Synpulse has a long tradition of conceptualizing and implementing future-proof business models. This practical experience enables Synpulse to see complex projects through to their successful conclusion, from the preliminary study, through design and analysis, to successful introductions in health insurance, reinsurance (e.g. SICS), life and non-life insurance.
«Efficient processes are the basis to fulfill the manifold promises made to customers while, at the same time, reducing costs of the insurance business. Together with standard software producers, we master the tension between agile front- and stable backend. For successful introductions of large-scale projects, we offer tailor-made project methods and industry-specific process models.»
Target Operating Model
Business models are increasingly under pressure and the long-term competitive success of a company depends primarily on how it prevails in consistently aligning strategic success factors along the value chain – and the Target Operating Model (TOM) is the lever serving that purpose. The TOM is the «how» to turning business strategy into reality.
A target operating model provides a vision of the desired state of operations for a company and is necessary for the sustainable success of the business. The TOM follows the strategy of the company and is important to define when starting a new business, entering a new market, selling a new product or acquiring other firms.
The impacts of having a well-defined TOM are wide ranging and include:
- Flexibility to deal with ever changing market situations - shorter time to market
- The ability to scale up capacity quickly
- Lower risks from having a stable operations environment
- Long term cost savings from an efficient operating model
Synpulse can support national and international financial service providers with the definition, implementation, and adaptation of their TOMs for mergers and acquisitions, business field expansion, and market entry. We look specifically at the four building blocks of a TOM: Organization, partnerships, services and technology.
Some of the key elements we examine at as we guide you along the journey of building your TOM:
- Your value chain and associated processes
- Outsourcing possibilities
- Structures and responsibilities
- Workload modelling
- Cooperation models
- Vendor evaluation and options
- IT architecture and data flows
- Online versus offline sales
Synpulse has created TOMs for our clients in banking and insurance and has the expertise, tools and experience to ensure you succeed with your goals. We understand the challenges. We have solutions. We work together with you.
Enterprise Architecture (EA) has continued to gain attention with our clients as they search to increase operational efficiency and enable business growth while keeping the enterprise wide architecture robust yet flexible. Synpulse’s EA practice helps clients to setup or modernize EA practices and run EA initiatives in addition to providing an exchange platform for Enterprise Architects from the insurance industry.
Today’s financial service markets are rife with rapidly changing customer demands, products, and technologies. This sets the stage for a difficult environment with which to enable growth while also managing operational efficiency. In turn, companies are forced to weigh and balance measures to simplify their application landscape, increase integration and automation, modularize and standardize processes, and outsource/offshore. Financial service companies must also capitalize on emerging trends including social media, mobile, smart analytics, machine learning, cloud business, and new operating models.
Synpulse Enterprise Architecture services ensure that our customers approach the previously mentioned challenges with the experience that has been gained across a global insurance practice. We believe that EA must align with our clients’ business strategies and drive to achieve business outcomes, such that it facilitates and visualizes strategies without governing them. EA must also involve partners outside of the company and sharpen clients’ awareness of upcoming trends in their markets.
Your partner for Enterprise Architecture
Synpulse helps clients across the financial service industry in the following areas:
- Assist in building high-performing EA organizations - Our team provides expertise in EA implementation, transformation, organizational design and governance, as well as the definition of vision, principles, standards and methodologies according to the client’s business goals.
- Conduct EA Maturity Assessments - Provide clients with an overview of their current EA Maturity and then help them to make steps forward in organizing and executing high-quality EA programs tailored to their particular business needs.
- Run EA initiatives together with existing EA teams for our clients – Our team will sit on projects and ensure that EA principles are being followed or participate in a project team helping to provide solutions that adhere to the company’s EA principles.
- Provide a popular bi-yearly exchange platform - the Synpulse Insurance Enterprise Architecture Summit, for Chief Enterprise Architects to network and exchange ideas.
