Life and Health

The Life and Health industry plays a fundamental role in society which has been further highlighted through the recent COVID-19 pandemic, with people’s health, wellbeing and financial stability facing a greater strain than at any other point in recent history. Whilst the market in the UK has been evolving and adapting, it faces unprecedented pressure and challenges and is almost unrecognisable from its original incarnation. The role of ‘private protection’ alongside state provision has never been more in the spotlight and the ‘protection gap’ never more visible. Firms in this industry must look for innovative ways to engage customers, create value and optimise outcomes in a disrupted market. Transforming effectively is key to achieving the right outcomes for providers and their clients. Our experience across the value chain enables us to help our clients to resolve these issues and position their businesses for future success.

How we work with clients

Through our deep consulting and industry expertise in the Life and Health industry, we provide experienced teams who can deliver on a range of areas to help clients optimise their business.

Our support includes
  • Market participation strategy: Helping you to define where to play, how to win, and how you can differentiate in the market
  • Target operating model design: Supporting you to design an operating model to effectively deliver your strategy and customer offering
  • Enterprise transformation: Leveraging our market leading skills in the end to end transformation journey including technology and operating model implementation and transformation
  • Technology enabled transformation: Helping our clients with end to end IT and Technology advisory including defining strategy, developing transformation roadmaps, solution design, conducting market scans and selection processes, transformation delivery and assurance reviews
  • Distribution transformation: Deep-dive assessments of distribution effectiveness, operating model and alignment to corporate value creation
  • Cost optimisation: Bringing our extensive experience and industry-leading benchmarks to ensure that the costs of your organisation are allowing you to compete and win
  • Business Process Outsourcing: Our team have significant experience of the L&H BPO industry from all sides involved and have led the vast majority of client-side advisory in L&H BPO in recent years. We support our clients find the right partner, put in place the appropriate mutually beneficial commercial constructs and optimise deliver of the transition and transformation
  • Product and proposition innovation: Helping develop products and propositions which face into emerging market demand and integrate third parties and FinTechs in a frictionless way
  • Bringing digital into the organisation: Not everyone is convinced by digital. We help make the case and define a strategy which aligns to the broader business strategy
  • Redesigning the client experience: By defining personas, processes and journeys, we help businesses deliver a full omni-channel experience

Why Alpha?

We understand your business and the Life and Health industry, with deep experience from working within the industry and consulting to clients across the market. We have led many of the most significant change programmes in the industry in recent years and bring that expertise, lessons learnt and hindsight to our clients. Our specialism ensures that we will bring experienced consultants with deep life and health experience that understand your challenges and opportunities, to work alongside your teams and deliver rapid results.

Q&A with Keith Aylwin, our Life & Health Director

What is driving change in Life and Health industry?

The Life and Health industry must constantly adapt to the ever-changing macro-environment to serve society’s long-term needs. This has been clearly exhibited through the recent COVID-19 pandemic. The industry has seen its customers experience greater health, wellbeing and financial stability uncertainties than at any other point in recent memory. Coupled with technological advances, changing customers’ expectations and continual changes in customer habits means that firms must find ways to continually adapt and meet customer needs. Increasing regulatory scrutiny also requires firms to be able to adapt quickly to change to ensure customer outcomes are protected whilst remaining relevant in a digital environment.

How can the life and health industry adapt to meet the expectations of changing customer needs?

The Life and Health industry has never had a more important role to play in customer’s lives than in current times. The previous financial crash, coupled with wider macro socioeconomic factors such as the gig economy, had already created a ‘protection gap’. The COVID-19 pandemic has raised awareness and increased the needs of consumers. Life and Health providers need to find ways to engage with customers, educate and inform, and then deliver appropriate products, in simple, frictionless ways.

Products themselves are changing – long term, lump sum products are still needed, but flexible, shorter terms, adaptive products, with menu type coverage are emerging. In contrast exclusions and/or ratings are also changing and becoming more complex; particularly in response to COVID-19. This increases the complexity for customers and can erode trust, so simple processes, guidance, education and support are critical.

Finally, more than ever, customers expect to be able to interact how they want and when they want. One lasting effect of lockdown is people have embraced and adopted technology more than ever before and will be unwilling to go back to old fashioned, manual processes and communication channels.

How can Alpha help our clients to meet these challenges?

Alpha have built a reputation for creating a truly differentiated client experience with market specialism and delivery excellence at the core of the business. We have extensive knowledge of completing transformational engagement for our clients.

We provide a unique mix of industry practitioners and experienced consultants to understand the importance of client experience, the complexities that these challenges bring and are uniquely placed to help you meet your strategic objectives.