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Save-to-transform as a catalyst for embracing digital disruptionDeloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Global Cost Report 2019–2020 Insurance
Contents
Executive summary 4
About the study 8
10
Firmographics 14
Insurance survey results: Detailed insights 18
Digital and technology solutions applied to cost management in Insurance 34
Save-to-transform as a catalyst for embracing digital disruption 40
2
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Digital technology and digital disruption have burst onto the scene as key levers for cost management and business transformation around the world and throughout the Insurance sector. In Deloitte’s 2017 Biennial Global Cost Survey,1
in the United States but was barely visible elsewhere. Now, however, technology investments and innovative digital technologies are top-of-mind for insurance companies in all regions.
In today’s challenging environment, cost management remains a strong imperative for nearly all businesses; however, the prevailing mindset among insurance companies seems to be expanding from save to grow to save to transform. Most companies in the Insurance sector continue to have very positive expectations for revenue growth, and many are using cost reduction as a tool to help fund their required growth investments. However, in today’s increasingly digital world, more and more companies also recognize the need to transform their operations and capabilities with infrastructure investments in key digital innovations such as robotic process automation, cognitive technologies, business intelligence, and cloud-based ERP systems.
These digital technologies and innovations can deliver dramatic improvements in competitiveness, performance, operating
can also strengthen a company’s positioning for adverse future events, including economic downturns and digital disruption.
With digital innovation emerging as a critical enabler for both cost reduction and business transformation, we are delighted to present the results from our latest global cost survey. The study includes responses from more than 1,200 executives and senior leaders around the world with direct involvement in cost management, including 46 respondents from the Insurance sector.
This report provides an up-to-date view of the cost management practices and trends shaping the future of the Insurance sector and global business. It also takes a detailed look at how the latest digital technologies and cost management strategies are acting as
digital disruption.
your thoughts and feedback.
Foreword
Sam Balaji Global Consulting Leader
Omar Aguilar Strategic Cost Transformation
hriving in uncertainty in the age o digital disruption: Deloitte’s rst biennial global cost survey report December 2
3
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Executive summary
Cost management in the Insurance sector is less prevalent and less aggressive than average. In Insurance, 63% of the surveyed companies plan to undertake cost reduction initiatives over the next 24 months, lower than the global average across industries (71%). Similarly, the percentage of Insurance respondents with aggressive cost reduction targets of 10% or higher is
(56% in Insurance versus 68% globally across industries).
The save-to-transform mindset is prevalent in Insurance, but less than the global averages. The survey results show that the save-to-transform mindset is prevalent in Insurance, but to a lesser extent than globally across industries. This cost management philosophy is characterized by a simultaneous strategic focus on sales growth,
technology implementation, and digital enablement. Relative to the global averages across industries, Insurance
priority levels in all save-to-transform dimensions except digital enablement (+5 percentage points).
Expected implementation rates for key digital technologies vary widely relative to the global averages. In Insurance, implementation rates for digital technologies over the next 24 months (in-process or planned) are expected to be higher than the global averages across industries for business intelligence (+19%) and cloud (+2%), on par for cognitive technologies, and lower for automation (-13%).
Insurance survey results: Detailed insights
Cost programs in Insurance have a high failure rate on par with the global average.
According to the survey results, 80% of insurance companies failed to fully achieve their cost reduction targets—on par with the global average across industries (81%).
80%Insurance
81%Global
Cybersecurity is the top external risk.
In Insurance, the three top external risks are cybersecurity (63%), credit risks (61%), and digital disruption (61%). Globally across industries, cybersecurity (62%) and digital disruption (61%) are also among the three top risks.
63%Insurance
62%Global
Lack of controls is the top internal risk.
The top internal risks in the Insurance sector are lack of regulatory, legal, and/or management controls (22%); recruitment, development, and retention of talent (15%); and business continuity (15%). Globally across industries, reliability/functionality information systems is the top internal risk (26%).
22%Regulatory, legal and/or management controls
4
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Insurance survey results: Detailed insights
Strategic priorities align with save-to-transform.
Top-rated strategic priorities over the next 24 months:
74%digital enablement
70%product
65%sales growth
59%technology implementation
Growth and competition are the top cost reduction drivers.
Three top drivers for cost reduction in Insurance over the next 24 months are:
65%international growth opportunities
61%required investment in growth areas
63%
competition
The revenue outlook in Insurance is more positive than the global average.
Insurance respondents have a positive growth outlook:
87%positive growth over past 24 months (on par with the global average, 86%)
91%expect positive revenue growth over next 24 months
than the global average, 86%)
Capability development in Insurance has generally been lower than average.
Most actively developed capabilities in Insurance over the past 24 months are:
52%
infrastructure
35%cognitive solutions
46%automation
ERP infrastructure development was 11% higher than the global average.
Insurance companies have been balancing strategic and tactical cost actions.
Over the past 24 months insurance companies focused almost equally on:
36%tactical cost actions
35%strategic cost actions
This is similar to the global pattern across industries.
The balance of strategic and tactical cost actions is expected to continue.
Looking ahead to the next 24 months, insurance companies expect to continue balancing strategic and tactical cost reduction actions, with a slight shift toward strategic actions:
65%strategic cost actions
64%tactical cost actions
ERP systems are the top barrier to successful cost reduction.
In Insurance, the three top barriers to successful cost reduction:
61%
ERP system
59%implementation challenges
57%erosion of savings
Those same three barriers top the list globally across industries, led by implementation challenges.
5
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Insurance survey results: Detailed insights
Cloud leads the pack.
The most widely implemented in Insurance over the past 24 months are:
48%cloud
28%business intelligence
Cloud was also the most actively implemented technology globally across industries (49%).
Business intelligence is expected to be the most actively implemented technology in Insurance.
In contrast to the global results, the technology expected to be most actively implemented in Insurance over the next 24 months:
70%business intelligence
Least expected to be actively implemented, most likely because current implementation levels are already very high:
48%cloud
Digital leaders in Insurance have a big impact on technology implementation, similar to the global average.
On average, insurance companies with a designated digital leader have a higher level of technology implementation than those without one:
+121% Insurance
+118%Global
Digital and technology solutions applied to cost management in Insurance
Top reasons for applying digital technologies. In the Insurance sector, reducing costs and increasing productivity is the top reason for applying:
80%cognitive & AI technologies
75%robotic process automation
64%cloud
Most technology implementations meet or exceed expectations.
