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Insurance

Wealth Management

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Core Industries

Banking

Consolidation, combined with heightened competition, continues to drive the banking industry. As institutions grow larger and more sophisticated, they face new challenges in both core services and convergence with full-service financials, such as brokerage, insurance, and financial planning.

Today, the general expectation in the industry is to drive down operating costs while expanding the range of services to attract and retain profitable customers. The market has also seen additional pressure resulting from the need for heightened security, expanded requirements for regulatory compliance, and heightened customer expectations for new online features.

Internal demands for new technology are also increasing with real-time views of customer data and increasing demand for Business Intelligence. Each of these business challenges create continuous pressure on the departmental functions of the institution:

• Workflows that have matured incrementally must be reassessed.

• Disparate data sources must be unified to support real-time workflows and enable new online features.

• Vendor relationships for servicing must be reviewed.

 The race for efficiency, flexibility, and increased responsiveness shows no signs of easing, and institutions will be meeting today’s challenges with tight budgets and limited staff

Matlen Silver’s banking technology specialists help clients manage today’s industry pressures by assessing their opportunities for improvement, creating a roadmap for improving their business, and leveraging our technology expertise to build solutions.

Matlen Silver began its business in the banking industry by designing and building some of the world’s first EFT software, and has been automating and enhancing portions of the banking industry ever since. With decades of experience, Matlen Silver will provide the right mix of banking and technology experience to improve your bottom line.

Insurance

The US Insurance industry represents over $1 trillion in revenue with some 5,000 companies providing a range of insurance coverage. Because the industry continues to experience aggressive consolidation, the top 50 companies hold more than 60 percent of the market.

Today, market conditions are pressuring the bottom line of even the largest firms. Small firms are scrambling to sustain economies of scale and favorable capital position of the larger competitors. Theses trends are equally felt on all lines of business: Property and Casualty, Accident and Health, and Life.

The keys to profitability are well known: accurate loss forecasting, low administration costs, and sound investments. To the general public, this business model appear straightforward and often makes insurance companies the target of consumer groups and the media. Today’s investment climate, sluggish economy, and the increase in the size and uncertainty of catastrophic losses make acceptable profits anything but simple. This leaves regulators with two, perhaps conflicting, objectives:  working to ensure and sustain industry health and its ability to pay losses while functioning under tremendous public pressure to govern the industries’ business practices. These conditions have created a complex and evolving regulatory environment during one of the most challenging business environments in decades.

The insurance industry is not without opportunities. Visionary companies possessing execution capabilities will use the market to their advantage and move ahead of less able competitors. The maturation of the baby boomers has led to an unprecedented population of individuals at the peak of their ability—and motivation—to invest and prepare for retirement. As pressure continues to build for universal coverage, this national health care “crisis” presents tremendous opportunities for companies to capture the vast number of uninsured consumers. Market globalization has made international business opportunities more accessible than ever. As a direct result of the dramatic increase in nations’ wealth, significant opportunities are available to increase sales and diversify risks.

From loss projections to regulatory compliance and claims processing, the very nature of insurance has led to a fundamental dependence on technology. Matlen Silver helps their clients navigate the challenges of today’s insurance climate while positioning them to take advantage of the tremendous opportunities presented by these challenges.

Matlen Silver’s legacy includes more than a quarter century of domain expertise in the insurance industry.  We help our insurance clients capture new customers, quickly deliver new products to market, and realize significant growth. We do this by analyzing key business processes, identifying the areas that advance their performance, driving down costs, and improving the overall customer experience.

Wealth Management

The Wealth Management Industry needs to respond to expanding requirements for regulatory compliance, security, and fraud prevention, as well as meet rising expectations from demanding customers. These business challenges come at a time when aging systems that are no longer meeting user demands and creating bottlenecks to growth. According to a recent industry survey, over half of Wealth Management professionals are dissatisfied with their software tools. This is a serious dilemma in an industry where online, real-time information impacts not only the acquisition and retention of customers, but the acquisition and retention of industry talent, as well.

Information technology significantly impacts an organization’s agility. Fully leveraging current systems and building new systems play key roles in  maintaining a competitive edge and ensuring growth.  Moving to new systems presents a wide range of risks, challenges, and opportunities. Matlen Silver’s IT Management Consulting services help Wealth Management organizations assess business technology risks, plan, and transition to new technologies. Our Business Process services will ensure that business processes are clearly defined and delivered to the new IT platforms. In addition, our Technology Solutions experts will perform the migration and implement your new IT platforms.

Navigating the opportunities to optimize an IT operation requires in-depth knowledge of both the Wealth Management sector and the technology that drives it. Matlen Silver has been supporting Wealth Management companies for over 25 years. A comprehensive understanding of our clients core business and IT processes allows us to help them develop and solidify their technology goals and meet the demands of a changing industry.

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