Synpulse has conducted more than 30 Enterprise Architecture projects for financial services clients with its large pool of consultants specifically trained and experienced in Enterprise Architecture. The client will also benefit from the best-practice material and standard approach to EA that Synpulse has developed and refined over time.
CFOs are facing numerous challenges that require changes to the operating model of finance functions. Depending on the maturity of their respective finance organization, the necessary alterations range from incremental to radical transformation initiatives.
Highlight on Current Challenges:
- Regulatory – How to implement new regulations in an efficient and effective manner?
- Digitalization – How does it affect finance and what opportunities does it bring?
- Data Integration – How to integrate data across the organization to feed planning, budgeting, and monitor business performance?
- Growth Support – What information does finance need to prepare, to identify, and track growth opportunities and enable business steering?
- CFO Role Change – How to enable the shift toward strategic leadership, performance management, and capital allocation?
From the definition of a new strategy for finance to the implementation of new solutions, we support our clients in addressing these challenges and achieving excellence across
the finance function.
Our finance focus areas are:
- Financial & Technical Accounting
- Planning & Forecasting
- Internal & External Reporting
Currently we are supporting our clients on the following topics:
Implementation of new finance systems landscapes
- Development of a new Target Operating Model
- Management of development activities
- Coordination of testing
- Migration of historical data
- Global roll-out support
Robotic Process Automation (RPA) for finance
- Process review and identification of automation opportunities
- Development of prototypes
- Full RPA implementation
Supporting the implementation of IFRS 17
- Gap Analysis
- Preparation of training material
- Solution evaluation
- Specialists in IFRS 17
- Support in project management
- Software implementation of our partner Systemorph
- Review of existing reports
- Rationalization and alignment of reports
You have questions on finance excellence? Please do not hesitate to contact our experts on the topic.
We are ready to support you!
Current insurance claims classification frameworks use arbitrary boundaries in dimensions like claim amount and «degree of complexity» to categorize claims for further processing. The following steps are heavily affected by this first assessment. Claims are allocated by strict and inflexible boundaries (often determined in order to reach a certain percentage of «automation»), even though the first classification might not be correct or new information arises during the claim handling process suggesting a different category.
This leads to the subpar situation, that claims which do not actually need specialist attention but may nevertheless be classified as such, tie the already limited resources of the experts. On the other hand, there may be unjustified claims just below the respective limits that are automatically accepted and settled.
To achieve an optimal and automated handling of each claim, they should be categorized efficiently at an early stage in the process and altered when necessary, with flexible boundaries and based on a set of different criteria.
Synpulse has the know-how and experience to support you with building and / or optimizing an efficient and modern claims classificator system by implementing the appropriate tools, methods, and concepts.
Clearly defining and planning automated claims settlement and management processes from scratch helps to avoid unnecessary delays or administrative costs and to optimize the availability of information and the use of resources. Based on the claims process in place, claims are classified such that boundaries between categories become multi-dimensional and less rigid.
Data Preparation & Big Data
The claims classificator gathers all incoming information and analyzes it automatically. While an optimal segmentation may be found by means of multi-variant statistics, we use machine learning techniques. This includes the analysis of patterns and leveraging information in detailed descriptions of a claim or correlation between different claims. To that end, structured and unstructured data is analyzed.
How we can help you
Synpulse combines the industry experience of claims process and management and the knowledge in state of the art IT tools and techniques. With this skill set – and with a fully implemented prototype for the claims classificatory tool – we can ideally address your needs in claims classification and enable you to benefit from the following advantages:
- Improved classification of claims based on all the information available
- Appropriate management of cases from the beginning of settlement process
- Optimized resource allocation and decreased administrative costs
- Continuous improvement of claims classification
- High flexibility and scalability of process
Banks and insurance companies are subject to constant organizational and technological change. Precisely where major restructuring or launch projects are concerned, professional training is key to success. In «Training Solutions», Synpulse has developed a methodology for mastering these challenges with modern and effective training solutions.
