As carriers have completed their core insurance policy and claims system updates, attention has been turning to the systems supporting the back office, including HR and finance. Carriers are focusing on how they can better leverage their staff in these two areas to improve their effectiveness in order to keep up with management demands and the changes taking place within the industry.
To understand the business practices and impact systems have on the HR and finance operations, Ward Group conducted two surveys, segmented by discipline, of HR and finance leaders at insurance carriers. With 89 submissions from 73 insurance carriers, the participants represented a wide range of property-casualty and life-health-annuity carriers.
Sponsored by Aon Hewitt and Workday.
Table of Contents
- Executive Summary
Appendix: Detailed Study Results
- Benchmark Groups
- System Profile
- Finance Staffing Profile
- Finance Productivity
- Human Resources Staffing Profile
- Human Resources Productivity
- Systems Satisfaction
- Systems Modernization Timing
- Integration Strategy
- Cloud Deployment Strategy
A diverse group of 73 insurance carriers participated in either the HR or finance focused survey. Benchmark groups were developed by average system age and company size. A complete comparison by benchmark group is provided in the appendix. The following briefly summarizes the primary benchmark groups used for the study:
Overall Benchmark: Comprised of all participants completing the respective survey.
Modern System Benchmark: Comprised of carriers operating on modern core general ledger or payroll systems as determined by Ward Group.
Legacy System Benchmark: Comprised of carriers operating on legacy core general ledger or payroll systems as determined by Ward Group.
Carrier Size Benchmarks: Carriers were segmented based on their annual inforce premiums. Three categories were determined based on where operational differences tend to appear: those with less than $250M in premium, those between $250M and $1B, and those with more than $1B in annual premium.