62%When implementing each of the technologies covered by the survey, at least 62% of Insurance respondents had their expectations met or exceeded.
Lessons learned.
The top lessons learned in Insurance are:
No. 1assess, validate, and adjust targets
(65%).
No. 2deploy change management to raise awareness, acceptance,
initiatives (63%).
No. 3designate a full-time position
and cost-improvement initiatives (61%).
Cost management maturity in Insurance is lower than average.
According to the survey results, cost management maturity
global averages across industries. The percentage of insurance companies that rate themselves high or intermediate maturity:
50%Insurance
66%Global
While the percentage of insurance companies that rate themselves low maturity are:
33%Insurance
20%Global
6
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Digital rises to the top of the Insurance agenda. Cybersecurity is now recognized as the top external risk in the Insurance sector (63%), followed closely by digital disruption (61%). Meanwhile, technology implementation has emerged as the top-rated strategic priority in Insurance over the next 24 months (74%)—a 6% increase over the past 24 months.
Save-to-grow.In the recent past, most insurance
to-grow mode. Cost and growth were the main business levers, with talent (including capabilities) as another key component. In this mode, cost reduction is a high priority, with cost savings used to fund growth initiatives and strategic investments that
Save-to-grow expands into save-to-transform.Many insurance companies are now shifting into save-to-transform mode, with the save-to-grow mindset expanding to include a strong focus on digital enablement and implementation of technologies. This shift can transform a company and help it capitalize on digital opportunities, while at the same time positioning the business for potential adversity that may be on the horizon—such as an economic downturn or credit crisis—using digital innovations to unlock
Save-to-transform as a catalyst for embracing digital disruption
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Deloitte Consulting LLP (Deloitte or Deloitte Consulting) engaged Dynata to conduct a global cost-management survey to better understand business leaders’ perspectives on current and future cost-reduction initiatives within large companies, multinationals, and other companies that are representative of the industries and regions surveyed
Study objectives
nderstand actors approaches actions and targets related to cost initiatives
ssess the e ectiveness o the cost actions including lessons learned rom previous e orts
Understand the drivers and scope of past and future cost initiatives
Provide context on how digital disruption and advanced digital technologies are a ecting cost management
ssess industry results and provide insights on di erent behaviors related to cost reduction
MethodologyData was collected through detailed online surveys conducted between November and December 2018.
January February March April May June July August September October November December
About the survey
FirmographicsThe global survey of more than 1,200 executives and senior leaders with direct involvement in cost management decisions and actions included 46 respondents from the Insurance sector.
88
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
9
cost-management survey are directionally consistent across industries and geographic regions. However, there
the Insurance sector results and the global survey results, which include data from all industries.
How is the Insurance
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Likely Neutral Unlikely
Global Insurance
Likelihood
63% of Insurance respondents plan to undertake cost reduction initiatives, compared to 71% globally
Exceededgoals
Met goals Did notmeet goals
Lessthan 10%
10% to lessthan 20%
Morethan 20%
Cost targets Success analysis
80% of respondents failed to fully meet their targets, similar to 81% globally
56% of respondents reported targets above 10%, less than 68% globally
% o
f Tot
al R
espo
nden
ts
71%
63%
41%
4%
20%
30%
8% 7%
% o
f Tot
al R
espo
nden
ts 30%
37%
30% 31%
26%
% o
f Tot
al R
espo
nden
ts5%
14% 15%
81% 80%
Cost management in the Insurance sector is less prevalent and less aggressive than averageIn Insurance, 63% of the surveyed companies plan to undertake cost reduction initiatives over the next 24 months, lower than the global average across industries (71%). Similarly, the percentage of Insurance respondents with aggressive cost reduction targets of 10% or higher
globally across industries). Cost program failure rates in the Insurance sector are similar to those of the global respondent pool, with 80% of insurance companies failing to fully meet their cost reduction targets
Figure 1. Cost program likelihood, targets, and success analysis
11
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
0
10
20
30
40
50
60
70
80
Sales growth
Cost reduction
Balance sheet management
Productpro tability
Organization and talent
Technology implementation
Digitalenablement
% o
f tot
al r
espo
nden
ts
72%65%
68%
50%
61%57%
73% 70% 68%
59%
73%
59%
69%74%
Global Insurance
The save-to-transform mindset is prevalent in Insurance, but less than the global averagesThe survey results show that the save-to-transform mindset is prevalent in Insurance, but to a lesser extent than globally across industries. This cost management philosophy is characterized by a simultaneous strategic focus on sales growth, cost reduction,
enablement. Relative to the global averages across industries,
in all save-to-transform dimensions except digital enablement
Figure 2. Strategic priorities (next 24 months)
12
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Global Insurance
% o
f tot
al r
espo
nden
ts
43% 42% 37%
In process of implementationNot implemented but planned
Business intelligence(not including cognitive or AI)
Cloud solutionsAutomation: Robotic process automation
Cognitive technologies: AI and machine learning
38%
24% 24% 20%
14%17%
26%28%
39% 39%33% 37% 37% 41% 37%
11%
62% 63% 59%
47%54%
63%70%
48%
+19%
-13%
+2%
Expected implementation rates for key digital technologies vary widely relative to the global averagesIn Insurance, implementation rates for digital technologies over the next 24 months (in-process or planned) are expected to be higher than the global averages across industries for business intelligence (+19%) and cloud (+2%), on par for cognitive technologies, and
Figure 3. Implementation of technologies (next 24 months)
13
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
FirmographicsGlobal information was collected to provide meaningful insights across regions and industries.
ithin the nancial services industry, the Insurance sector had 46 respondents, representing 18% of all nancial services responses (see gure 4).
