Holistic Approach for Insurers

We partner with insurance clients to provide consulting and application management solutions that maximize business value from their insurance application portfolio at optimal cost.

The complete process of portfolio management is termed “Application Value Management” (AVM) by Sciente Consulting. In our view, taking a portfolio approach to managing insurance IT applications overcomes gaps in business-IT alignment. This makes it easier for the insurer to focus on strategic and operational insurance goals.

The insurer can derive greater business value and build sustainable competitive advantages, look at, improved policyholder service and overall customer experience and journey. Our holistic approach will help to mitigate the risks and take care of resource constraints.

To mitigate risks and maximize returns quickly at optimal cost for insurers, we recommend a two-phased AVM approach:

1. Insurance Application Rationalization – Define the insurance application portfolio and develop recommendations for its future direction.
2. Insurance Application Portfolio Management – Once the direction is set, conduct a detailed assessment to plan the transition to the “to-be” state. Build a business case for this transition, considering options like outsourcing and offshoring some insurance applications for better cost and resource management.