Expense Reduction in the Insurance Industry

Save this PDF as:

Size: px
Start display at page:

Download "Expense Reduction in the Insurance Industry"

Transcription

1 Expense Reduction in the Insurance Industry David Holland 27/3/ Towers Watson. All rights reserved.

2 Agenda The Need for Expense Reduction in Insurance Pressures on insurers results Market activity Industry Expense Levels High level view of trends Closer look at the UK life market Towers Watson Approach Drivers of controllable cost Cost reduction levers Outsourcing and offshoring Lessons learned Actuarial considerations 1

3 According to Alun Blinder (professor of Economics at Princeton) In a 2007 working paper, Alan Blinder assessed the offshorability of 800 U.S. occupations and estimated that between 22% and 29% of all U.S. jobs were potentially offshorable. Q1) Where did insurance claims and policy processers rank? 1. Top 100 (easiest 100 occupations to outsource) Bottom 100 (most difficult 100 occupations to outsource) Q2) Where did actuaries rank? 1. Top 100 (easiest 100 occupations to outsource) Bottom 100 (most difficult 100 occupations to outsource) 2

4 The Need for Expense Reduction in Insurance 3

5 THE NEED FOR EXPENSE REDUCTION IN INSURANCE Pressures on insurers results Market Factors Life Impact of global financial crisis on consumer finances Fall in volume of new business across industry leading to unsustainable unit costs Growing threat to life business from substitute asset management products Increasing compliance costs driven by new solvency regime requirements Changing consumer demand towards more capital-intensive products Low investment return environment will impact top-line income Market Factors P&C Impact of global financial crisis on consumer finances Claims inflation driven by rise in bodily injury claims Growing levels of organised fraud and uninsured driving Increasing compliance costs driven by new solvency regime requirements Margin pressures driven by increasing presence and success of aggregators Low investment return environment continues to impact top-line income 4

6 THE NEED FOR EXPENSE REDUCTION IN INSURANCE This is nothing new Cyclical Upward Pressure on Expenses Poorly implemented technological change Culture focussed on top-line results Silo or arbitrary decision making Ever expanding expense base Strategy shift not reflected in changes to operational activity Growing regulatory and compliance demands Inaccurate or inflexible MI 5

7 THE NEED FOR EXPENSE REDUCTION IN INSURANCE (Reported) market activity Outsource Offshore IT Efficiency Restructuring Automation Target Savings < 50M M M M > 200M Source: Company accounts, Towers Watson research. 6

8 Industry Expense Levels 7

9 INDUSTRY EXPENSE LEVELS Comparison of UK and Irish Life Insurance Expense Ratios Ratios may not be perfectly comparable but indicatively, ratios are high in both markets 8

10 INDUSTRY EXPENSE LEVELS A closer look at the UK Life market Figures shown use aggregate expenses and number of policies for selected companies Per policy acquisition and management expenses are on the rise 13.4% compound annual growth rates Median expenses per policy show a similar pattern Large companies exhibited huge variation in 2009 and 2011 Large companies defined at top 10% by in-force premium income each year 9

11 Towers Watson s Approach 10

12 TOWERS WATSON S APPROACH Long-term, strategically aligned cost reduction Strategic assessment Diagnostics Implementation Change management Core competency identification to provide context and challenge Identification and prioritisation of cost reduction opportunities Planning, quick wins, refinement and embedding Building confidence, changing culture 11

13 TOWERS WATSON S APPROACH Drivers of controllable cost Volume of activity Level of complexity Process inefficiency Duplication of activities Weak procurement Outdated/poorly designed IT systems Misaligned compensation strategy Manual processing Low productivity Poor cost control culture Inefficient organisational design and structure Operational Inefficiency traditional focus Uncompetitive or inflexible outsourced contracts and arrangements Overlap of responsibility and activity between risk management, actuarial and MI teams Convoluted workarounds to facilitate legacy IT systems Frequent and ad hoc use of spreadsheet modelling and analysis Lack of centralisation of routine business processes that span several locations Poor management understanding of drivers and destroyers of value High-level or inaccurate expense analytics and monitoring Weak or unclear expense control responsibility and/or accountability Lack of clarity in project/functional/personal objectives Spend on non-core business competencies Spend on unvalued customer services Spend associated with superseded propositions or strategy Strategic Misalignment often ignored factors Low volume product classes aligned with customers outside of target market Commercial activity and marketing spend associated with non-core distribution channels or agents 12

