Business Insurance Consulting

Insurance

Your trusted partner for the future of insurance

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Insight

Podcast ‘LOVE. TECH. AND THE FUTURE OF INSURANCE.’

Today’s insurers are under mounting pressure to reinvent themselves. Customers expect seamless, personalized experiences – not paperwork and wait times. At the same time, operating costs are rising, talent is scarce, and the regulatory landscape is tightening. Add to that the growing urgency to anticipate emerging risks from climate volatility to AI-related liability.

This is where Wavestone comes in.

At Wavestone, insurance is part of our DNA. With over 30 years of experience in the insurance industry, we support leading insurers as a strategic end-to-end partner. We help strengthen their customer-centric approach, enhance operational excellence, and shape forward-looking strategies. Backed by deep market insight and industry expertise, we develop tailored solutions that deliver measurable value.

We see insurance evolving from a traditional protector to a strategic enabler of innovation, resilience, and growth. The future belongs to insurers who anticipate emerging risks, adapt to shifting customer needs, and operate with agility and intelligence. At Wavestone, we support this transformation with clear strategy and hands-on execution.

We aim to stay the most trusted partner for insurers around the globe, delivering outstanding results in both quality and service. ‘Cut No Corners’ is the principle that defines how we work, and how we believe strong partnerships should operate. The strength and longevity of our client relationships show that we are living up to this promise.

Thorsten Schrader, Sector Lead Insurance International

Our consulting services

How we support your business goals with insurance consulting

Product Design & Pricing

We help insurers develop competitive and sustainable products through market research, framework design, actuarial evaluations, and pricing strategies. Our expertise ensures products align with customer needs, regulatory requirements, and profitability goals – always embedded in a long-term strategic product vision.

Sales & Distribution

We optimize CRM, omnichannel sales, and B2B/B2C distribution strategies to enhance customer engagement and drive revenue. We also support ESG communication, ensuring transparency and alignment with evolving regulatory and societal expectations.

By continuously analyzing key market trends and conducting regular research – such as our annual Hybrid Sales Index – we ensure our clients stay ahead in a rapidly evolving sales landscape.

Underwriting

We enable augmented underwriting through AI, digitalization, and streamlined underwriting journeys. Our actuarial expertise helps insurers to improve risk assessment, pricing accuracy, and operational efficiency.

Policy Admin

We assist insurers with vendor selection, market analysis, and migration steering to modernize policy administration systems, enhance efficiency, and ensure seamless transitions to new platforms.

Risk Management

Our risk management services include business continuity planning, ESG risk assessment, ORSA & DORA compliance, and third-party risk management to help insurers navigate evolving regulatory and operational challenges. We take a proactive, strategy-driven approach to build resilience across the organization.

Customer Engagement

We design and optimize customer contact strategies and journeys to enhance satisfaction, retention, and brand loyalty through data-driven insights and seamless digital experiences. Our work supports a strategic shift toward more personalized and value-driven customer relationships.

Claims

We enhance claims management through AI-driven automation, prevention initiatives, and data-driven processing. Our solutions improve efficiency, reduce fraud, and enhance the customer claims experience – while enabling strategic transformation of the claims function into a true value driver.

Asset Management

We support asset-liability management, strategic asset allocation, investment strategies and ESG portfolio analysis to optimize insurers’ financial performance and ensure regulatory compliance.

Finance & Accounting

We support many insurers with regulatory reporting (IFRS, Taxonomy) and core finance operations, including accounting, data integration, and financial data hubs. Our services ensure accuracy, compliance, and operational efficiency – with a focus on strategic finance transformation.

Our cross-disciplinary capabilities

Business Models

We help insurers design and optimize their business architecture, target operating models (TOM), and governance frameworks to drive efficiency and scalability. Through benchmarking and industry best practices, we ensure sustainable growth and a competitive edge in a rapidly evolving market.

Information Technology

Our IT expertise spans strategy, architecture, and security, covering key areas such as cyber resilience, IAM (Identity and Access Management), SAP, cloud solutions, and service management. We support insurers in IT modernization, software selection, system migration, and decommissioning to enhance agility and operational excellence.

People & Methods

Successful transformation requires strong leadership, effective change management, and agile methodologies. We support insurers with leadership development, mindfulness, PMO, project management, and agile transformations to foster adaptability and long-term success.

Compliance & Legal

Navigating complex regulatory landscapes is crucial for insurers. We provide expertise in DORA, VAIT, GDPR, SFDR, CSRD, and IDD, ensuring compliance while enabling strategic risk management and operational resilience.

Data Management

We help insurers establish robust data governance, strategy, and organization frameworks, ensuring high data quality, compliance, and advanced analytics capabilities to drive informed decision-making and innovation.

Roles

From business analysis to agile leadership, we provide expertise in key roles such as Product Owners, Scrum Masters, Agile Coaches, and test & implementation management, ensuring seamless project execution and continuous improvement.