Insurance transformation
Insurers are facing multiple and varying challenges and these are expounded by the scrutiny they face from regulators to ensure they are operating in the best interests of their customers, their organisation and that of the market itself.
Multiple regulatory waves bring increased complexity and greater disclosure requirements and whilst most firms' technology architecture was set up for compliance, few companies are setting up a holistic approach to data and their systems architecture. Strategic and operational aspects that may have been under-managed, e.g. process changes, new governance, resourcing etc. are resulting in few CFOs having a clear view on how a successful future operating model may look like.
Transformation can help
Transformation needs to align with your company's vision and strategy. We have identified key areas that once addressed, can improve efficiencies and therefore optimise your operations.
- Determine your operational vision and strategy
- Create a functional operating model, executed through a robust Data architecture, IT architecture, Organisation design, People and capabilities, and Process
- Establish assurance and oversight within your Finance Governance
- Assure delivery through project management across all aspects of the process
Transformation needs to deliver meaningful analysis and controlled output, and the delivery needs to be managed to realise the value.
Get in touch
If you would like to learn more about how to optimise your insurance firm, please contact us.
National contacts
Neil Rolfe Partner - Head of Insurance Tax
Finance transformation for insurance broker
Our client was a medium-sized international insurance broker, who had recently acquired a competitor in the UK but had not fully integrated its finance function.
Insurance
We are a leading provider of audit and business advisory services with over a hundred years of experience within the insurance market, both in the UK and internationally. We began as specialist bookkeepers to Lloyd’s insurance market and we have evolved to become an important and recognised audit and advisory firm in the insurance industry.