Figure 4. Respondent breakdown by industry and region
Industry breakdown:Total respondents (%)
27%
13%
7%2%
12%
18%
21%
Consumer and Industrial Products
Financial Services
Technology, Media and Telecommunications
Life Science and Health Care
Energy and Resources
Public Sector
Other
FSI sector breakdown:Number and percentage of responses by sector and region
Insurance (46)
Banking (118)
Real Estate (18)
Other (9)
Private Equity, Hedge Funds, Mutual Funds & Investment Management (65)
Total
39
37
100
68
7
5
256
Canada
South Africa
APAC
Europe
LATAM
USA 8
1
17
17
2
1 3 1
2 2 1
20 25 3 3
47 22 13 1
21 12 2 1
25 3 3
14
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Management-level breakdown(% of respondents by level and region)
Executive Management (enabling functions)*Executive Management (business units)**President, CEO CFO, COO
InsuranceGlobal
24%
21%
14%
42%
37%
17%
26%
20%
Only leaders and executives with direct involvement in cost-management decisions were included in the survey 20% of Insurance respondents were Presidents or CEOs, 37% were CFOs or COOs, and the remaining 43% were executive management (see gure 5).
Figure 5. Respondent breakdown by management level
* Executives Management (enabling functions): P or above in nance, logistics, IT, HR, marketing, etc.** Executives Management (business functions): P or above business units, regions, or countries
15
The ma ority of Insurance respondents (66%) reported revenues of 1 billion or more, and 46% had revenues of 5 billion or more (see gure 6).
Figure 6. Respondent annual revenue (US dollars)
$200M toless than $500M
Global Insurance
$500M toless than $1B
$1B toless than $5B
$5B toless than $20B
$20B toless than $60B
Over $60B
15% 16%
20%
15%
24%
20%
24% 24%
13% 13%
8% 9%
Note: The survey was conducted in local currencies. For analysis purposes they have been converted to US dollars.
16
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Lessthan 1,000
0
4
8
12
16
20
1,000to 2, 499
2,500to 4,900
5,000 to 9,999
10,000to 24,000
25,000to 49,999
50,000to 99,999
Morethan 100,000
8%9%
15% 15% 15%
11%
13%
19%
13%
22%
13%
10%11%
7%
9%
11%
Global Insurance
In Insurance, 66% of respondents had at least 5,000 employees, 31% had at least 25,000 employees, and 11% had more than 100,000 employees (see gure 7).
Figure 7: Respondent employee headcount
17
Insurance survey results: Detailed insights
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
18
Likely Neutral Unlikely
71%
% o
f tot
al r
espo
nden
ts
0.0
12.5
25.0
37.5
50.0
62.5
75.0
87.5
100.0
63%
8% 7%
20%
30%
63% of Insurance respondents plan to undertake cost reduction initiatives.
1
1
2 2
3
3
1
than the global average across industries (71%).
2 In Insurance, 7% of respondents say they are unlikely to undertake cost reduction initiatives over the next 24 months, on par with the global average across industries (8%).
3 30% of Insurance respondents are neutral towards cost reduction initiatives, much higher than the global average across industries (20%).
Cost reduction is less prevalent in the Insurance sector than globally across industries
Figure 8: Likelihood of cost reduction (next 24 months)
19
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Note: Respondents that selected no speci c targets were established were not plotted in the graph.
1 across industries (68%).
2 The percentage of Insurance respondents with targets above 20% is lower than the global average across industries (26% in Insurance versus 31% globally).
3 In Insurance, 41% of respondents have cost reduction targets of less than 10%, a much higher proportion than the global average across industries (30%).
Most Insurance respondents (56%) reported targets above 10%.
Less than 10% 10% to less than 20% More than 20%
Global Insurance
% o
f tot
al r
espo
nden
ts
0
10
20
30
40
50
41%
30% 31%
26%
37%
30%
1
1 1
21
2
3
3
Cost targets in Insurance tend to be less aggressive than the global averagesThe majority of surveyed Insurance respondents (56%) have cost reduction targets above 10%; however, that percentage is much lower than the global average across industries (68%). The percentage of insurance companies with targets above 20% is
Figure 9. Cost reduction targets
20
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
1 Cost programs in the Insurance sector have a high failure rate (80%) similar to the global average across industries (81%).
2 15% of Insurance respondents met their cost reduction goals, on par with the global average (14%).
3 4% of Insurance respondents exceeded their goals, similar to the global average across industries (5%).
Met goals Exceeded goalsDid not meet goals
Global Insurance
% o
f tot
al r
espo
nden
ts
0
15
30
45
60
75
90
80%81%
5% 4%
15%14%
1 1
2 2 3 3
Cost programs in Insurance have a high failure rate on par with the global averageAccording to the survey results, 80% of insurance companies failed to fully achieve their cost reduction targets—on par with the global
Figure 10. Cost program success and failure
21
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Political climate Macroeconomic concerns Currency uctuations Commodity price uctuationsCredit risks Cyber security concerns New market entrants Digital disruption
0
10
20
30
40
50
60
70
80
Global Insurance
% o
f tot
al r
espo
nden
ts
23 2 1
3
1 159% 59% 58% 59%
57%62%
57%
46% 46%43%
61% 63%59% 61%
57%61%
1 The top-rated external risks among Insurance respondents are cybersecurity (63%), credit risks (61%), and digital disruption (61%).
2 For the global respondent pool, the top-rated external risks are cybersecurity (62%) and digital disruption (61%).
3
Cybersecurity is the top external riskIn Insurance, the three top external risks are cybersecurity (63%), credit risks (61%), and digital disruption (61%). Globally across
Figure 11. Top external risks
Lack of strategic plans or execution to provide clear direction to the business
Liquidity and nancial position to support business plans
Recruitment, development and retention of required talent to support business initiatives
Reliability and functionality of information systems to support business processes and decisions
Lack of controls, processes and systems to ensure business continuity
Lack of regulatory, legal and/or management controls
0
10
20
30
Global Insurance
% o
f tot
al r
espo
nden
ts
2 2
1
23% 23%25% 26%
24%22%
13% 13%1
15%
3
3
13%1
15%
22%
1 In Insurance, the top internal risks are lack of regulatory, legal, and/or management controls (22%); talent (15%); and business continuity (15%).2 Globally across industries, the two top-rated internal risks are information systems (26%) and talent (25%).3
Lack of controls is the top internal riskThe top internal risks in the Insurance sector are lack of regulatory, legal, and/or management controls (22%); recruitment, development, and retention of talent (15%);
and business continuity (15%). Globally across industries, reliability/functionality of information systems is the top
Figure 12. Top internal risks
22
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
1
three top priorities globally across industries.
