Navigating the next generation of cloud ERP Insurance
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1 Navigating the next generation of cloud ERP Insurance
2 Agenda 1. Cloud computing 2. Cloud and the future of financial management 3. Insurance trends 4. Cloud readiness Summary 2
3 If you are currently evaluating cloud ERP, where are you in the evaluation? Polling question 1 A. Initial exploration phase B. Making a selection within the next 6-12 months C. Making a selection in 12+ months D. Not evaluating cloud ERP, or planning to anytime in the next 18+ months 3
4 Cloud computing 4
5 What is cloud computing Cloud types Cloud offerings Examples Public Community Infrastructure as a Service (IaaS) Hosting services Service bureaus Financial institution Private Hybrid Platform as a Service (PaaS) Software as a Service (SaaS) EFT/Debit payment networks Information services Specialized software 5
6 Why cloud computing for financial institutions Cloud computing can help financial institutions improve performance in a number of ways. Cost control Establish cost controls over IT expenditures through pay for consumption pricing model. Capacity on demand Cloud solutions allow a financial institution to only use what they need when they need it. Dynamic reconfiguration Internal efficiency Defense against obsolescence Capital management The constant need to balance and re-balance IT configurations based on business variables is eliminated. Lower overall technology expense, optimize human capital expense and reduce operating cost over comparable in-house systems. Costly upgrades, new releases and new software acquisitions to stay current with industry demands are eliminated. Cloud based solutions can help channel much needed capital away from non-earning IT assets. 6
7 Cloud computing risks and challenges Moving to the cloud means several responsibilities are shared with the cloud provider. Overlapping trust boundaries Overlapping trust boundaries from different cloud consumers due to the fact that cloud based IT resources are commonly shared. Operational governance control Risks associated with how the cloud provider operates its cloud, and all external connections that are required for communication between the cloud and the financial institution. Portability between cloud providers Public clouds are typically proprietary, dependencies on these environments can be challenging when moving from one cloud provider to another. Multi-regional compliance and legal issues Cloud providers will typically establish data centers in affordable or convenient locations, this can pose legal/regulatory concerns. 7
8 Cloud computing risk mitigation A cyclically executed process used to enhance strategic and tactical security, risk management is comprised of a set of coordinated activities for overseeing and controlling risk. Establishing benchmarks: Quantifiable Repeatable Comparable Easily obtainable Risk assessment Threats Risk identification Risk evaluation Establishing service quality metrics: Availability Reliability Performance Scalability Resiliency Risk control Risk review Risk monitoring Risk treatment Risk mitigation policy Risk mitigation actions 8
9 The cloud frontier for financial institutions REAL opportunities abound for financial institutions to transform their business through cloud based solutions. Account processing Human capital management Business development Cloud solutions Financial management SPG Business Process Execution Playbook Financial Statement Asset origination Regulatory compliance 9
10 Putting your ERP systems in the cloud offers many advantages to traditional on-premise solutions Reporting requirements Quickly respond to new and changing regulatory requirements Flexible system to support various reporting requirements (SEC, statutory, etc.) Real-time data and analytics to support decisions and drive performance Convenience and adaptability Connected finance personnel across the globe leveraging a common platform Incorporates the latest technology and adapts to ever-changing business requirements High data quality through an integrated system enabling transparent and timely reconciliation Organizations must identify strategic solutions to respond to regulatory reporting requirements and address current and future business challenges 10
11 Why are you interested in the cloud? Polling question 2 A. Cost control B. Internal efficiency C. Generating better/deeper business insights D. Ensuring we are prepared for new regulatory standards E. All of the above F. Not interested in cloud at this point 11
12 Cloud and the future of financial management 12
13 The top megatrend on the mind of CEO s 86% say technological breakthroughs will have the most significant impact on their business over the next five years 44% Creating innovation ecosystem to support growth Creating the IT platform of the future New IT Platform 64% Restructuring operations to contract costs Transforming business operations Next generation operations through cloud applications 35% Creating new products and services Creating profitable businesses New Product and Service Innovation Source: PwC th CEO Global Survey. 13
14 What does the finance function of the future look like? Steering the enterprise to success Navigation Finance function of the future Mediation Engaging wider stake holders through new and traditional means to enhance value, brand and differentiation Connectivity Resilience Connecting the organization, its data, people and process to achieve success Finance role in creating more resilience and the ability to bounce back from shocks 14
15 What our benchmark data tells us 17% less time on data gathering and 25% more time on analysis just 7 days to produce their forecasts 40% more people in business partnering roles automated 70% more of their key controls than typical functions. 40% less time to close and report 60% rely on manual spreadsheets for reporting 27% reporting detailed actions on strategic priorities reduced the amount of time spent on transactional activities by 20% 15
16 Driving change: Digital technology is top of mind for executives PwC s Digital IQ Survey: The leading investments that executives are making to drive change in their organizations 44% 11% Socially Enabled Biz Processes Business Analytics 20% Sensors 3-D Printing 25% On-demand Services Where companies are investing to grow (%) 39% Mobile User Engagement 6% Wearables Base: 162 (US CEOs): 1, 393 (IT and business leaders globally). Sources: PwC, 2014 US CEO Survey, January 2014; PwC s Digital IQ Technology Trends for Business, January % Robotics 41% 39% Cyber Security 16
