Run critical insurance operations with the expertise, technology, and scalable capacity they demand.
Insurance Managed Services
The insurance industry is navigating regulatory complexity, rising cost pressure, talent scarcity, and accelerating technology change, all at the same time. PwC Managed Services help insurers and financial institutions shift from reactive problem-solving to proactive, continuous operational excellence.
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Key challenges in insurance operations today
Insurance clients are under growing pressure from regulation, cost, technology change and talent scarcity. At the same time, expectations around quality, speed and transparency continue to rise.
Common challenges we see across the market:
Strategic advantage
Move beyond traditional BPO and create a value‑driven finance operating model that integrates finance, tax and controls.
Persistent backlogs and peak-driven capacity needs
Quarter-end reporting, claims surges and audit seasons create recurring bottlenecks that stretch teams beyond capacity.
Aging workforce and dependency on key individuals
Experienced actuaries, risk specialists and finance professionals are in short supply, creating operational vulnerability.
High cost of "business as usual" combined with rising quality expectations
Many organisations spend the majority of their budget on maintaining the status quo, leaving little room for improvement.
Our approach to insurance managed services
PwC Managed Services for Insurance help clients run critical operations differently – combining industry expertise, technology and scalable delivery so they can:
- Focus on strategic priorities
- Improve operational resilience
- Deliver continuous performance improvement
Managed Services provide a strategic alternative to traditional outsourcing, enabling insurers to access skills, technology and capacity on an ongoing basis – not project by project.
Our Managed Services model is human-led and tech-powered.
We work with clients to:
- Take over defined end-to-end processes or subprocesses
- Embed continuous improvement and automation
- Provide transparent governance, SLAs and reporting
- Scale capacity up or down as demand changes
Insurance managed services delivery models
Every organisation is different. Our delivery framework adapts to where you are today – and where you want to be. Delivery models include:
Model 1: Managed Capacity (for peaks, backlogs, temporary gaps)
You retain process ownership. We provide skilled professionals who integrate with your team – scaling up or down as demand changes
Model 2. Deliver & Orchestrate (PwC runs and coordinates defined processes)
We take operational responsibility for specific processes or subprocesses, coordinating delivery to ensure consistent quality.
Model 3. Full Managed Service (Long-term operational ownership)
We assume full accountability for defined functions – including people, technology, governance and continuous improvement.
Insurance managed services capabilities
We have built advanced understanding of comprehensive financial and insurance business process and we are able to support you within various subject matters. Each service area can be delivered standalone or as part of an integrated managed service.
Financial processes support for insurance providers
- Building of the optimal financial/insurance process (qualitative & quantitative)
- Benchmarking of the:
- acquire/renewal
- sales and operational
- policy administration
- claim handling process
- Post-merger activities including:
- Internal Operating Model
- Target Operating Model designing
Integrated service delivery
Support with credit and market risk management:
- Rating/scoring model maintenance for individual risk assessment
- Maintenance and run of risk models
- Reviews and validations of risk models
- Valuation of financial instruments
- Internal controls (incl. SOX testing)
- Internal Audit
- Third Party Risk Management, including regulatory review, ESG, Cyber, Data Management, KYC/AML, etc.)
- CSRD modelling
Actuarial Modelling
- Calculation of technical provisions under different reporting regimes (Local GAAP, Solvency II, IFRS17)
- IFRS17 actuarial models, methodology and assumptions validation
- Life insurance products modelling (with sensitivity and what-if scenarios) CFs models building
- Model validation including development of risk models, macro models, as well as macro forecasting models
- Solvency II and IFRS17 modelling implementation
Claims Management as a Managed Service
- Claims handling support for backlogs and peak periods
- Process redesign and orchestration
- Data, document and workflow management
- Technology enabled reporting and automation (including fraud detection capabilities)
Insurance managed services in practice
Post-merger integration support for a large European Insurer
Challenge
- One large insurance provider (company A) to be merged with another (company B) within 12 months from closing
- There was a need for supporting of Company B within the post-merger phase from the perspective of (1) evaluation, (2) reporting, including the preparation of local regulator documentation, (3) processes optimization including TOM
Approach
- Preparation phase: preparation of Company B for the operational integration process- preparation of full documentation for the regulator, building of the TOM design and support in reporting within the transition phase
- Implementation phase: work divided into 4 multidisciplinary streams:
- Valuation for accounting purposes of the Company A (for local and group purposes)
- Support of both Company A and B with reporting to local management and at the group level during transition period
- Design of target financial risk, followed by actuarial calculation
- Tax support provided by a separate team but also in a managed service formula
- Post implementation phase:
- Mapping, analysis, and transformation of Company A data to align with Company B reporting requirements, including consistency checks and interim reporting needs.
- Design and setup of reporting processes, covering required data transformations, data flows, and identification of key inputs within existing Company A processes.
- Build and design of the consolidated finance target operating model (TOM), including systems, data, roles, responsibilities, and the new consolidated reporting process.
Outcome
Both companies A and B have successfully undergone a merger process and successfully created all the reporting paths required.
Rapid Mobilisation of 70+ Finance Specialists to Support Regulatory Transformation
Challenge
- The finance organization was required to deliver multiple high‑priority regulatory transformations in parallel, including conversion from US GAAP to IFRS and implementation of IFRS 17 and IFRS 9, with mandatory comparative reporting.
- These transformations significantly increased complexity and workload while existing finance teams were already operating under severe resource constraints, creating an urgent need for experienced backfill.
- Our support required rapid mobilization of approximately 70 skilled finance specialists across three critical delivery hubs: Bangalore, Central Europe, and the Americas.
Approach
- We established a strong, collaborative partnership with a third‑party provider to deliver finance and reporting services across all company units involved through
- We implemented a hybrid resourcing model combining direct client hires with a scalable managed capacity service to rapidly address resource constraints while maintaining flexibility
- We jointly defined technology and operational requirements, implementing a workforce management tool and a robust quality management framework covering recruitment, resourcing, and ongoing performance and quality monitoring.
Outcome
- We achieved rapid mobilization of backfilled resources, providing Day‑1‑ready expertise that immediately relieved client staff from BAU activities and ensured continuity of operations.
- We successfully strengthened the client’s workforce with 50 highly skilled professionals within the first two months, with a further more planned by year‑end and discussions underway to potentially double capacity in the following financial year.
- We delivered value‑driven cost management through a trusted client relationship, supported by PwC Operate tools and governance to enable proactive demand forecasting and disciplined, pragmatic budget control.
Why PwC for insurance managed services
Choosing a managed services partner is a long-term decision. Here is why leading insurers choose PwC.
Insurance expertise at the core. Our teams are actuaries, insurance accountants and risk professionals, not generalists. We understand your processes, your regulations, and your reporting cycles.
Proven at scale. Multiple managed service engagements delivered for large multinational insurers, across Solvency II, IFRS 17, UK GAAP and US GAAP environments.
Tech-enabled, human-led. Automation and analytics drive efficiency. Experienced professionals drive quality and judgement.
Built for variability. Scalable capacity that flexes with quarter-end peaks, audit seasons and claims surges, without compromising delivery.
One firm advantage. PwC connects managed services with advisory, regulatory insight and technology under one roof. Operational delivery and strategic improvement move together, not in silos.
A dedicated team of 10 people with a potential to easily scale up having access to an impressive CEE actuarial & insurance practice professionals.
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