NEOINSURANCE®

NEOINSURANCE

With the Synpulse NEOINSURANCE® framework, methodology, assets and deliverables, we provide our customers a hands-on toolbox to increase their NEOINSURANCE® readiness and maturity.

Our core beliefs

Core belief 1

Embedded customer journey

Customer centricity must lie at the heart of delivery of any service. With the rise in technological use and consumer preference for digital-first, customer journeys must adapt to reflect such changes. The introduction of new products, services, and distribution channels must adhere to the enhanced digital customer journey to ensure uptake.

Core belief 2

Data as an asset

The traditional role of an insurer, from a pure capacity provider and risk transferer, is changing. Increasing data availability, processing, and analytical capabilities will allow the insurer to offer new services, solutions, and risk mitigation insights to the policyholder. Harvesting business intelligence and data analytics will help insurers to transform from a "react and pay“ to a "predict and avoid” business model.

Core belief 3

Digital operating model

Productivity, efficiency, and effectivity become essential for an insurer to increase their profitability. Fully tech-driven value chains based on digital platforms, service-based architecture, and plug-and-play connectivity will reduce operating costs while increasing flexibility and adaptability to meet customer needs today and in the future.

Core belief 4

Ecosystem-enabled

Value chains become more integrated and embedded. New products, services, and solutions are provided through collaboration or even co-opetition of different stakeholder groups. B2B2B or B2B2C ecosystems, platforms, and marketplaces are created to collect, augment, and share data and information for joint value creation.

Core belief 5

Innovative product design

Insurance products need to become simpler, bespoke, and individualisable to be distributed through embedded value chains. Processes become more integrated, efficient, and transparent for end customers, insurers, brokers, and partners to place, evaluate, and bind risks. Simplification of the insurance buying process with plug-and-play products is paramount to becoming more cost-efficient.

Core belief 6

Neo-technologies

Several wider technological developments and innovations (e.g., AI and ML, blockchain and DLT, etc.) will enable the insurance world to build more efficient, integrated, and cost-effective use cases based on new open architecture frameworks with unprecedented performance, security, and flexibility.

Core belief 7

Agile organization

Transformational, sustainable change and growth are based on a strong and constant focus on empowering and developing your workforce. Attracting and retaining the right talents as well as fostering a culture of organisational agility and foresight will provide the operational foundation for an insurer to forge ahead and act as a shield against uncertainty and digital disruption.

Service offerings

With our best-in-class NEOINSURANCE® artifacts portfolio, we support our clients on their strategic transformation journey to become a key player in the Embedded Insurance playground.

Are you asking yourself:

As an insurer I want to play an integral part in the Business Ecosystems and offer augmented insurance offerings and experiences in co-opetitive partnership models and to retain access to the customer interface
As an insurer I want to be supported in the shaping of my target NEOINSURANCE® role
As an insurer I want to sustainably increase my NEOINSURANCE® readiness and maturity level
As an insurer I want to identify optimisation potentials in my NEOINSURANCE® target state and role
As an insurer I want to define a strategic NEOINSURANCE® Transformation Roadmap (short-, mid-, long-term) to become a key player in the NEOINSURANCE® playground
As an insurer I want to select best-fit strategic Ecosystem Partners for my NEOINSURANCE® ambitions
As an insurer I want to leverage Open IT Platform solutions that best-support my NEOINSURANCE® capabilities

Deliverables:

Synpulse NEOINSURANCE-in-a-Box® Model (NIAB®)
Synpulse NEOINSURANCE Target Operating Model (TOM)®
Multi-layered Synpulse NEOINSURANCE Capability Model®
Synpulse Open Platform Assessment Framework®
Synpulse Embedded Insurance Product & Pricing Model®
Synpulse Strategic Ecosystem Partner Selection Framework®
Synpulse NEOINSURANCE Process Map Reference®

Our approach

1. Develop an enterprise-wide NEOINSURANCE® vision and strategy
2. Define an enterprise-wide NEOINSURANCE® Target Operating Model (TOM)
3. Define my target NEOINSURANCE® ambition and accordant target NEOINSURANCE® role
4. Develop an initial view of the target capabilities and target maturity levels of the future NEOINSURANCE® readiness
5. Review and iterative refinement of the target state in interdisciplinary workshops with defined key stakeholders from all enterprise departments
6. Define target-state NEOINSURANCE® delivery model per market and LoB

7. NEOINSURANCE® maturity assessment to identify and prioritise gaps (current versus target state)
8. Derive an incremental transformation roadmap to pivot towards target state NEOINSURANCE® delivery model (pilot or comprehensive roll-out)
9. Define, plan, ramp-up and run NEOINSURANCE® transformation initiatives

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Synpulse NEOINSURANCE® Whitepaper 2.0

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Cyber insurance is one of the fastest growing insurance segments globally. It aims to protect individuals and businesses from the repercussions that come with attacks on their information technology and associated assets. The market is in its early stages and has significant potential for insurers worldwide.

Overcoming Cannibalization – Unleashing the True Potential of Embedded Insurance

In a market where change is the only constant, embedded insurance (EI) has emerged as a game-changing innovation in the insurance industry, offering a seamless and hyper-personalized insurance solution that is embedded into the end customer's purchasing journey. By enabling a worry-free, lifestyle-oriented approach, EI has the potential to revolutionize the insurance landscape. Forecasts indicate a substantial growth in the EI market, with global gross written premiums (GWP) expected to reach USD 3 trillion across all insurance lines by 20301. Despite this promising outlook, traditional insurers are still rather reluctant to embrace EI on a large scale, mainly because they fear cannibalizing their existing distribution channels.

NEOINSURANCE®: The Disruptive Power of ChatGPT for Insurance Companies

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In our first article, we described the reasons why an underwriting workbench is the Formula 1 car of underwriting process systems. You want an underwriting workbench. But how do you choose the right configuration for your systems – soft or medium tires for the most efficient underwriting solution for your business?

NEOINSURANCE®: How Is It Shaping the Future of Insurance?

How does an insurer stay relevant as the demands of customers evolve? By becoming a NEOINSURER®.

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NEOINSURANCE

Our core beliefs

Embedded customer journey

Data as an asset

Digital operating model

Ecosystem-enabled

Innovative product design

Neo-technologies

Agile organization

Service offerings

Are you asking yourself:

Deliverables:

Our approach

1. Develop an enterprise-wide NEOINSURANCE® vision and strategy

2. Define an enterprise-wide NEOINSURANCE® Target Operating Model (TOM)

3. Define my target NEOINSURANCE® ambition and accordant target NEOINSURANCE® role

4. Develop an initial view of the target capabilities and target maturity levels of the future NEOINSURANCE® readiness

5. Review and iterative refinement of the target state in interdisciplinary workshops with defined key stakeholders from all enterprise departments

6. Define target-state NEOINSURANCE® delivery model per market and LoB

7. NEOINSURANCE® maturity assessment to identify and prioritise gaps (current versus target state)

8. Derive an incremental transformation roadmap to pivot towards target state NEOINSURANCE® delivery model (pilot or comprehensive roll-out)

9. Define, plan, ramp-up and run NEOINSURANCE® transformation initiatives