Centric helps insurers optimize business processes and modernize their technology solution architectures. Our team is comprised of more than 150 seasoned business and technology consultants with deep experience in the Property and Casualty and Life Insurance industries.
We have offices that span the eastern U.S. When needed, we can also source staff from our onshore and offshore Solution Centers. We focus locally, hire the best experts and work individually with each client to offer support that best suits their unique needs, particularly within the specialized insurance industry.
Insurance is an information-intensive industry. Most carriers have a great opportunity to mine data internally and externally to create competitive advantages in nearly every aspect of business. We help insurers leverage this opportunity with proven BI accelerators that cater specifically to the insurance industry. These accelerators help align business capabilities with BI architecture direction to streamline and improve performance.
Insurers are faced with an ever-aging workforce inundated with archaic operating practices that can lead to significant inefficiencies. Furthermore, carriers are continuously trying to reinvent their sales and servicing practices to keep the distinct groups in the value chain focused on the proper activities.
We help insurers improve their internal operating costs and processes by utilizing proven process diagnostic and improvement techniques (Lean Six Sigma). We have experience automating insurance operations through business process management technology, giving management real-time insight into their processes.
Recent studies show that 65 percent of insurers will be modernizing core legacy policies, claims and billing systems within the next five years. We help insurers rationalize and upgrade core internal systems by leveraging proven application architecture assessment practices and functional knowledge of core insurance processes. All of our offerings, including architecture development and modernization support, focus on efficiency and effectiveness. We typically use our Centric Enterprise Architecture Framework (CEAF) to accelerate time to value on these initiatives.
More than 70 percent of insurance prospecting happens over the Internet on Personal Lines. In addition, the number of web-based transactions in Commercial Lines is increasing.
We understand the commoditization that has occurred in Personal Lines and the level of customization required for Commercial Lines. We utilize this understanding to make insurers more customer friendly by enhancing agent and consumer self-service portals and integrating with real-time comparative raters and agency management systems.
Hard markets. Soft markets. Complex distribution channels. Complex product configurations and regulatory requirements. Insurers need the ability to adapt quickly and respond to change. IT organizations need to have an underlying capability to respond to the demands of the business.
We help insurers deliver on needed business capabilities with a portfolio of initiatives that incrementally advance the efficiency and effectiveness of IT. Centric developed the Centric Enterprise Architecture Framework (CEAF) to enable the delivery of business strategy through a practical and repeatable process that ensures alignment of business priorities with IT architecture goals.
Insurers are leveraging mobile applications as a way to create consumer loyalty, improve customer service and develop a reputation as an innovator in the marketplace. Several national insurers have released mobile applications or application suites. Regional insurers and those with independent agent channels are also formulating strategies around mobile.
Centric can define or enhance these mobile initiatives. We can help insurers accelerate mobile development plans through both Android and iOS frameworks that cater specially to the insurance industry. Visit our Mobile Insurance page to learn more.
Centric’s has performed more core systems modernization engagements than any other management consulting firm focused on local markets. Our consultants Read more