Matthew O’Mara Managing Director
Financial Services BearingPoint
The US economy is having a drastic effect on everyone particularly insurers. Economic events have created a more skeptical consumer who are looking for more economically sound companies. Insurers need to look at some key business drivers in 2009 in order to combat this growing customer cautiousness. Companies must now work within a new regulatory environment and changing customer demographics and globalization. In this podcast join Matthew O’Mara, Managing Director at BearingPoint as he explores these issues while offering insight into emerging IT spends and how firms can determine their short-term and long-term technology strategies. How have you seen the insurance industry change? Share your comments.
Sweeping Insurance Industry Change: Listen to the podcast
BearingPoint took some time to sit down with executives in a series of discussions to get their insights into information management. This conversation is with Dr. Sai Lai Lo, CIO of Ping An Insurance.
Over the last 18 years, Ping An Insurance (Group) Company of China has become one of China’s best-known financial services brands both domestically and internationally. The group has an extensive domestic customer base and is one of the few Chinese financial institutions providing integrated insurance, banking, trust and brokerage services.
Ping An’s chief information officer, Dr. Sai Lai Lo, who joined the company in 2002, is spearheading the organization’s information management efforts during a period of rapid expansion—but without the need to tackle legacy systems or other problems commonly found in more established organizations.
Through his leadership, the company is fixing problems as they happen, taking into account how to implement information management properly one business unit at a time—without even calling it information management. While Lo envisions a more pragmatic approach in the future, today his focus is on data consistency. Lo offers insights into information management within the context of an emerging market.
Fraud is an ever-increasing problem in the financial services field, and the growth of fraudulent behavior just shows how difficult it sometimes is to prevent this type of activity. With fraud management, especially in the insurance industry, you have the advantage of early detection.
The role of fraud management has evolved greatly over the years. Twenty years ago, there were five fraud investigators in the market, now there are more than 150. Fraud management is mainly organized in a traditional versus non-traditional method. To identify which is more appropriate for your organization, BearingPoint experts can identify the problem and offer an appropriate solution. With the rise in fraudulent behavior, expect fraud management to be a top priority in financial services over the next few years.
Join BearingPoint Business Advisor Delia Klause to explore the benefits of fraud management and why discovering fraudulent activity within your organization is so critical.
With many clients not fully understanding what it is and why it is needed, speed to market, as the term implies, refers to a company’s ability to develop and introduce products to the market quickly.
For a company to capture the potential offered by speed to market as a competitive capability, they must be aware of the new and updated products being offered in the marketplace. This means that you can not only respond to the demands, you need to anticipate them by continually developing and testing new products and services. A company’s ability to develop and offer new products quickly is the key to satisfying the needs and demands of the marketplace.
Speed to market can deliver improved competitive capability to a company if it is done correctly. Involving the right people, systems and processes to identify where, what and how to change is critical. Although it is not easy or necessarily fast to do, improving speed to market at a company can generate great benefits to its bottom line, market image and competitive abilities.
In this podcast BearingPoint Director Matthew O’Mara to explores speed to market and why it’s such a hot topic.