Many insurers are facing mounting skills shortages. Yet, investment in recruitment, training and career development often trails behind other financial sectors. The primary focus can often be short-term demands rather than securing the talent companies need to meet longer term strategic objectives.
Over the past 4 years, Cambridge Consulting have worked closely with many of the world’s largest and most innovative insurers. Our combined insurance industry domain expertise and technology expertise helps our clients to be successful with their outsourcing projects. Whether you are a life insurance company, a property and casualty company, a reinsurer or broker, Cambridge Consulting has a breadth of services designed to meet all your needs. Our multidisciplinary approach brings together specialists in actuarial solutions.
Japan’s massive earthquake, tsunami and nuclear disaster is likely to be the costliest natural catastrophe on record but the impact on the private insurance industry probably will not surpass that of Hurricane Katrina in 2005.
Japanese insurance companies, global insurers and reinsurers, hedge funds and other investors in catastrophe bonds are all expected to bear a portion of the losses that seem likely to exceed $100 billion. Total damage from the 1995 earthquake in Kobe, Japan, was estimated at $100 billion, according to the Insurance Information Institute, but only about $3 billion of that was covered by insurance.
The greatest uncertainty surrounds contamination from the nuclear accident prompted by the earthquake and tsunami. Operators of nuclear plants in Japan are required to buy liability insurance through the Japan Atomic Energy Insurance Pool, an industry group. But they are required to buy coverage of only about $2.2 billion for liabilities, and the pool does not sell the utilities coverage for earthquake damage or business interruptions, suggesting it will again be up to the Japanese government to bear the brunt of those costs.
Until now, the most destructive earthquake in terms of property damage was the one that struck Northridge, Calif., in January 1994, when insurers paid out $15.3 billion, or $22.5 billion in today’s dollars.
Actuarial & insurance solutions
Actuarial & Insurance Solutions is the ability to analyse markets, to give data-driven shape to their future and to translate these into the financial implications by bringing together a unique combination of business consulting services and technical capabilities.
Cambridge Consulting professionals deliver advice and solutions related to strategy, actuarial and financial analysis, operations, information systems, data mining, predictive modeling and advanced analytics. In collaboration with our clients, we are redefining how risk is quantified and managed, costs are contained and profit is realized in the insurance industry. As well we can provide Distribution and Producer Management Strategy, Underwriting and Claims Process Management, Insurance Scoring Models, and Strategic Retirement Planning and Pensions.
For the enterprise striving to improve its operational efficiency and effectiveness, benchmarking offers several key points, helps making performance optimization discussions within the enterprise more tangible and specific, shows how your operational performance compares to your peers and to industry leaders, helps identify the most promising areas for business process engineering initiatives and finally will help build a compelling business case for change.
Cambridge Consulting can provide it’s clients with reliable and accurate data results they can use to evaluate themselves against their competitors and provide marketing tools to showcase their accomplishments based upon the opinions of experts/consumers
Enterprise Risk management
With increasing regulatory, rating and economic pressures, many companies are adopting an Enterprise Risk Management (ERM) approach to establish corporate risk governance, consolidate risk information at the enterprise level and make risk-informed decisions. Central to our approach is the belief that ERM actions should be guided by the enterprise wide impact of risks on shareholder value and enable rewarded risk-taking. This approach makes the quantification of value central to all aspects of the process and results in ERM activities that enhance shareholder value.
Cambridge Consulting has the ability to manage expected volatility within an acceptable range
Focus limited resources on risks with largest potential impact on value manage risk to strategic growth, enhance stakeholder views of company’s risk management capabilities.
Human Capital Advisory Services
The globalization of markets, fast progressing business environment and increasing competition bring about a necessity to increase business performance, and focus on having the right human capital to take them to the next level of competence.
Cambridge Consulting helps it’s clients in human resources management strategy, human resources management organization, employment relations and legislation recruitment system, performance management, human resources development, compensation and benefits outplacement, human resources information system audit of human resources management system. For better performance, more cost-effectively and greater flexibility.
Outsourcing and Shared Services
They are now outsourcing core activities like research, product development and tax and legal services, as globalization and connectivity enable new ways of doing business. The rationale for outsourcing is thus changing dramatically; a growing number of organizations see it as a means of obtaining strategic advantages, not just as a cost-cutting measure.
Cambridge Consulting can help in identifying which activities to outsource, define your requirements and assess potential suppliers, notate the right terms, draft watertight contracts covering the sharing of intellectual property, performance criteria and penalties for non-performance, make major changes and communicate with employees about alterations in their working environment, manage political, regulatory and operational risks, and review and manage existing contracts.
Technology Strategy & Integration
Business and technology integration are essential to innovation. Because the right technology strategy is also an opportunity for organizational change and improvement. From consolidating physical offices into virtual ones; to customer insights that drive product and brand extensions; to spotting emerging trends that competitors miss; business and technology integration are of tremendous importance for optimum growth and profit.
Cambridge Consulting can help in establishing the overall IT strategy for an enterprise – including the SOA Strategy, Application Support Strategies, Governance models and innovative technology strategies.
Enterprise and Service Oriented Architecture, help to improve IT processes to deliver higher quality and reduced costs. we can also provide the intersection of business and technology, supporting our clients in enhancing competitiveness and creating new sources of economic value from technology.
Insurance Regulatory Consulting Services
More than ever, insurance companies need to keep current with evolving regulatory requirements and maintain robust compliance programs. Cambridge Consulting team of professionals includes former insurance commissioners and chief compliance officers who assist clients in managing complex state and federal insurance regulatory issues.
We can help assessing compliance risks, design internal control programs, conduct readiness assessments for legislative and regulatory requirements such as broker transparency and annuity suitability Advise in developing compliance structures, systems, procedures, policies and documentation and Perform reviews of operational and compliance controls for regulated activities.