2
3 In the Insurance sector, the strategic priority of technology implementation is expected to decrease by 13 percentage points from the past 24 months to the next 24 months.
.
Strategic priorities align with save-to-transformThe save-to-transform cost management approach uses cost reduction to fund investments in growth and transformational digital technologies, while in turn using many of those same digital technologies to boost the
Insurance, the top-rated strategic priorities over the next 24
(70%), sales growth (65%), and technology implementation
Figure 13. Strategic priorities
% of total respondents
Sales growth Cost reduction Balance sheet management Product pro tability
Organization and talent Technology implementation Digital enablement
Glo
bal
Next 24 monthsPast 24 months
% of total respondents
69%
61%
73%
69%
73%
69%
73%
68%
61%
73%
68%
73%
69%
72%
Insu
ranc
e
52%
59%
76%
52%
72%
70%
61%
50%
57%
70%
59%
59%
74%
65%
Next 24 monthsPast 24 months
1
1
1
1
2 2
2
2
2
3
1
3
23
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
The revenue outlook in Insurance is more positive than the global averageInsurance respondents have a positive growth outlook. According to the survey, 87% of insurance companies enjoyed positive revenue growth over the past 24 months, on par with the global average across industries (86%). Also, 91% expect positive
Figure 14. Past performance and future expectations
1 Over the past 24 months, 87% of Insurance respondents had positive revenue growth, on par with the global average across industries (86%).
2 Over the next 24 months, 91% of insurance companies have a positive growth outlook, higher than the global average across industries (86%).
3 In Insurance, the percentage of companies expecting their revenue to decrease over the next 24 months (4%) is lower than the global average across industries (6%).
Increased Remained the same Decreased
Global Insurance
% o
f tot
al r
espo
nden
ts
0
10
20
30
40
50
87%86%
7% 7%7% 7%3
1 1
Increase Anticipate at top line Decrease
% o
f tot
al r
espo
nden
ts
0
10
20
30
40
50
91%86%
6% 4%8%
4%
3
22
Next 24 monthsPast 24 months
24
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Growth and competition are the top cost reduction driversOver the next 24 months, the three top drivers for cost reduction in Insurance are international growth opportunities (65%),
Figure 15. Cost reduction drivers
1
(65%), changed regulatory structure (54%), and international growth opportunities (54%). Those same four drivers topped the list globally across industries.
2
investment in growth areas (61%). Those same three drivers top the list globally across industries.
3 Looking ahead, Insurance respondents expect international growth opportunities to rise sharply as a cost driver (+11 percentage points).
Signi cant reduction in consumer demandDecrease in liquidity and tighter creditUnfavorable cost position relative to peer group
Required investment in growth areasChange regulatory structure
Intensi ed competition among peer group
Increased international growth opportunities
% of total respondents
Glo
bal
Next 24 monthsPast 24 months
% of total respondents
52%
56%
59%
66%
65%
63%
52%
Insu
ranc
e
53%
57%
61%
67%
66%
65%
55%
39%
46%
41%
61%
63%
65%
39%
Next 24 monthsPast 24 months
1
1
1
1
2
2
2
48%
39%
54%
65%
65%
54%
46%
1
1
1
1
3
2
2
2 3
25
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
1 The Insurance sector’s most commonly developed capabilities over the past 24 months were improved ERP infrastructure (52%), automation (46%), and cognitive solutions (35%).
2 Automation was the most commonly developed capability globally across industries (48%), followed by cognitive/AI (42%).3
average (12%).
Capability development in Insurance has generally been lower than averageOver the past 24 months, capability development in Insurance was generally lower than the global averages across industries, except for ERP infrastructure (+11 percentage points). The top developed capabilities in Insurance were improved ERP
Figure 16. Capabilities developed over the past 24 months
Created a new executive position and/or full-time positions to drive cost management
Set-up or improved ERP infrastructure
Developed or implemented automation technologies
Developed or implemented cognitive and arti cial intelligence technologies
Implemented new policies and procedures and strengthened the compliance mechanisms
Improved processes for forecasting, budgeting, and reporting to enable e ective cost management
Implemented zero-based budgeting or process
0
10
20
30
40
50
60
Global Insurance
% o
f tot
al r
espo
nden
ts
2
2
1
1
3
34%
41%
48%
42% 41%
34%
12%
3
7%
26%
30%
35%
52%
1
26%
46%
26
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Insurance companies have been balancing strategic and tactical cost actionsAccording to the survey results, insurance companies over the past 24 months focused almost equally on strategic cost actions (35%) and tactical cost actions (36%). This is similar to
Tactical actions tend to produce incremental improvements and relatively small cost savings, whereas strategic actions have a much broader and deeper impact. Examples of strategic actions include: centralizing business activities (action
Figure 17. Implemented cost reduction actions over the past 24 months
Note: Respondents who had implemented those actions were selected for this question.
1 The most commonly implemented cost reduction actions in Insurance over the past 24 months were increased centralization (39%), streamlined organization structure (39%), and improved policy compliance (39%).
2 Globally across industries, the most commonly implemented cost actions were streamlined business processes (37%), improved policy compliance (37%), and streamlined organization structure (36%).
3 Over the past 24 months, Insurance respondents focused almost equally on strategic cost actions (35%) and tactical cost actions (36%).
Averages
Global Insurance
32% 35%34% 36%
% o
f tot
al r
espo
nden
ts
3
2 2 235%
31% 31%
36% 37% 37%
32% 32%30%
39%36%
31%1
39%
1 36% 139%
31%
36%34%
Action 1 Increased centralization – Integrated business units and functions into the corporate center
StrategicAction 2 Changed business con guration – Divested underperforming assets, ad usted number of products/services, geographies, customers, etc.
Action 3 Outsourced/O -shored business processes to low cost service providers
Action 4 Streamlined organization structure – Increased spans of control, and modi ed reporting relationships
Tactical
Action 5 Streamlined business processes
Action 6 Improved policy compliance
Action 7 Reduced external spend by leveraging scale to source purchased materials/services and reduced demand for materials and services
Action 8 Implementation of speci c automation or cognitive technologies
Action 9 Aligned incentives of executives or employees to cost reduction objectives
27
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
The balance of strategic and tactical cost actions is expected to continueLooking ahead to the next 24 months, insurance companies expect to continue balancing strategic and tactical cost reduction actions, with a slight shift toward strategic actions (65% strategic versus 64% tactical). The top cost action in Insurance is
Figure 18: Expected cost reduction actions over the next 24 months
Note: Only respondents who had implemented those actions were selected for this question
1 processes (74% in-process or planned), implement automation/cognitive technologies (71% in-process or planned), and streamline business processes (67% in-process or planned).
