Read Full Magazine Here. Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries.
The company’s global workforce of strategists, innovators, technologists, and experts collaborate and accompany their clients throughout their transformation journey – from strategy and development to implementation and management – to identify opportunities where customers don’t see them, bringing sustainable value to their business.
Drawing on 25 years of deep industry experience, Synpulse delivers complete advisory and implementation solutions that accelerate the digital transformation of its banking and insurance clients.
The firm empowers its clients by helping them achieve their fullest potential through its services, addressing Business Innovation and Growth by leveraging technology to elevate customers’ experience, Operational Excellence by optimising operational efficiency to enhance scalability and maximise profitability, and Regulatory Compliance and Risk by ensuring efficient compliance in a rapidly changing regulatory landscape.
Saying the above, it is important to note that Ingo Muschick, Senior Partner and Head of Synpulse Germany and UAE, has worked with a wide variety of industries, organizations, and markets during his career, allowing him to inspire clients with cross-industry views and end-to-end perspectives.
As the Global Head of Health, Ingo’s main focus is on health systems and transforming payers and providers. He also drives large-scale change initiatives that boost clients’ digital capabilities and operational efficiencies in different geographies spanning from North America to Europe and the Middle East.
Ingo holds a Master’s Degree in Social and Economic Sciences from the Vienna University of Economics and Business and a Bachelor’s Degree in Business Administration from the Free University of Berlin. He also holds an Executive Diploma in Insurance Management from the University of St. Gallen and completed a Leadership Programme from IMD Business School.
He enjoys traveling to New York, playing mountain sports in Switzerland, and interestingly, making some noise with his drum set.
Ingo Muschick is a well-invited panelist and speaker at various industry events, where he shares his expertise on insurance and strategy. He recently contributed to the discussion of the Health Round Table that took place at Ritz Carlton - DIFC during the Dubai World Insurance Congress held under the theme “Resilience: Navigating the Storm to a Better World”.
He was also part of the exclusive ‘60 Minutes’ interview, where he talked about the state of healthcare, competition, and how emerging markets worldwide are aging fast. He pointed out that by 2050, these nations will be home to almost 80% of the world’s population aged 65 and above.
Additionally, he provided valuable insights into the growth opportunities for the life and health re/insurance industry, highlighting the crucial role of data and analytics in supporting that growth.
BL: What are your comments Dubai World Insurance Congress (DWIC)?
Ingo Muschick: Honestly, after the pandemic, there seems to be a renewed appreciation for in-person meetings. I had the opportunity to be on the Global Health Insurance Roundtable discussion together with other parties, and I hope that the attendees found the content informative and valuable. Nonetheless, the congress emphasized the need for meetings to take place on both digital and in-person platforms to encourage substantive discussions.
The number of participants and the way they collaborated, as evidenced by the packed meeting tables, demonstrated the booming nature of the region. We know how important this region is, and that is why we recently opened our office in the Middle East to support its digital transformation needs.
BL: Would you give me a summary the Global Health Insurance challenges and opportunities roundtable discussion?
Ingo Muschick: I certainly can do that. It was related to what is driving growth in emerging markets. We had a pre-alignment about strategic questions that should be answered during the panel discussion. I brought in some points because I found them super interesting.
The case is, you will have a lot of people over the age of 60 in the emerging economy soon, how will they react and what is the opportunity for the health insurers? With our roots in Europe and the U.S. as a company, we have very expensive mature health systems. We have learned from our experiences, and I think it’s important that emerging markets avoid making the same mistakes.
One critical element is whether to build reserves. Do you save money for later health costs that you will automatically need and consume? How do you build financial systems or health products, or is it the role of the regulators? How do you model such a product and how do we trigger the right behavior? I think that the key to learning isn’t to repeat mistakes that had been done elsewhere and to leverage technology to improve operational efficiency and transform the systems.
For example, hospitals could create health plans that eliminate the inefficiencies in the system, such as the time wasted between the staff providing and confirming the coverage. Such procedures can be avoided altogether if the right technology is in place.
BL: Do you advise insurance companies to keep reserves as much as they can?
Ingo Muschick: The obligation of insurers to set appropriate reserves is designed to promote the financial stability of insurance companies and protect the public.
Part of healthcare is to build innovative sustainable products that are in line with local regulations, and it must be done soon if you expect a rapidly aging society.
The earlier you start with it, the better it is for the later generation. Give people the advantages to save money for their retirement as early as possible to avoid the increasing health and care cost of aging. We are not only talking about wealth planning and life insurance but also about long-term care insurance.
BL: When did you start your consulting career? Where did you work?
Ingo Muschick: I have quite a long history in consulting of over 25 years. I started my career after my business studies. I knew I wanted to become a consultant. I did my first project in the pharma industry in Switzerland. Then, I moved on to insurance and banking, and the luckiest thing was that I joined the firm at a time when it only had 45 people. Now we are already more than 1,200 Synpulsians globally. Being part of the success story is amazing.
BL: Would you like to add anything else that you would like to highlight?
Ingo Muschick: The Middle East region means a lot to me. I see huge potential for GCC countries to use sustainable wealth to build a stable foundation for what comes next. I think they are currently doing a lot of progress, and the insurance sector plays a significant role. The current financial crisis may primarily be a banking crisis, and the solvency of the insurance sector as a whole does not appear to be threatened.
If you look back at the history of mankind, insurance and banking made a key contribution to welfare. Regulations are needed to make sure that this welfare is created and that we have sustainable insurance players who can earn money sustainably and can refinance the necessary transformation. In the region, I see strong signals that are guiding us in the right direction.