14 TOWERS WATSON S APPROACH Long-term, strategically aligned cost reduction Strategic assessment Diagnostics Implementation Change management Core competency identification to provide context and challenge Identification and prioritisation of cost reduction opportunities Planning, quick wins, refinement and embedding Building confidence, changing culture 13

15 TOWERS WATSON S APPROACH Cost reduction levers Business Model Channel rationalisation Business mix restructuring Divestiture Operating Model Centralisation of business functions Outsourcing and offshoring Improved procurement IT system improvements Core Processes Eliminate unnecessary activity Increase level of automation Improve business process efficiency Reduce Current Outgo Project rationalisation Reduce discretionary spend 14

16 TOWERS WATSON S APPROACH Impact assessment Key enablers of high quality assessment Robust MI Sufficiently granular Understand cross-subsidies Manage through the project Deep understanding of expense analysis Fixed vs. variable Initial vs. renewal Approximations and arbitrary allocations Capacity models Business Case Strategic impact Projected P&L impact Cash flow impacts Capital impact Risk impact Qualitative impact Don t ignore intangible assets People and talent Management time and disruption Brand Project and operational risk or stakeholder implications Customers Shareholders and analysts Distributors and suppliers Regulator 15

17 TOWERS WATSON S APPROACH Increasing reliance on outsourcing and offshoring Lessons from Other Industries Divide major IT processes up into specialised and focussed components Award contracts to several providers including in-house team Keep contract terms short to maintain control and ensure flexibility Design contracts to encourage competitive behaviour Insurance Industry Factors Language and culture matter Regulation and tax laws may limit choices Decision can be driven by desire to gain expertise, access to capital or scale Potentially significant arbitrage opportunities exist 16

18 TOWERS WATSON S APPROACH To outsource or not to outsource? What are the non-quantifiable consequences of outsourcing? How sure can we be that our needs won t change? Is this capability, system or process genuinely strategic? What in-house staff do we need to negotiate strong contracts? Can it be separated and what disruption will we face? What are the customer impacts of any change? Should we be building this capability in-house? 17

19 TOWERS WATSON S APPROACH Long-term, strategically aligned cost reduction Strategic assessment Diagnostics Implementation Change management Core competency identification to provide context and challenge Identification and prioritisation of cost reduction opportunities Planning, quick wins, refinement and embedding Building confidence, changing culture 18

20 TOWERS WATSON S APPROACH Implementation and change management go hand in hand Project governance and robust programme management are essential Plan to implement cost reduction initiatives Plan to manage financial impacts Redundancy payments will have a significant cash flow and capital impact Impact on pension fund will be a key assessment IT consolidation or improvements can mean significant upfront investments Accounting treatment of long-term lease commitments can be significant Plan to manage non-tangible assets PR and communications (internal and external) are critical for brand and buy-in Retention planning Talent index Manage business disruption and loss of capacity during interim project period 19

21 TOWERS WATSON S APPROACH Typical cost reduction timeline Strategic assessment Diagnostics and detailed planning Quick wins Implement key cost reduction initiatives, including necessary refinements Effective change management 0 2 months 4 months 6 months 8 months 10 months 12 months 20

22 TOWERS WATSON S APPROACH Some lessons learned Strategy Big choices and trade-offs key decisions should align with the strategy Focus on all of your assets, not just those you can value Financial Clear understanding of the P&L impact of decisions Early focus on potential accounting and tax issues Program management Ring-fence the project as far as possible Keep executive team engaged and think hard about when to include senior management Be smart and with timing and messaging of internal and external communications Build a culture focussed on process efficiency and smart innovation Be ambitious but be brave this is difficult and very real 21

23 TOWERS WATSON S APPROACH Actuarial considerations Per head, the actuarial teams (pricing, reserving, capital modelling) are very expensive! There will be opportunities to reduce costs in the actuarial teams Getting the right IT systems and software will make a difference Having strong controls on the use of spreadsheets can limit rework and duplication Manual processing can and should be limited Process mapping and documentation can be extremely revealing And we can sometimes seek perfection when pragmatism would suffice And there is often duplication of effort with other teams Pricing and MI/claims insight teams Risk management and reserving Clarity of timelines and deliverables also applies to actuaries! 22

24 According to Alun Blinder (professor of Economics at Princeton) In a 2007 working paper, Alan Blinder assessed the offshorability of 800 U.S. occupations and estimated that between 22% and 29% of all U.S. jobs were potentially offshorable. Q1) Where did insurance claims and policy processers rank? 1. Top 100 (easiest 100 occupations to outsource) Bottom 100 (most difficult 100 occupations to outsource) Q2) Where did actuaries rank? 1. Top 100 (easiest 100 occupations to outsource) Low 20s! 5 th!!!!!!!!! Bottom 100 (most difficult 100 occupations to outsource) 23

25 Questions 24

The Short-Term Insurance Industry: Organising by Common Capability

The Short-Term Insurance Industry: Organising by Common Capability The Short-Term Insurance Industry: Organising by Common Capability How and why short-term insurance organisations are consolidating common capabilities Contents Introduction 3 Legacy Organisational Structures

More information

FINANCIAL SERVICES. Insurance expertise and technological leadership. Delivering Transformation. Together.