2
3 Over the next 24 months, Insurance respondents expect to focus almost equally on strategic cost actions (65%) and tactical cost actions (64%).
Averages
62% 65%61% 64%
StrategicIn process of implementationNot implemented but planned
% o
f tot
al r
espo
nden
ts
42%
19%
44%
21%
43%
16%
42%
18%
46%
16%
40%
19%
43%
18%
41%
22%
35%
22%
43%
20%
57%
17%
35%
20%
52%
15%
50%
13%
54%
11%
54%
17%2
Global Insurance
3
1
11
Action 1 Increased centralization – Integrated business units and functions into the corporate center
StrategicAction 2Changed business con guration – Divested underperforming assets, adjusted number of products/services, geographies, customers, etc.
Action 3 Outsourced/O -shored business processes to low cost service providers
Action 4 Streamlined organization structure – Increased spans of control, and modi ed reporting relationships
Tactical
Action 5 Streamlined business processes
Action 6 Improved policy compliance
Action 7Reduced external spend by leveraging scale to source purchased materials/services and reduced demand for materials and services
Action 8 Implementation of speci c automation or cognitive technologies
28
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
ERP systems are the top barrier to successful cost reduction
challenges (59%), and erosion of savings (57%). Those same three barriers top the list globally across industries, led by
Figure 19. Barriers to successful cost reduction
1
(59%), and erosion of savings (57%).
2
(62%), and erosion of savings (61%).
3 Implementation challenges are rated higher as a barrier globally than in Insurance (+6 percentage points).
Lack of understanding/acceptance of the solution by the audience
Erosion of savings due to infeasible target setting
Weak/unclear business case for cost improvement
Poorly designed reporting and tracking
Lack of an e ective ERP system to enable date availability, decision-making, process improvement, performance management
Management challenges in implementing initiatives
0
10
20
30
40
50
60
70
80
Global Insurance
% o
f tot
al r
espo
nden
ts
57% 57% 58%61% 62%
65%
48% 48%54%
57%61% 59%
11 1
3
2232
29
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Lessons learned
s1
2 The three top lessons globally are: invest in technology improvements (72%); design a solid tracking/reporting process
3
Designate a full-time position to drive e ciency and cost improvement initiatives
Develop, validate and sponsor a clear business case for cost improvement
Deploy change management activities to raise awareness, acceptance, and bene ts of initiatives
Design a solid tracking and reporting process
Assess, validate, and adjust targets reasonably according to the reality throughout the implementation phase
Invest in technology improvements to enable data availability, reliability, and decision-making process
0
10
20
30
40
50
60
70
80
Global Insurance
% o
f tot
al r
espo
nden
ts
61%65% 66%
70% 69%72%
61% 59%63% 61%
65%61%
1 1 122 2
30
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Cost management maturity in Insurance is lower than average
averages across industries. In particular, the percentage of insurance companies that rate themselves high or intermediate maturity (50%) is well below the global average (66%), while the percentage of insurance companies that rate themselves low
Figure 21. Cost management maturity levels
1 In Insurance, 30% of companies rate themselves high maturity at cost management; 20% rate themselves intermediate maturity; and 33% rate themselves low maturity.
2 Globally across industries, 35% of companies rate themselves high maturity; 31% rate themselves intermediate maturity; and only 20% rate themselves low maturity.
3 17% of Insurance respondents rate themselves at the lowest maturity level, similar to the global average across industries (15%).
% o
f tot
al r
espo
nden
ts
Lowest High
High
Intermediate
Low
Lowest
Cost policies and procedures are continually reviewed and examined to ensure best practices around e ciency and cost management
Relevant cost policies and procedures are typically well known, and personnel are trained and generally comply
There may be written cost policies and procedures documented but not readily available and essentially not followed
Few or no formal cost policies or procedures are employed or documented, or they are signi cantly fragmented
35%31%20%15%
20%33%17% 30%
Global
Insurance
3
3 1 1
2 2
31
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
32
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
33
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Digital technologies are having a major impact on all aspects of business in the Insurance sector—including cost management. Breakthrough innovations made possible by digital technology are enabling companies to
increasingly digital world. They also have the potential to enable new levels of cost savings.
Digital and technology solutions applied to cost management in Insurance
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
34
Global Insurance0
10
20
30
40
50
60
70
% o
f tot
al r
espo
nden
ts
Automation: Robotics Process Automation
Cognitive technologies: Arti cial intelligence and machine learning
Business Intelligence (Not including Cognitive or AI)
Cloud Solutions
25%25%
35%
49%
17%
22%
28%
48%
1
12
2
33
1 In Insurance, cloud was the most widely implemented technology covered by the survey (48%); automation was the least widely implemented (17%).
2 Cloud was also the most widely implemented globally across industries (49%), followed by business intelligence (35%).3 Implementation levels in Insurance were lower than the global averages for all technologies, especially for business
intelligence (-7 percentage points).
Cloud leads the packAmong the technologies covered by the survey, the most widely implemented in Insurance over the past 24 months was cloud (48%), followed by business intelligence (28%). Cloud was also the most widely implemented technology globally across
Figure 22. Technology implementation levels (past 24 months)
35
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Cloud
% o
f tot
al r
espo
nden
ts
0
10
20 30 40 50 60 70 80 90 100
Insu
ranc
eG
loba
l
63%
43%
48%
64%
64%
41%
41%
59%
RPA Cognitive & AI
Reduce Costs and Increase Productivity
Increase revenue Enhance product/service capabilities Tighten data security and Improve business control
1
1
0
10
20 30 40 50 60 70 80 90 100
80%
57%
53%
69%
75%
25%
25%
63%
0
10
20 30 40 50 60 70 80 90 100
76%
56%
59%
68%
80%
40%
40%
60%
2
2
3
3
1 The top reason for applying cloud in Insurance is to reduce costs and increase productivity (64%). Globally across industries, the top reason for applying cloud is to tighten data security and improve business control (64%).
