Capco launches US insurance practice
London-based consulting firm Capco has opened a US insurance practice. It will be led by US partner Frank Neugebauer, formerly digital chief technology officer at Genpact.
Capco’s more than 4,000 professionals provide management and tech consulting to financial services clients in the areas of capital markets, banking and payments, wealth management, and energy solutions. Now, the company has added a fifth service area with the opening of its US insurance practice. It joins existing Capco insurance practices in Canada, Asia, and South America.
“Our expansion into insurance is a natural progression of our business," Mike Pugliese, managing director and head of Capco US, said. “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.”
The new practice will deliver tech-centered strategy and implementation solutions to clients across the insurance domains of property and casualty (P&C), life and retirement (L&R), reinsurance, employee benefits, and distribution.
This year is expected to see strong demand for P&C, L&R, and employee benefits services due to low unemployment and a higher focus on efficiency 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,” Neugebauer, said. Capco obviously hopes to be the company which supports financial services firms in the implementation of those emerging technologies.
Neugebauer has nearly 30 years of experience in the insurance, manufacturing, and healthcare industries, with a focus on digital transformation. During his career, he has led large-scale transformation initiatives, including systems modernization and analytics implementation.
Before his time at Genpact, he spent three years as a director in PwC’s P&C advisory services, supporting insurance clients with transformation projects, including ERP implementation and data warehousing initiatives.
Neugebauer also spent more than two years as chief information officer at schools-focused insurer United Educators, where he led significant upgrades to the company’s IT infrastructure and implemented a new policy and claims system.
He was also chief information officer at insurance firm Burns & Wilcox, as well as chief technology officer at ACORD, a non-profit that delivers data standards to the global insurance industry.
"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 said.
The US insurance team will also include Matthew Berkowitz and Vincent Molinari, as well as a large number of experienced Capco consultants.
Related: Capco adds Bryant Fuller as Partner in Charlotte office
