THE CAPTIVE INSURANCE COMPANY'S GUIDE 15
There are some considerations worth highlighting:
1. It is important for all technology investments to not just consider the
technology (systems and analytics) elements but also to factor the
management, or people and process, aspects as well. Understanding of the
captives business processes, people and their knowledge helps understand
initial gaps and getting to the best solution designs and also the planning for
implementing and rolling out the new technology. The incorporation of change
management and associated transformation of processes helps ensure a
successful outcome for the project.
When considering what is foreseen to be included into the project,
then it is better to focus first on the areas that will yield most
benefit from the application of technology. For instance, areas with
a higher volume and/or frequency of activity make good candidates
for applying technology; complex but less frequent workflows,
meanwhile, can remain manual, at least in the initial phases.
2. Based on our experience for some captives there can be synergies
between the captive and parent. If appropriate this can result in
significant additional cost savings and other process efficiencies
too. Ventiv's technology platform can provide both captive
and corporate solutions, either combined or individual.
NEXT STEPS
If you would like to know more about how to progress your investment in
technology, then please contact Ventiv and our representative would be happy to
discuss further.
