Cost management for insurance companies
Horn & Company is your partner for effective cost management with a high return on consulting.
Increasing competitiveness through sustainable cost management
Persistently rising cost pressure and an increasing need for forward-looking investments are constantly challenging decision-makers in the insurance industry. Effective and sustainable cost management therefore remains a key component of corporate leadership and can help to increase competitiveness and ensure long-term success. The challenges in the insurance industry continue to increase due to rising expenses. In particular, both claims and operating expenses are increasing due to inflation. At the same time, extensive investments in areas such as digitalization, sustainability and HR are required to remain competitive in the market. Effective and sustainable cost management therefore remains an essential part of corporate leadership and can help to increase competitiveness and ensure long-term success. Insurers are increasingly focusing on cost reductions through the introduction of new technologies such as GenAI, the efficient design of processes and optimized sourcing models. The sustainable impact of these levers can be ensured by the introduction of a cost control system and effective budgeting models, i.e. the definition of clear cost limits.
Our experts for successful cost management
selected reference of a cost management Project
Optimization of sourcing strategy
Challenge
| Steadily rising IT costs of an insurer. Main drivers for cost increases have been a growing invest into the project portfolio, extensive use of external service providers and inflation-related increases in personnel and material costs. |
Solution Strategy
| Sustainable reduction of external service providers costs and internal labour costs by optimization of the IT sourcing model. Focus on setting up own tech hubs in nearshore and offshore locations. Establishment of an effective cost control system and strategic resource planning. |