Aside from its labor force, an insurance company’s expense structure is heavily weighted towards technology expenditures. With the advent and adoption of mobile and tablet technologies, cloud computing, and regulatory demands, insurance companies have become increasingly strategic about spending their technology dollars. While the upside to this is a competitive advantage in the marketplace, it can also cost millions of dollars and entail complex licensing strategies and detailed contractual documents.
Like many industries, the insurance industry has seen its challenges in cost containment. Remaining competitive and driving down costs seem to be counter intuitive at times. The Seprio team has operated in this space for decades and successfully assisted its clients with this challenge year after year. Our ongoing focus is in the general core cost ingredients of administration including staff costs (e.g., consulting, training), buildings and equipment, information technology (IT) soft and hardware, maintenance, utility charges and other operational costs (e.g., paper, printing material). As is the case in many industries some of these areas are overlooked as prime cost savings opportunities.
While Seprio is focused on saving our clients money, it isn’t the only service we provide in this industry. We offer staff training seminars, process and policy development within the procurement and contracting process as well as contract management services.
The key to any effective cost savings program is two-fold: 1) be involved early in the process and 2) maximize leverage through any means possible, including controlling the information the supplier receives. The rest of the results are driven through experience and market intelligence.
Seprio has been a leader in this industry for over a decade. Each of the founding partners came from a background in this industry and led significant changes that have rippled through many facets of insurance and technology.