2 The top reason for applying RPA in Insurance and globally across industries is to reduce costs and increase productivity.3 The top reason for applying cognitive & AI in Insurance and globally across industries is to reduce costs and increase
productivity.
The top reason for applying digital technologies in Insurance is to reduce costs and increase productivityIn the Insurance sector, reducing costs and increasing productivity is the top reason for applying cloud (64%), robotic process
Figure 23. Reasons for applying technologies
36
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Unable to assess results at this point
Results according to expectations
Results below expectations
Results above expectations
Global
Cloud
29%
56%
13%
2%
Global
35%
41%
23%
1%
Global
36%
47%
16%
1%
Insurance
27%
41%
23%
9%
Insurance
25%
38% 37%
Insurance
30%
50%
20%
RPA Cognitive & AI
12 3
1 When implementing cloud, 41% of Insurance respondents had their expectations met and 27% had their expectations exceeded.2 When implementing RPA, 25% of Insurance respondents had their expectations met and 37% had their expectations exceeded.3 When implementing cognitive & AI, 50% of Insurance respondents had their expectations met and 30% had their
expectations exceeded.
Most technology implementations meet or exceed expectationsWhen implementing each of the technologies covered by the survey, at least 62% of Insurance respondents had their
Figure 24. Results of implementing technologies
37
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
0
10
20
30
40
50
60
70
80
InsuranceGlobal
% o
f tot
al r
espo
nden
ts
In process of implementationNot implemented but planned
38% 39% 39%33%
24%20%
62%
47%
59%
24%
14%
63%
Automation: Robotics Process Automation
Cognitive technologies: Arti cial intelligence and machine learning
Business Intelligence (Not including Cognitive or AI)
Cloud Solutions
2 2
3
37% 37% 41% 37%
11%17%
28%54%
48%
70%
26%
63%
3
1
1
1 Business intelligence (70%) is expected to be the most actively implemented technology in Insurance over the next 24 months, followed by cognitive/AI (63%).
2 Cognitive/AI (63%) and automation (62%) are expected to be the most actively implemented technologies globally across industries.
3 The expected implementation level for business intelligence is higher in Insurance than globally across industries (+11 percentage points).
Business intelligence is expected to be the most actively implemented technology in InsuranceIn contrast to the global results across industries, the technology expected to be most actively implemented in Insurance over the next 24 months is business intelligence (70%). The technology expected to be least actively
implemented is cloud (48%), most likely because current implementation levels for cloud are already very high
Figure 25. Technology implementation levels (next 24 months)
38
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
0
10
20
30
40
Global Insurance
Automation: Robotics Process Automation
Average Cognitive technologies: AI and machine learning
Business intelligence (not including Cognitive or AI)
Cloud solutions0
10
20
30
40
50
60
No designated leader
9%
17%
37%
31%29%
18%
29%26%
39%
31%
53% 51%
14%10%
0%
17%14%
30% 29%
14%
118%
121%
190%
NA
222%
29%
129%
121%
77%
76%
Designated leader
1 Overall, Insurance respondents with a designated digital leader report much higher levels of technology implementation (+121%).
2 Globally across industries, the impact of a designated digital leader on technology implementation levels is also very high (+118%), but slightly lower than in Insurance.
3 intelligence (rising from 0% to 26% in Insurance versus a rise from 10% to 29% globally across industries).
Digital leaders in Insurance have a big impact on technology implementation, similar to the global averageOn average, insurance companies with a designated digital leader have a higher level of technology implementation (+121%) than those without one. That number is slightly above the highly positive impact of digital leaders globally across industries
Figure 26. Impact of a designated digital leader
39
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Cost management practices and approaches have grown increasingly sophisticated over time, with digital solutions—although still maturing—now representing the most advanced level of cost management. Companies that relied on more traditional cost management methods in the past
whole new level of savings—as well as enable new and more innovative business models.
The rise of digital technologies and innovations is also contributing to a shift in how insurance companies around the world approach cost management, with the save-to-grow mindset from 2017 steadily expanding into a save-to-transform mindset where investments in digital enablement and transformational technologies play a key role.
Cost management practices and approaches have grownincreasingly sophisticated over time, with digital solutions—although still maturing—now representing the most advanced level of cost management. Companies that relied on more traditional cost management methods in the past
whole new level of savings—as well as enable new and more innovative business models.
TThhee rriissee ooff ddiiggiittaall tteecchhnnoollooggiieess aanndd iinnnnoovvaattiioonnss iiss aallssoo contributing to a shift in how insurance companies around the world approach cost management, with the save-to-grow mindset from 2017 steadily expanding into a save-to-transform mindset where investments in digital enablement and transformational technologgies pplayy a keyy role..
Save-to-transform as a catalyst for embracing digital disruption
40
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Cybersecurity and digital disruption as external risks Technology implementation as a strategic priority
0.0
12.5
25.0
37.5
50.0
62.5
75.0
87.5
100.0
0.0
12.5
25.0
37.5
50.0
62.5
75.0
87.5
100.0
57%
46% 46%43%
61% 63%59% 61%
73% 73% 74%
Past 24months
Global
Next 24months
Past 24months
Insurance
Next 24months
70%
+6%
% o
f res
pond
ents
% o
f res
pond
ents
1 1
Cybersecurity
Cybersecurity (63%) is the top external risk in Insurance.
Technology implementation has risen to become the top strategic priority in Insurance.
2
A
A Cybersecurity is the top-rated external risk in Insurance (63%), followed closely by digital disruption (61%).
1 Over the next 24 months, technology implementation is expected to be the top strategic priority for the Insurance sector (74%), similar to the global average (73%).
2 Technology implementation as a strategic priority is expected to increase by 6% from the past 24 months to the next 24 months.
Digital rises to the top of the agendaCybersecurity is now recognized as the top external risk in the Insurance sector (63%), followed closely by digital disruption (61%). Meanwhile, technology implementation has emerged as the top-rated strategic priority in Insurance over the next 24
Figure 27. The rising importance of digital issues in Insurance
41
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
TurnaroundSave-to-turnaround. Focus on immediate actions to reduce costs, maximize liquidity, achieve stability, and capture savings to avoid further deterioration of the business.
