Management and technology consultancy Capco has entered the US insurance market with a new practice that will focus on property and casualty (P&C), life and retirement (L&R), reinsurance, employee benefits and distribution.
The US practice joins Capco's existing insurance practices in Canada, Asia and South America, and will allow the company to expand on its strategy of delivering implementation solutions to clients across financial services.
Capco has hired a former digital chief technology officer at Genpact to lead the new practice. Frank Neugebauer joins with 28 years of experience in the insurance, manufacturing and healthcare industries with a focus on digital. He has previously served as a director within PwC’s insurance business, chief information officer at United Educators Insurance, chief information officer at Kaufman Financial Group, and chief technical officer at ACORD.
“Our expansion into insurance is a natural progression of our business," said Mike Pugliese, managing director and head of Capco US. "The Insurance industry is in the process of going through a massive transformation to provide a better user experience for their customers and improve operational efficiencies. We have helped leading financial institutions outside of insurance achieve similar transformations.
"Frank's robust experience developing innovative solutions in both the Insurance and digital space is a great asset for both our clients and our firm."
Neugebauer commented: “In 2019 we expect to see continued upward trends for P&C, L&R, Employee Benefits and Reinsurance thanks in part to rising interest rates, lower unemployment and increased focus on lowering costs through operational improvements.
“Innovation, especially in the form of artificial intelligence and machine learning, is going to be at the heart of those efforts within insurance firms. With the launch of our U.S. insurance practice, I look forward to working with the outstanding team here at Capco to help those firms chart their course to a successful future.”
Capco, Insurance, North America, Frank Neugebauer, Reinsurance, Property, Casualty, Financial services, Genpact, Consultancy,