Sector: Information Technology
Service: Advisor on Product, Services, and Information Management Strategy for Wealth Management
The client is a large global provider of core life insurance technology. The market growth in wealth management prompted the client to expand their product offering. The challenge was to develop a universal solution for insurance companies to help them to integrate further into the client wallet and offer investment management solutions.
- Represented the IT company to their top 15 global clients to conduct a current state assessment of processes and technology supporting management of current insurance and investment portfolios.
- Assessed the insurance companies’ appetite for product innovation to support growth in wealth management
- Identified challenges and opportunities in the life insurance space
- Identified and advised on three (3) options
- Provided analysis, roadmap and recommendations on each option within a 5 year forecast of market developments and direction
- Successful completion of strategy, roadmap, and identification of potential development partners
- The Board made the decision to expand into the wealth management space
- Worked with the IT company to develop a new platform for Wealth Management, which was successfully sold to the first insurance company client. The transaction was in excess of $3 million
- Senior management ultimately made an acquisition based on recommendations