FINANCIAL SERVICES. Insurance expertise and technological leadership. Delivering Transformation. Together. FINANCIAL SERVICES Insurance expertise and technological leadership Delivering Transformation. Together. Introduction Sopra Steria has been delivering innovative IT and business solutions to the European

More information

Bodily Injury Thematic Review

Bodily Injury Thematic Review 2015 Bodily Injury Thematic Review ii Central Bank of Ireland Insurance Directorate 2015 BODILY INJURY THEMATIC REVIEW 1 Introduction 1.1 Overview and Context 4 1.2 Summary of Findings 5 1.3 Observations

More information

Financial Services Industry Solutions. Winning in the financial services marketplace for banks and credit unions

Financial Services Industry Solutions. Winning in the financial services marketplace for banks and credit unions Financial Services Industry Solutions Winning in the financial services marketplace for banks and credit unions Financial services industry is now at a major changing point Banks and credit unions are

More information

Management Information and big data in Insurance

Management Information and big data in Insurance Management Information and big data in Insurance New drivers to create business opportunities Fabrice Ciais DUBLIN 24 th April 2013 2013 Towers Watson. All rights reserved. CONTENTS Contents Introductions

More information

Commodity Price Risk Management (CPRM) - Trends and Challenges for Corporates

Commodity Price Risk Management (CPRM) - Trends and Challenges for Corporates Advisory Commodity Price Risk Management (CPRM) - Trends and Challenges for Corporates May 2014 Agenda Industry Challenges CPRM A Business Case CPRM Maturity Model CPRM Trends What Should Companies Do?

More information

Sales Performance Improvement

Sales Performance Improvement Sales Performance Improvement The CappcoPartners team manage and improve revenue generation processes by fine tuning the value proposition, implementing demand creation campaigns which drive quality leads

More information

Enterprise Performance Management. Getting the value from your digital investments

Enterprise Performance Management. Getting the value from your digital investments Enterprise Performance Management Getting the value from your digital investments Fundamentally, Enterprise Performance Management ( EPM ) is about Managing the Performance of the Enterprise. A simply

More information

Commercial insurance underwriting

Commercial insurance underwriting Commercial insurance underwriting Best practice case underwriting and portfolio management A presentation to the Turkish CUOs by David Ovenden Nov 2013 1 Agenda Introduction The Turkish market in an international

More information

Global Trends in Life Insurance: Claims

Global Trends in Life Insurance: Claims What you need to know LIFE INSURANCE Global Trends in Life Insurance: Claims Key claims trends and their implications for the life insurance industry Contents 1 Highlights 3 2 Introduction 4 3 Emerging

More information

Title here. Successful Business Model Transformation. in the Financial Services Industry. KPMG s Evolving World of Risk Management SECTORS AND THEMES

Title here. Successful Business Model Transformation. in the Financial Services Industry. KPMG s Evolving World of Risk Management SECTORS AND THEMES SECTORS AND THEMES Successful Business Model Transformation Title here in the Financial Services Industry Additional information in Univers 45 Light 12pt on 16pt leading KPMG s Evolving World of Risk Management

More information

Director of Asset Management and Repairs

Director of Asset Management and Repairs Job details Job title: Director of Asset Management Responsible to: Executive Director of Property Responsible for: Location: Overview of the role The overall purpose of the Director of Asset Management

More information

Position paper on. Treatment of captives in SOLVENCY II

Position paper on. Treatment of captives in SOLVENCY II Position paper on Treatment of captives in SOLVENCY II 1 INTRODUCTION...3 2 NATURE AND RATIONALE OF CAPTIVES...3 2.1 Captive Objectives...3 3 THE SOLVENCY II OBJECTIVES...5 EU OBJECTIVE 1: Improve protection

More information

Aegon / Transamerica: The Implications of Living to 100 and Beyond

Aegon / Transamerica: The Implications of Living to 100 and Beyond Aegon / Transamerica: The Implications of Living to 100 and Beyond Boca Raton, FL March 3, 2014 David Hopewell CFO Individual Savings & Retirement Transamerica Significant opportunities in the variable

More information

www.pwc.co.uk Cyber security Building confidence in your digital future

www.pwc.co.uk Cyber security Building confidence in your digital future www.pwc.co.uk Cyber security Building confidence in your digital future November 2013 Contents 1 Confidence in your digital future 2 Our point of view 3 Building confidence 4 Our services Confidence in

More information

Financial Planning & Analysis The Next Frontier of Business Process Outsourcing?

