Diamond Management & Technology Consultants

Diamond (NASDAQ: DTPI) is a management and technology consulting firm. Recognizing that information and technology shape market dynamics, Diamond's small teams of experts work across functional and organizational boundaries to improve growth and profitability. Since the greatest value in a strategy, and its highest risk, resides in its implementation, Diamond also provides proven execution capabilities. We deliver three critical elements to every project: fact-based objectivity, spirited collaboration, and sustainable results.

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Latest Content From Diamond Management & Technology Consultants

Whitepaper: Group Insurance: Making Customization Profitable

by Diamond Management & Technology ConsultantsOct 15, 2008

In a market driven by price competitiveness, group insurance carriers have typically used customized product features or services as a point of distinction, but these companies must ensure they do not degrade profitability in the process. To improve customer service profitably, carriers must carefully measure the true costs of customization and customer service.

Whitepaper: Don't Waste a Crisis: Emerge a Winner by Applying Lessons from the Last Recession

by Diamond Management & Technology ConsultantsOct 01, 2008

Competitive executives should welcome recessions. In the heat of a downturn, superior companies pull away from the competition and aspiring companies can dart ahead. In order to find patterns of success and failure, Diamond Management & Technology Consultants studied more than 400 companies and their performance (relative and absolute) before, during, and after the last recession (1998�2004).

Whitepaper: Becoming a Customer-Focused Business--One Policy at a Time

by Diamond Management & Technology ConsultantsJul 01, 2008

This white paper defines and provides concrete examples of how customer data integration (CDI) can either save or generate millions of dollars for the insurance industry in product design and service, marketing and sales, customer service and claims and fraud detection and compliance. These are the �bedrock� areas of the industry yet carriers still shy away from technology investments that create a customer-centric, integrated repository of data. This paper also delves into why CDI projects are not costly, difficult and filled with risk.

Whitepaper: Cars and Trucks Are Talking: Why Insurers Should Listen

by Diamond Management & Technology ConsultantsMay 01, 2008

Automotive �telematics� such as event data recorders, global positioning systems, and other emerging innovations could save auto insurers $20 billion in annual claims payouts, or 17 percent of personal lines auto insurance losses each year. These savings will be the result of lower legal costs, more accurate insurance premiums, more efficient claims processing, fewer fraudulent claims, and new revenue from new monitoring and risk prevention services. But the road ahead presents challenges, too. Starting now, and over the next three to five years, innovative insurers will learn the new language of telematics data. They will apply their knowledge to improve customer service, reduce costs, refine their risk management capabilities, and offer popular new pricing models to the market. What can insurers do today to join the conversation? On the technology front, start investigating telematics technology to understand how (or if) new data fits into current systems and operations. On the business front, consider innovative ways of leveraging telematics data to reduce costs and create profitable new services. And in the regulatory arena, investigate the implications of using telematics data in ways that appeal to consumers and privacy advocates. Having those discussions will keep insurers in the loop as telematics technology changes the way people drive, and how those drivers are insured.

Whitepaper: Tackling the Legacy Technology Challenge in the U.K. Insurance Market

by Diamond Management & Technology ConsultantsApr 15, 2008

Market demands are requiring U.K. insurers to change products and pricing with regularity and speed. After improving operational processes and the skills of customer-facing resources, legacy technology remains the key constraint to speed and agility in the marketplace. Aligning executives on how to improve the technical architecture is very difficult for many reasons: technical complexity, limited in-house technical skills, and a lack of clarity of where the problem firmly lies. For these reasons, insurers are challenged to determine if a technology transformation is needed in the first place, the scope that might be appropriate, and the approach to making improvements that may take several years. In this article, we propose an approach to analyse your legacy system challenge and frame potential solutions in such a way that business and technology executives can make difficult technical decisions with confidence and align these decisions as well.

Whitepaper: Taking Policy Administration System Transformation 'One Bite at a Time'

by Diamond Management & Technology ConsultantsApr 11, 2008

Most insurance carriers are placing policy administration system (PAS) transformation near the top of their to-do lists for the coming year, and many of these companies will expect a dramatic change in business results by moving PAS to the forefront of daily business operations. However, it is critical that carriers do not underestimate the operational challenges associated with replacing an existing PAS platform, because it will require changes to nearly every business process and technical system. Applying a phased approach to PAS transformation will help organizations effectively manage risk and achieve value early in the process. A modern, flexible PAS platform will soon be at the core of any successful insurance carrier. With this in mind, we have developed a segmented approach to PAS transformation designed to return incremental value early in the process and mitigate risk factors across the transformation�s long timetable.

Whitepaper: Notes on a Scandal: Lessons in Operational Risk Management from Societe Generale

by Diamond Management & Technology ConsultantsFeb 21, 2008

Lightning can, in fact, strike twice and banks that want to avoid being rocked by a Soci�t� G�n�rale-scale fraud incident need to move beyond stop-gap measures and build a culture of operational risk management. Diamond Management & Technology Consultants examines facts that have emerged from the Soci�t� G�n�rale situation, and the probable causes of fraud point to deficiencies in operational risk management. While details are still surfacing, Soci�t� G�n�rale, or SocGen, appears to have lacked three essential ingredients in establishing a resilient operational risk environment: automated processes, an internal controls culture, and strong IT access controls. Without these three elements in place, not even a 2,000-person risk division could stop a rogue trader, who is allegedly responsible for the loss of 4.9 billion euros at SocGen, the second-largest French bank.

Whitepaper: Investing in Risk: The Enduring Legacy of the Subprime Meltdown

by Diamond Management & Technology ConsultantsFeb 01, 2008

Developing an effective firmwide risk management strategy requires a shift in mindset on several fronts. First and foremost, it requires an immediate and enduring shift in corporate culture to enforce accountability at the highest levels for understanding and managing firm exposures. Second, effective firmwide risk management requires executive-level willingness and commitment to invest in the requisite infrastructure to accurately measure firm exposures, including how the firmwide portfolio will react to a variety of potential changes to the current environment. It should consider everything from the people and information architecture to the data collection and management strategies, all of which are required to reach a comprehensive understanding of a firm�s risk profile. Firms should adopt a long-term and iterative view of infrastructure improvements that address not only the consistency and timeliness of risk data, but the breadth and comprehensiveness of this data as well. Crisis brings opportunity to innovate. It is our belief that the critical difference between winners and losers�both today and in the future�lies in the consistent investment in risk assessment infrastructure, enabling the winning firms to act quickly and decisively during times of market upheaval to solidify their gains.

Research Report: Retirement Study 2008

by Diamond Management & Technology ConsultantsJan 01, 2008

Throw conventional wisdom and industry fault lines out the window. Financial services firms, insurers, and healthcare payors admit they will need to add new capabilities as they prepare to serve baby boomers, who will control some $40 trillion in retirement assets by 2020. In its "Retirement Study 2008," Diamond analyzes how the convergence of health, wealth, and risk management is creating new business opportunities for companies that adopt a broader vision of the services they offer as well as a more precise view of the boomers they serve. Boomers, who make up the wealthiest generation in history, face tremendous uncertainties about how they will fund their retirement, and how wealthy they will be during those years. Those that fail to plan accordingly now will fall short of their expectations. The companies planning to serve the boomer market run a similar risk of missed expectations. Unless they consider new strategies now, financial services firms, insurers, and healthcare payers will lack the flexibility to survive in a changing health/wealth market.