FundSave-to-fund. Focus on actions that help improve cost and competitive position; avoid cuts that might inhibit future growth rebalance costs to fund investment in business strategy enablers.
GrowSave-to-grow. Enable or develop a scalable cost/business platform to fuel growth and investment in core capabilities while supporting a
TransformSave-to-transform. Invest in digital technologies and technology infrastructure
business models to prosper in a digitally disrupted market.
Turnaround Fund Grow Transform
Cost levers
Liquidity Cost Growth Growth
Cost Growth Cost Cost
Talent Talent Talent Talent
Growth Liquidity Liquidity Liquidity
Prio
rity
+
-
Save-to-grow
grounded in save-to-grow mode. Cost and growth were the main business levers, with talent (including capabilities) as another key component. In this mode, cost reduction is a
high priority, with cost savings used to fund growth initiatives
Figure 28. The continuum of cost management approaches
42
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
1. Save-to-turnaround 2. Save-to-fund 3. Save-to-grow 4. Save-to-transform
Scope Narrow Broad
Competitive situation
• Losing market share • Structural operating aws • Liquidity concerns • Flat pro t growth
• Adjusting to demand levels • Growth concerns • Healthy balance sheet • Excess cash ow/reserves • High growth potential
Playbook
Defense-oriented playbook
• Short-term tactics to improve balance sheet • Cash ows • Stabilize business through any cost and/or liquidity
improvements • Compensate sales decline
Growth-oriented playbook
• Achieving pro table and sustainable growth through structural cost e ciencies and improvements
• IT investments • Innovation • Actions to strengthen performance and competitive position
Cost levers priority
Save-to-turnaround Save-to-fund Save-to-transform levers
Growth Talent Cost Liquidity Growth Talent Liquidity Cost Growth
Technology
Talent CostLiquidity
New
Low Low HighHigh Low High
Save-to-grow expands into save-to-transformMany insurance companies are now moving into save-to-transform mode, with the save-to-grow mindset expanding to include a strong focus on digital enablement and technologies that can transform a business and help it
capitalize on the vast opportunities in an increasingly digital world. Shifting into save-to-transform mode means that in addition to cost, growth, talent, and liquidity, technology is
Figure 29. Save-to-grow expands into save-to-transform
Save-to-transform not only helps a company capitalize on digital opportunities, it can also position the business to withstand potential adversity that may be on the horizon—such as an economic downturn or credit crisis—by using the power of digital
43
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
Save-to-transform can not only help a company capitalize on digital opportunities, it can also position the company to withstand potential adversity that may be on the horizon by using the power of digital solutions as the key to unlock new levels of cost savings.
Looking ahead
44
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
45
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
US Contacts
US Strategic Cost Transformation(MarginPLUS™) Leaders
Caleb LongenbergerPrincipal Strategy & AnalyticsMarginPLUS Co-LeadDeloitte Consulting LLP +1 513 560 3407 clongenberger@deloitte.com
Faisal ShaikhPrincipal Mergers & AcquisitionsMarginPLUS Co-LeadDeloitte Consulting LLP+1 484 885 4699 fshaikh@deloitte.com
US Insurance Leaders
Gary ShawPrincipal US Insurance LeaderDeloitte & Touche LLP +1 908 334 8842 gashaw@deloitte.com
Karl HerschPrincipal US Insurance Consulting Leader Deloitte Consulting LLP +1 908 377 6365 khersch@deloitte.com
MarginPLUS™ Insurance Team
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the insurance sector
Paul NelsonPrincipal Strategy & AnalyticsDeloitte Consulting LLP +1 7732946679 pnelson@deloitte.com
Hanif SidiPrincipal Strategy & AnalyticsDeloitte Consulting LLP +1 312 342 5525 hsidi@deloitte.com
PK PalaniappanSenior ManagerStrategy & AnalyticsDeloitte Consulting LLP +1 812 679 9845 karpalaniappan@deloitte.com
Global Strategic Cost Transformation
Omar AguilarPrincipalStrategic Cost Transformation | Global Market Offering LeaderDeloitte Consulting LLP+1 215 870 0464 oaguilar@deloitte.com
Global Strategic Cost Transformation
Omar AguilarPrincipalStrategic Cost Transformation | Global Market Offering LeaderDeloitte Consulting LLP+1 215 870 0464 oaguilar@deloitte.com
Global Insurance
Neal BaumannPartnerInsurance | Global Consulting LeaderDeloitte Consulting LLP +1 917 371 3695 nealbaumann@deloitte.com
AMERICAS
BrazilHeloisa MontesPartnerStrategy, Analytics and M&A LeaderDeloitte Consultores+55 11 5186 6910heloisamontes@deloitte.com
Caroline YokomizoPartnerStrategic Cost Transformation | Brazil Leader Deloitte Consultores+55 11 99258 4030cyokomizo@deloitte.com
Sergio BiaginiPartnerCore Business Operations | FSI Country LeaderDeloitte Consultores+55 11 99936 0269 sbiagini@deloitte.com
Rodrigo MendesPartnerRisk Advisory| FSI Country LeaderDeloitte Consultores+55 11 99645 1612rodrigomendes@deloitte.com
CanadaSimon KingSenior ManagerStrategic Cost Transformation | Operations & Organization LeadDeloitte Canada+1 437 993 4087 simking@deloitte.ca
ChilePablo TipicPartnerStrategic Cost Transformation| Operations Transformation Chile LeaderDeloitte Advisory SPA+569 6844 4636ptipic@deloitte.com
Daniel OrtegaDirectorStrategic Cost Transformation| Offering leaderDeloitte Advisory SPA+569 9649 6205daortega@deloitte.com
