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More for less: Five Steps to strategic cost reduction

More for less: Five steps to strategic cost reduction⁰¹

First revision: May 13, 2018
Last revision: May 14, 2018

In an industry facing massive disruption and change, marginal efficiency savings can no longer guarantee survival and success. How can we pinpoint resources and sharpen operational capabilities in a way that enables you to set the pace in a fast-evolving marketplace?

Introduction
Insurance CEOs recognise the scale of the disruption within their industry, which is creating opportunities for some, and threats for others.

This is an industry facing a perfect storm of soft rates, low investment yields and new regulation, And by 2020, the impact of new technology, shifting customer expectations and nimble InsurTech entrants means that prevailing business models and the companies competing in the market will look very different from today.

Five steps:
1. Start with strategy:
2. Align costs to strategy
3. Aim high
4. Set direction and show leadership
5. Create a culture of cost optimisation

Sources and narratives:
01 adapted from www.pwc.com/insurance, retrieved date: 3 May 2018.

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