Insurance & Financial Services

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At Watson Wyatt we have in-depth knowledge of this complex market, gained through hands-on industry experience and broad ranging assignments for our clients. We can work with you to evaluate market entry strategies or to review and enhance the performance of existing operations and products.

We operate globally with insurers, distributors and healthcare providers to bring appropriate and effective solutions. We deliver consultancy services in:

• strategy

• marketing

• product assessment/development

• actuarial analysis and risk management

• operational assessment and design.

Product expertise

Our health team has worked with clients on all major health products, drawing on their expert knowledge and practical experience in insurance and reinsurance. Products covered include:

• private medical insurance

• income protection (disability) insurance

• critical illness

• hospital cash plans

• long term care

• funding mechanisms

• integrated health

• employee health management.

Strategy

From review and feedback on your current strategy or strategic processes to major strategy formulation, we work with you to realise you goals.

Market assessment - We work with clients internationally to assess and monitor health markets, advising on appropriateness of involvement and options for entry, development or exit.

Market entry - Where a market is assessed as appropriate for entry, we develop options and advise on practical aspects from regulation to distribution, product design to infrastructure, out-sourcing to marketing.

Partner selection - Whether it’s a distribution, insurance or out-sourcing partnership or acquisition, strategic fit, selection, assessment and negotiation are all vital elements where clients have sought our expertise.

Marketing

The marketing process means understanding customers and delivering to their needs. Through detailed analysis and facilitating well informed decision making, we help evolve strategic plans into practical marketing actions.

Marketing planning - Analysing the environment, competitor positions and customer requirements in a systematic process creates a platform to deliver to customers and profitably grow market share.

Research - A clear understanding leads to well informed decisions. We conduct desk research supplemented by qualitative and quantitative research to ensure appropriate understanding.

Distribution - Getting products to customers is fundamental. We work with our clients to evaluate alternatives across the distribution spectrum, including intermediaries, partnerships, the internet, direct and worksite marketing.

Product assessment/development

From reviewing existing products to creating unique new propositions, we take an internal and external perspective to help you achieve maximum success.

Market/price analysis - Detailed analysis of product markets, benefit and pricing structures allows us to map competitive positions and potential by customer segment.

Product design - Working with both market and customer understanding, we can assist in or take on the product development process to create a differentiated and targeted product offering.

Pricing and reserving bases - We analyse and recommend pricing and reserving bases to align with strategy - maximising profitability or competitive position on a considered basis.

Actuarial analysis and risk management

Understanding financial risk and performance is fundamental to success. We ensure that you know where your business and products stand - now and looking into the future.

Risk management - We focus on providing advice associated with morbidity risk.

Policyholder guarantees - We provide advice on the extent of guarantees and the associated margins.

Pricing and reserving bases - We analyse and recommend pricing and reserving bases to align with strategy - maximising profitability or competitive position on a considered basis.

Claims experience - We conduct independent assessment and interpretation of claims experience, advising on underlying performance enhancement and emerging trends.

Operational assessment and design

Looking at an operation from an independent viewpoint and with broad industry knowledge can help us to recommend better ways to manage your business, improving control, efficiency and customer experience.

Organisational issues - We consider effectiveness and efficiency from both a corporate and customer standpoint, to configure operations that deliver to both.

Management control and reporting - Analysis of performance drivers by business function allows us to recommend control mechanisms and critical management information indicators tailored to organisational needs.

Claims management techniques - We conduct financial assessment of claims management techniques, quantifying the effects of different approaches and recommending measures to improve performance.

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