17 Insurance trends 17
18 Insurance trends intersection with the cloud Powerful forces are reshaping the financial services industry Regulations Business models Competition Changing demographics Six fundamental priorities for financial institutions are evolving against this landscape Building a customer centric business model Optimizing distribution Creating an information advantage Simplifying the operating model Fostering agility and innovation Proactive regulatory, risk and capital management ERP applications in the cloud hold the potential to meet many of these challenges 18
19 Insurance Modernization Drivers of change Insurance Modernization Accounting/Regulatory Data/Technology Information reporting ComFrame Principles based reserves SII Non-banking SIFI Better metrics Competitive pressure G-SII Efficiency Insurance contracts RMORSA 19
20 Insurance Modernization Companies will be challenged to meet new requirements Insurance companies will need to: Integrate and standardize data sources Develop single source of the truth Set consistent assumptions across GAAP, PBR, Risk and management metrics Shelve legacy systems and implement modern calculations engines Enhance enterprise architecture around data, systems and tools Redesign processes and controls across reporting Reassess TOM, organizational design, competencies and talent Revisit governance, roles and responsibilities Revamp KPI s and management information Retrain stakeholders (Board, Shareholders, Analysts, etc.) 20
21 Benefits An effective response to recent regulatory and financial reporting developments will result in better business practices and innovation, including enhanced data analytics, underwriting decisions, and products that all meet changing demographics and informational needs. Benefits Improved analysis improved automation and enhanced tools allow employees to focus on high-value-added analysis Process efficiency automated feeds and processes, reduced process times, less manual intervention and reduced key-person dependencies Optimized usage of resources enabling actuaries to spend more time on analysis and improving the usage of IT resources Enhanced controls increased confidence in results, automated controls and better responsiveness in a changing regulatory environment Greater transparency greater understanding and consistency of the results produced and fewer surprises in financial results Improved stakeholder communications better data quality, single source of the truth and comparable performance metrics allows all stakeholders to speak the same language Improved governance efficient processes enable less complex governance More efficient and less costly infrastructure reconciling processes, efficient deployment of resources and consolidation of systems will streamline the infrastructure Timely and relevant management information More timely and relevant management information for strategic and operational planning and decision-making 21
22 Cloud readiness 22
23 My biggest concern about cloudbased computing in finance is: Polling question 4 A. Security of data B. Ability to meet my exact business needs C. Re-engineering of key processes D. Integration with core insurance systems 23
24 Cloud readiness Conduct an organizational readiness assessment Complete a fit gap analysis/evaluation on how the cloud vendor s meet your business requirements + Pros Cons Considerations Prepare a business case that includes Total Cost of Ownership (TCO), benefits you can achieve by moving to the cloud, critical success factors, and a deployment roadmap 24
25 Summary Macro-economic conditions are driving the financial services industry to examine every aspect of their business to remain competitive and profitable. Using cloud based services for mission critical functions and processes offers a financial institution dramatic opportunities to improve capabilities in a highly cost-efficient manner. Mitigating risk and get ready to implement cloud based ERP solutions is a highly manageable effort with well defined mechanisms in place to assist the process. 25
26 Thank you Josh Goldfarb Partner PwC 2015 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
27 Our Team DRAFT Joshua Goldfarb Partner Professional background Josh is a Partner in the PwC Finance, Tech and Operations Practice. Joshua leads PwC s Workday Financials Cloud solution service offerings, and has spent several years serving the broader needs of the Finance functions for Investments and Insurance businesses. Josh has led or participated in both Insurance Finance and Investment operational performance optimization initiatives at Large Life Insurers, as well as large scale Middle Office outsourcing efforts and evaluations of Finance ERP Packages, large Data Warehousing solutions and Investment Management vendor selections. Josh is a CPA in the State of CT Project experience highlights Currently helping to drive and lead a series of Workday FM implementation efforts across Insurance, Higher Ed, and Industrial Products industries. Led 2 additional Workday assessments and fit analyses for a Power Utility, and a Talent and Sports Agency. Helped to lead a global $500B+ Commercial Finance company move and streamline its Close to Report process to a calendar year from a fiscal year. Led several efforts across Life and P&C Carriers to accelerate and streamline close processes, including leading teams ranging in size from 2-12 individuals, to understand challenges, offer solution options, and help to implement change. Led the implementation of a Hyperion Planning solution for a Global Financial Services Organization across over 40 countries on 6 continents. Led a team of 20, across two continents for 20 months Worked with a large Insurance Asset Manager to outsource the middle office function. The effort included leading the Service Level Agreement documentation, contract negotiation, and value proposition. Led an effort with a large international life insurer, acting as the Program Management Officer for a large-scale effort to inventory and reconcile its accounts within the controllership, products, investments, derivatives, and tax areas. This effort was a multi-discipline engagement, with as many as 40 resources to manage, across two countries (US and Canada) for 6 months PwC 1
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