Financial Planning & Analysis The Next Frontier of Business Process Outsourcing? Financial Planning & Analysis The Next Frontier of Business Process Outsourcing? Financial Planning & Analysis (FP&A) outsourcing is increasingly being used by leading global firms to provide a competitive

More information

INEUM Kurt Salmon INE_06_0409_Logo_CMYK 14/12/2010. Ce fichier est un document d exécution créé sur Illustrator version CS3. K100

INEUM Kurt Salmon INE_06_0409_Logo_CMYK 14/12/2010. Ce fichier est un document d exécution créé sur Illustrator version CS3. K100 24, rue Salomon de Rothschild - 92288 Suresnes - FRANCE INEUM Kurt Salmon M100 Y100 Managing Business Performance to Drive Growth and Profitability Managing Business Performance to Drive Growth and Profitability:

More information

RISK MANAGEMENt AND INtERNAL CONtROL

RISK MANAGEMENt AND INtERNAL CONtROL RISK MANAGEMENt AND INtERNAL CONtROL Overview 02-09 Internal control the Board meets regularly throughout the year and has adopted a schedule of matters which are required to be brought to it for decision.

More information

BT Managed Mobility Expenses. Complete visibility and control to reduce your mobile communication costs

BT Managed Mobility Expenses. Complete visibility and control to reduce your mobile communication costs BT Managed Mobility Expenses Complete visibility and control to reduce your mobile communication costs The challenge of spiralling mobility costs Many organisations are struggling to control rising mobility

More information

Outsourcing, Offshoring, and Importing Actuarial Talent

Outsourcing, Offshoring, and Importing Actuarial Talent Outsourcing, Offshoring, and Importing Actuarial Talent Jim Rowland, FCAS, MAAA Sr. Actuary, Allstate Insurance Company CAS Annual Meeting, Seattle, WA November 17, 2008 Outsourcing/Offshoring Among P&C

More information

Manifesto. Giving Strength to the Voice of The Independent Broker

Manifesto. Giving Strength to the Voice of The Independent Broker Manifesto Giving Strength to the Voice of The Independent Broker Brokerbility Ltd, AGM House, 3 Barton Close, Grove Park, Enderby, Leicester LE19 1SJ www.brokerbility.co.uk Authorised and regulated by

More information

For Smart Insurance Solutions Choose Coverforce

For Smart Insurance Solutions Choose Coverforce For Smart Insurance Solutions Choose Coverforce Our Capability Issue Date 1st October 2012 A different company Creating smart insurance solutions for clients is what we do. Our determination to genuinely

More information

Solvency II data requirements Raising the Bar

Solvency II data requirements Raising the Bar Solvency II data requirements Raising the Bar Rakesh Patel & Harj Cheema Agenda 1. 1 Recap of Solvency II data requirements 2. 2 Raising the bar challenges faced 3. 3 The role of tools and technology 4.

More information

Finance Transformed. Changing the focus Finance Business Partnering

Finance Transformed. Changing the focus Finance Business Partnering Finance Transformed Changing the focus Finance Business Partnering Contents Out of the shadows of the back office 1 Striking the right balance in finance 2 Finance finds multiple barriers to becoming a

More information

Digital Strategy. How to create a successful business strategy for the digital world.

