One size fits all? Not for global insurers

As global insurance companies move to common IT platforms and applications, they have come to the realisation that a "Company Layer" to handle enterprise-level capabilities, such as common data for reporting, is essential for global operations.

These organisations are driving to lower overall cost, promote efficiency and standardisation across the global enterprise. Barriers to this realisation include regional specific regulations, different cultural standards, conflicting business processes, data, and system to system communications. These challenges are made even more difficult when carriers struggle with regional needs compared to overall corporate goals.

This short article looks at the components that lend themselves to a "Company Layer", how insurers can overcome barriers to achieve commonality and the benefits of this approach.