Capco, a business and technology consultancy focused on the financial services industry, has announced that it plans to enter the reinsurance space with the launch of a new U.S insurance practice.
The U.S 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 said.
In addition to reinsurance, the U.S practice will focus on property and casualty, life and retirement, employee benefits, and distribution business.
Frank Neugebauer has been appointed to lead the practice. He joins Capco with 28 years of experience in the insurance, manufacturing and healthcare industries with a focus on digital.
“Our expansion into insurance is a natural progression of our business,” said Mike Pugliese, Managing Director and Head of Capco U.S. “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,” Pugliese added.
Prior to joining Capco, Neugebauer was the Digital Chief Technology Officer at Genpact, where he oversaw digital transformation in the firm’s managed services environment across policy, claims and finance/accounting.
He has also 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.
“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,” said Neugebauer.
“Innovation, especially in the form of artificial intelligence and machine learning, is going to be at the heart of those efforts within insurance firms,” he continued.
“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.”
In addition to Neugebauer, Capco’s U.S. Insurance leadership team will comprise Matthew Berkowitz, Vincent Molinari and a group of existing Capco business and digital consultants with deep insurance experience.
