressing regulations that affect the whole financial services sector, Atos Origin is helping its insurance customers to manage the additional compliance challenges that they face.
Following A-Day changes in April 2006, further pension change, driven by domestic and EU legislation, is inevitable. Furthermore, from January 2007 UK insurance companies must ensure that 85% of contractual documentation is in place at the point of policy inception. This requirement to deliver ‘Contract Certainty’ has become a core element of a move towards a customer-centric professional services business model for insurance, a trend that should benefit the long-term reputation of the industry.
Our guiding principle is to develop compliance strategies that optimise the benefits of implementing best practice financial and IT controls while minimising the bureaucratic burden required to make compliance part of ‘business as usual’.