Getting through the storm: lowering IT costs in the Insurance Sector

The insurance industry is facing multiple challenges this year: lower interest rates, inflation, and the endless quest for cost reduction. All while also trying to find a path to sustainability…this appears to be an impossible task.

However, every cloud has a silver lining. And this may come from an unexpected source – their IT departments.

Reducing costs while embracing sustainability

The solution to this problem lies a transformative approach to IT management: By leveraging innovative subscription models, insurance companies can cut their IT expenditures by a remarkable 20 to 40%. This shift not only alleviates immediate financial burdens but also fosters long-term sustainability objectives.

Our subscription model is built on the principles of leasing, effectively spreading the cost of IT investments over a manageable term of typically three years. Additionally, by infusing residual value into the assets, we drive down the initial cost by up to 20%, providing a double-edged advantage to our clients.

Moreover, we introduce a game-changing alternative – 2nd Life IT. Our range of refurbished corporate-grade laptops and desktops that are meticulously restored to "as good as new" status, accompanied by InnoVent’s comprehensive warranty coverage for the duration of the subscription. Offering up to 40% savings compared to brand new equipment, this option presents a compelling proposition for cost-conscious insurers. You can learn more about 2nd Life IT here.

Embracing a "right-sourcing" philosophy, our clients have unlocked the potential to customize their IT ecosystem by mix and matching new and refurbished equipment to suit diverse user requirements. Recognizing that not every role needs cutting-edge technology, this approach optimizes resource allocation without compromising performance.

In addition to the options mentioned, our clients can participate in the Turn IT Green initiative. This ground-breaking program focuses on extending the lifespan of corporate devices beyond the conventional 3-4 years, reaching an impressive 7+ years of usability through multiple users (initial corporate users, secondary corporate users, and end-users).

For insurance companies seeking a dual advantage of cost reduction and environmental responsibility, the path forward is clear.

Reach out to us and let us empower your organisation to navigate the storm, emerging stronger, leaner, and greener than ever before.