22 July 2026, 12:19 PM
The financial services sector of Switzerland is well-known in different parts of the world. Though operating in Switzerland poses many challenges for both local and international companies. Companies have to comply with strict regulations by the Financial Market Supervisory Authority (FINMA) and adapt to the rapid developments of technology. In addition, in view of the recent changes in the regulation regarding environmental, social, and governance reporting, data protection, and solvency standards, companies strive to maintain their competitive positions.
This is precisely where insurance consulting plays a key role as a strategic resource for companies within the industry. Consulting firms in Switzerland deliver their skills which allow insurance companies to improve their underwriting systems and optimize their claims processing, as well as implement AI technology safely. Moreover, an increasing number of health issues, affecting both basic and additional health insurances, and changing international market conditions affecting property and liability lines mean that companies are obliged to take advantage of advisory services to successfully redesign their products. However, the question is whether executives should build in-house expertise or hire the services of specialists. Although external consultants have various advantages, such as gaining a new perspective, having knowledge of the cross-border practice, and accessing the latest digital frameworks, in-house consultants possess deep knowledge of the company’s culture and internal systems, especially the legacy.
However, there is an ongoing debate among many Chief Executives as to which approach -- either building up competence inside the company or engaging a team of specialists - brings the better return on investments in the long run. While outside advisors provide the company with a fresh perspective, communicate unique experience obtained in various parts of the world and have direct access to modern digital solutions, an in-house team typically has greater in-depth knowledge of the company culture and legacy systems. This forces management teams to strive for the right balance between innovative ideas coming from consultants and internal management principles.
What’s your approach to solving the issues created by changing regulations and new technologies? Do you hire external experts to implement complex integration projects or build up internal competences? Join the community discussion below and tell us about your experience in working with consulting companies in the Swiss market.