Bianca SantillanaDirectorFinancial Services| Operations TransformationDeloitte Advisory SPA+56 9 5768 0388 bsantillanac@deloitte.com
MexicoEduardo PachecoPartnerStrategic Cost Transformation | Mexico Strategy, Analytics and M&A LeaderDeloitte Consulting Mexico+52 55 5080 6321edpacheco@deloittemx.com
Monica GuisaSenior ManagerStrategic Cost Transformation | Operations TransformationDeloitte Consulting Mexico+52 55 4441 6054 moguisa@deloittemx.com
ASIA PACIFIC
AustraliaTony O’DonnellPartnerFinancial Services | Operations TransformationDeloitte ToucheTohmatsu+613 9671 8166tonyodonnell@deloitte.com.au
China – Hong KongDavid Wai Kit WuPartnerFinancial Services | Operations TransformationDeloitte Advisory (Hong Kong)Limited+86 21 61412208davidwwu@deloitte.com.hk
IndiaGaurav GuptaPartnerBusiness Model Transformation | Operations TransformationDeloitte Touche Tohmatsu IndiaLLP+91 12 4679 2328gugaurav@deloitte.com
JapanYusuke KamiyamaPartnerMergers & Acquisitions (M&A) | Strategy, Analytics and M&A Deloitte Tohmatsu ConsultingLLC+81 8 043677943ykamiyama@tohmatsu.co.jp
Tetsuo TakasagoPartnerStrategic Cost Transformation | Operations Transformation LeaderDeloitte Tohmatsu ConsultingLLC+81 7 045062932ttakasago@tohmatsu.co.jp
New ZealandPaul ShallardPartnerOperations Transformation | Core Business Operations LeaderDeloitte Limited+64 21 645 203pshallard@deloitte.co.nz
SingaporeWendy LaiPartnerBanking and Capital Markets (FS) | SEA Core Business Operations LeaderDeloitte Consulting PteLtd+65 6232 7133wenlai@deloitte.com
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the insurance sector
Global Contacts
Global Contacts
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the insurance sector
Jean-Michel PintoDirectorStrategic Cost Transformation| Strategy and Business Design Deloitte Francejepinto@deloitte.fr
Guillaume PicqDirectorStrategy & Business Design | Monitor DeloitteDeloitte Francegupicq@deloitte.fr
Germany
Uemit AydinPartnerStrategy & Operations | Operations TransformationDeloitte Consulting GmbH+49 151 5807 7317uaydin@deloitte.de
Kurt MitznerPartnerInsurance| Sector LeadDeloitte Consulting GmbH+49 151 5807 2378kmitzner@deloitte.de
Ireland
Alan FlanaganPartnerFinance Transformation | Enterprise Technology and Performance LeaderDeloitte Ireland+35 314 172 873aflanagan@deloitte.ie
Italy
Umberto MazzuccoEquity PartnerBusiness Model Transformation | Mergers and AcquisitionsDeloitte Consulting SRL+39 02 8332 3053umazzucco@deloitte.it
Netherlands
Willem Christiaan van Manen PartnerBusiness Model Transformation LeaderDeloitte Consulting B.V.+31 6 1004 2582 ljongejan@deloitte.nl
Jan-Wouter BloosPartnerInvestment Management and Pensions| Operations Transformation Deloitte Consulting B.V.+31 6 3032 8192 jbloos@deloitte.nl
Arjen BeersDirectorFinancial Services | Operations Transformation Deloitte Consulting B.V.+31 6 8201 9343 abeers@deloitte.nl
Nordics
Tore Christian Jensen (Denmark)PartnerOperations Transformation| Nordic LeadDeloitte Denmark+45 22 20 28 30torejensen@deloitte.dk
Anders Harritz Lund (Denmark)Senior ManagerStrategic Cost Transformation | Offering LeaderDeloitte Denmark+45 30 93 69 45andelund@deloitte.dk
Tuomo Saari (Finland)PartnerStrategy, Analytics, M&A| Finland offering LeaderDeloitte Finland+35 84 0505 9159 tuomo.saari@deloitte.fi
Bjorn Grenman (Norway)PartnerStrategic CostTransformation| Norway offering LeaderDeloitte AS+47 911 61 726bgrenman@deloitte.no
Fredrik Gillebo (Norway)Senior ManagerStrategic Cost Transformation | Operations TransformationDeloitte AS+47 917 84 055 fgillebo@deloitte.no
Jonas Malmlund (Sweden)PartnerDeloitte Sweden+46 75 246 33 03jmalmlund@deloitte.se
Spain
Gorka BrionesPartnerStrategic Cost Transformation | Strategy and Business Design Deloitte Consulting, S.L.+34 9 1443 2520gobriones@deloitte.es
Jordi MontalboPartnerInsurance | Consulting LeaderDeloitte Consulting, S.L.+34 6 2937 4814 jmontalbo@deloitte.es
Teodoro GomezPartnerFinancial Services | FSI corporate and regulation LeaderDeloitte Consulting, S.L.tgomezvecino@deloitte.es
SwitzerlandAntonio RussoPartnerAnalytics and Cognitive | Consulting Offering LeaderDeloitte Consulting AG+41 7 9102 4673 antorusso@deloitte.ch
United Kingdom
Lorraine BarnesPartnerCore Business Operations | UK LeaderDeloitte MCS Limited+44 77 6589 7434lobarnes@deloitte.co.uk
EUROPE
Austria
Alexander KainerPartnerStrategy, Analytics and M&A | Austria offering LeaderDeloitte Services Wirtschaftsprüfungs GmbH+43 664 805 372 800akainer@deloitte.at
Belgium
Catherine HannossetPartnerStrategy & Business Design | Strategic Cost Transformation offering lead + 32 494 56 68 55channosset@deloitte.com
Ben Desmet DirectorStrategic Cost Transformation| Strategy & Business Design Deloitte Belgium+32 496 72 77 42bdesmet@deloitte.com
Croatia
Zlatko BazianecPartnerStrategy and Business Design | Consulting Country LeadDeloitte Croatia+385 1 2351 906zbazianec@deloittece.com
France
Olivier PerrinPartnerBusiness Transformation | Monitor Deloitte Deloitte France+33 6 87 14 17 38operrin@deloitte.fr
Alexandre KuzmanovicDirectorStrategic Cost Transformation| Business Transformation Deloitte Franceakuzmanovic@deloitte.fr
AuthorsOmar Aguilar PrincipalStrategic Cost Transformation | Global
Deloitte Consulting LLP USA: +1 215 870 0464 International: +1 267 226 8956oaguilar@deloitte.com
David Izquierdo SánchezSenior Consultant Monitor Deloitte Deloitte Consulting SLUdizquierdo@monitordeloitte.es
Sakshi Kastiya Consultant Strategy & Operations Deloitte Consulting India Private Limited skastiya@deloitte.com
47
Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Insurance sector
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