If you are facing the challenge of implementing a major change project in your organization, Synpulse is the ideal partner for your internal communication and training. «Training Solutions» is the methodology we have developed to prepare your organization well in advance for change.
Our first step is to explore with you your communication and training needs. Then we jointly decide on the most suitable training resources. Whenever possible, we use modern tools such as e-learning, webinars and e-classrooms. This gives you maximum effectiveness at minimal cost.
Precisely where international projects are concerned, it is essential that training can take place independent of time and place and that assessment is automated. Traditional training methods often break the agreed budget with the cost of travel alone, which frequentlyoften makes this option unviable.
We employ «Training Solutions» continually and successfully in projects and optimize it on an ongoing basis. Its pragmatic approach and the mix of training resources in particular mean that our clients can tailor the training process to their needs. It also means that we can make adjustments as and when they are required. Our customers additionally benefit from experienced Synpulse project team members, whose expert knowledge and skills from an insurance and banking background make them highly effective in putting together training packages.
«Training Solutions» is an ideal way of meeting a large-scale need for training. Our clients benefit from our many years of expertise. We help you to achieve maximum effectiveness from your training at minimal cost and working with modern tools and resources.
Next Generation Risk Engineering
At Synpulse, we have a global team of consultants with experience executing projects specifically supporting Risk Engineers in improving digital solution adoption and operational efficiency. We aim to mobilize our network of commercial insurance risk engineers and technology partners to build a global community of risk professionals. This forum fosters idea sharing around the adoption of technological solutions and modernization of business operations to ultimately provide underwriters and clients the risk insights they seek. Synpulse also offers an array of services and technological solutions to address your critical risk engineering pain points and prepare your business for the future digital environment. By understanding your challenges and business goals, we work alongside you to deliver digitalization and operational transformation in risk engineering.
Tackling Information Overload: Equipping the Digital Risk Professional
Post Merger Integration
Recently, the insurance industry has witnessed significant M&A activity. This has been driven by mergers with the goal of strengthening specific product verticals and the acquisition of tech companies to expand insurers’ digital capabilities. Regardless of the motivation of these activities, the end goal is to create something that is larger than the sum of the two parts. It is Synpulse’s belief that while every M&A transaction has its similarities, each must be addressed with a tailored approach.
Mergers & Acquisition (M&A) Integration
The acquisition of a company or a merger is one of the most complex situations a company may face. Signing the deal is just the start of a long process towards a successful transition. Timelines of an integration are tight and companies do not have the knowledge or the resources to consider and handle all integration aspects.
Based on our experience, the major challenges with integrations are:
- Post-Merger Integration (PMI) details are not sufficiently considered and prepared during the pre-deal and deal phases.
- Factors such as communication, cultural integration, and change management are not given the importance they require.
- Aspects such as organizational design, processes, products, and IT architecture are not aligned.
- After the deal phase, management attention for Post-Merger Integration activities is reduced.
- M&A experts leave the project after the deal is signed without proper handover to the PMI managers.
- Expert know-how is scarce. PMI projects are not managed professionally. Line managers are left alone with the task of integrating the organization, process, and product. And IT architecture landscape without the proper guidance.
Your partner for Post-Merger Integration
Synpulse's Post Merger Integration team is a natural evolution of its global expertise in key PMI topics including change management, implementation and target operating model development in addition to our enterprise architecture practice. We believe this ensures that in each phase of the integration the required steps will be considered and that teams will not begin to create ad-hoc workarounds that end up becoming relied upon and difficult to overturn. Our approach, which considers the importance of all integration domains, results in the following benefits:
- Pre-integration planning and strategy ensures that a realistic integration timeline is considered.
- Proper change management increases acceptance by the business and reduces the costs of business disruption.
- Thorough communication and stakeholder involvement increase client and staff buy in.
