Alm. Brand Sees Their IT System as the Key to an Even Lower Combined Ratio

In a recent interview between the CEO of Alm. Brand, Søren Boe Mortensen and finanswatch.dk, two interesting observations were made:

In a recent interview between the CEO of Alm. Brand, Søren Boe Mortensen and finanswatch.dk, two interesting observations were made:

  1. "insurance companies can reduce their costs by investing in modern, flexible IT solutions which require little maintenance", and;
  2. "going forward the insurance industry will invest in e-platforms for digital sales".

Søren Boe Mortensen noted that their investment in IT has secured a low cost level, and he predicts that insurance sales will gradually go on-line in the coming years. This confirms that a solid and flexible IT-platform is strategically important for insurance companies in order to react quickly to market trends and stay competitive and profitable.

“The system is far more modern than the former, it is more flexible, and maintenance requires far less”
Søren Boe Mortensen, CEO of Alm. Brand.

In 2011 Alm. Brands acheived a combined ratio of 15.9 while competitors such as Topdanmark and Tryg respectively had ratios of 15.7 and 16.8. CEO Søren Boe Mortensen noted that the current low ratio was secured through their investment in IT back in 2002.

Spoiler Alert: We are proud to note that Alm. Brand is a customer of TIA, and look forward to working with them to further reap business benefits from their investment in the TIA insurance solution.

“The system is far more modern than the former, it is more flexible, and maintenance requires far less”, says Mortensen.

Søren Boe Mortensen said that other insurance companies are only now in the same way experiencing an urgent need to drive costs down through investment in new IT systems. Because Alm. Brand already secured this investment, they are now looking at other areas to make further savings.

“If we look five years ahead, it will be e-based distribution and self-service portals that will be invested in to help decrease costs a little more,” he says.

TIA’s flexible solution architecture makes it simple to expand into web-based sales channels and customer self-service. TIA looks forward to working more with its customers such as Alm. Brand in making sure that they get optimal business value out of their solution, while also continuously investing in new functionality and technologies to stay ahead of the game for the insurance industry’s needs and demands.

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