“While achieving growth, operational excellence and innovation in such a difficult economic and competitive environment might be easier said than done, opportunities are available for insurers that can seize the moment.”
Source: Deloitte’s 2012 Global Insurance Outlook
As we now near the end of 2012 and look ahead to 2013, this statement still rings true. Indeed if we look at the projections for GDP growth (source: IMF) across the globe, we are looking at a sluggish 3.6% for 2013. Advanced economies such as the US and UK are projected to struggle to show strong growth at 2.1% and 1.1% for 2013 respectively – well below the global rate. So globally, the sluggish period continues.
However, the emerging markets are bucking the trend with China leading the way with projected growth of 8.2%. The Middle East and North African region are projecting 3.6%, down from 5.3% for 2012, but showing much stronger growth than the so called advanced economies. So is there an opportunity for carriers in the emerging markets to “seize the moment”?
Yes, of course, but the following may need to be considered:
- Implementation of global best practice right across the business
- Differentiation through services and products
To achieve growth and profitability in the global market place.
Implementation of global best practice right across the business
Global best practice implemented across the organisation will improve operational efficiency, whilst opening up the opportunity to trade in other markets, where there are mature regulatory frameworks. Furthermore, this makes your organisation attractive to investors and capital providers. Key to this is transparent and consistent governance and process controls. synergy2 will provide your organisation with the key governance controls, whilst workflow powered by SharePoint to implement global process control across your enterprise.
Differentiation through services and products
Clearly, operational efficiency would improve customer service and add profit to the bottom line. However, innovation and differentiation will fuel growth – but services and products may need to differ in each territory. synergy2 will support multiple operations across multiple territories, and will also cater for the local nuances and differences between your services/products.
Summary
synergy2 is the ideal platform to support your operation both locally (Middle East and North Africa) and in the global market. synergy2 provides robust governance and process controls across your enterprise, whilst being capable of supporting multiple operations across multiple territories and regulatory jurisdictions.
To find out more about synergy2 and how it can support your organisation in the global market place, then please contact Eurobase.