- Product alignment will be achieved on time, which leads to earlier and higher synergies of the merging parties.
- IT architecture alignment lowers operating costs due to an integrated application landscape.
The Synpulse M&A Integration framework drives a structured approach to identify the integration domains the buyer and seller need to focus on during the transition. The close collaboration with the client ensures an efficient prioritization and a proper allocation of resources during the integration process.
Robotic Process Automation (RPA)
What is Robotic Process Automation or in short RPA?
A RPA ‘robot’ is a software application that replicates human user interface actions. The robot operates on the user interface (UI) in the same way a human would. This means the robot can interact across interfaces and can be easily integrated in a non-intrusive way. Examples for robot activities could be data entry into systems, reporting, reconciliation or even full end-to-end business process automation. A robot frees up time for human users for more valuable tasks.
In the near future the robots will even be able to learn. This new generation of robots have to be trained. Therefore it is a good time to start investing today as robots will create data required for future artificial intelligence applications.
What pain points can RPA address?
On insurance side, we experienced issues first hand which could be addressed by RPA. To mention a few:
How we can help you
We offer you a structured and quick approach to identify and evaluate your RPA potential, RPA feasibility, tools, prototyping, testing, and deployment. As a plus you can profit from our extensive «INSURANCEINABOX®» and «REINSURANCEINABOX®» process models, our experience in defining operation models and leading digital transformation programs.
Advantages of RPA
- Increase process efficiency
- Increase quality (100% accuracy)
- Free up time and resources of low added value tasks
- High scalability, flexible time, and resource allocation
- Low cost of develoment with short payback period
Business life continues to pick up speed and become more complex. That is why, more than ever, good advice today cannot end in strategies and concepts, but must take into account implementation as whole. At Synpulse Management Solutions AG, we combine all of the expertise necessary to translate your requirements into bespoke software solutions and integrate these into your business organization as optimally as possible.
In the following overview, we would like to present some of our offers in detail:
Information about one’s own clients must be compiled, analyzed, and the resulting information prepared in such a way that it offers added value; digitalization and increasing costs — not to mention time pressures — make this process increasingly difficult. Sales organizations need solutions that can be integrated clearly, quickly, and flexibly into the operational and organizational structure.
BusinessRadar is a selection and analysis tool that has been developed continuously in many projects since 2001. The Software Suite already incorporates more than 15 years of expertise from various companies, industries, and countries.
BusinessRadar also affords large sales organizations an end-to-end view of client data, from employee to the Board of Directors, from strategic KPIs to individual data records. By flexibly combining the widest range of modules, BusinessRadar complements existing system landscapes to suit your needs exactly.
What can BusinessRadar do for your business?
- Quick access to information for thousands of users from specialist departments and management
- Instant application of analytical findings by means of operative actions
- Prompt and accurate handling of sales processes
- Pinpoint allocation of the marketing and sales budget
In light of increasing competitive pressures in the financial services industry, the competitive ability of many sales divisions must be increased: this can only be achieved using strategic sales management. Integral elements of such management include dedicated sales planning, a clear commission system, and integrated sales controlling, which provides information in a timely and effective manner. Client and brand-related KPIs must be included in addition to the production-related KPIs, which were used almost exclusively in the past.
The Sales Compass is a sales management and planning system across all sales channels for use by management. Using the solution, all relevant business information, such as production, stock, remuneration, agency, performance, client and cost information, can be made available in real-time in various role concepts. Innovative KPIs and control parameters can be defined directly by the department and immediately updated (online) in the reports.
What can the Sales Compass do for your company?
- End-to-end control system involving all sales channels and management areas
- Integration of existing planning and control tools (avoidance of isolated solutions)
- Corporate guidelines and value orientation displayed in planning and control tools
- Significant increase in transparency and validity using cockpits and KPI design
- Efficiency gains as a result of a reduction in process run times, error prevention
- Compliance with audit integrity and Solvency II requirements