Digital Strategy. How to create a successful business strategy for the digital world. Digital Strategy How to create a successful business strategy for the digital world. Digital Strategy Overview Every business today needs a digital strategy. Products and services need to be digitally

More information

Finding your balance Top tips for successful HR delivery in multiple countries across Europe

Finding your balance Top tips for successful HR delivery in multiple countries across Europe Perspectives Finding your balance Top tips for successful HR delivery in multiple countries across Europe ...organisations are striving for a more standardised approach across all their business locations

More information

UK Life, Driving value through excellence

UK Life, Driving value through excellence UK Life, Driving value through excellence Investor and Analyst Event, Wednesday 6 th May 2009 Andrew Moss NUL18.11.08 Disclaimer This presentation may include oral and written forward-looking statements

More information

Enhancing customer profitability through Marketing Automation- the FNB experience

Enhancing customer profitability through Marketing Automation- the FNB experience SeUGI 2002 CMO Stream Enhancing customer profitability through Marketing Automation- the FNB experience By Jithendra Daya Chief Knowledge Officer 12 June 2002 Overview of the Presentation 1. Background

More information

View Point. Customer Centric banking: A 360 degree view. Abstract. - Ashok Gopinath, Navdeep Gill

View Point. Customer Centric banking: A 360 degree view. Abstract. - Ashok Gopinath, Navdeep Gill View Point Customer Centric banking: A 360 degree view - Ashok Gopinath, Navdeep Gill Abstract Banks today are moving back to basics, shifting attention from complex product offerings to developing greater

More information

All I want for Christmas is accurate, complete and appropriate data

All I want for Christmas is accurate, complete and appropriate data Life conference and exhibition 2010 Jethro Green & Gordon Jennings All I want for Christmas is accurate, complete and appropriate data 7-9 November 2010 All I want for Christmas is accurate, complete and

More information

OPPORTUNITIES PRESENTED BY USE OF BIG DATA IN SUSTAINABILITY

OPPORTUNITIES PRESENTED BY USE OF BIG DATA IN SUSTAINABILITY OPPORTUNITIES PRESENTED BY USE OF BIG DATA IN SUSTAINABILITY Big Data provides us with information to prioritise action on sustainability For large businesses that have a significant environmental impact

More information

Solvency II: Payback Time

Solvency II: Payback Time IBM Global Business Services Thought Leadership White Paper Solvency II: Payback Time Financial Services 2 Solvency II: Payback Time Introduction In response to the far-reaching nature of Solvency II regulation

More information

Finance Enterprise Performance Management: Transforming Finance, Treasury and Tax Reporting. WIPRO CONSULTING SERVICES Business Methods Series

Finance Enterprise Performance Management: Transforming Finance, Treasury and Tax Reporting. WIPRO CONSULTING SERVICES Business Methods Series WIPRO CONSULTING SERVICES Business Methods Series Finance Enterprise Performance Management: Transforming Finance, Treasury and Tax Reporting Mark Gault, Senior Manager, Enterprise Performance Management,

More information

Houston Compensation & Benefits. Post-Deal Integration Planning for Compensation & Benefits. Wednesday, April 22, 2015

Houston Compensation & Benefits. Post-Deal Integration Planning for Compensation & Benefits. Wednesday, April 22, 2015 Houston Compensation & Benefits Post-Deal Integration Planning for Compensation & Benefits Wednesday, April 22, 2015 Agenda Deal Timeline/Background Integration of Compensation and Benefits Medical/Retirement

More information

HR Function Optimization

HR Function Optimization HR Function Optimization People & Change Advisory Services kpmg.com/in Unlocking the value of human capital Human Resources function is now recognized as a strategic enabler, aimed at delivering sustainable

More information

MOVING BEYOND THE REGULATORY STICK

MOVING BEYOND THE REGULATORY STICK MOVING BEYOND THE REGULATORY STICK Evangelising data improvement in insurance By Nicola Askham - The Data Governance Coach Contents 1. Prologue 03 2. Is your data an asset or a liability? 04 3. Are you

More information

Unleashing your growth potential Product Innovation and Development

Unleashing your growth potential Product Innovation and Development www.pwc.se Unleashing your growth potential Product Innovation and Development Delivering growth and profitability through innovative products and services Knowledge Innovation Unleashing potential PwC

More information

White Paper Preparing Your Contact Centers for the Customer Experience Tsunami. Transforming Passion into Excellence

White Paper Preparing Your Contact Centers for the Customer Experience Tsunami. Transforming Passion into Excellence Preparing Your Contact Centers for the Customer Experience Tsunami Executive Summary Recently, Gartner surveyed 315 international companies with revenues of at least $500 million across the financial services,

More information

Customer Relationship Management: Perspectives from the Market Place Simon Knox, Stan Maklan, Adrian Payne, Joe Peppard, Lynette Ryals

Customer Relationship Management: Perspectives from the Market Place Simon Knox, Stan Maklan, Adrian Payne, Joe Peppard, Lynette Ryals Customer Relationship Management: Perspectives from the Market Place Simon Knox, Stan Maklan, Adrian Payne, Joe Peppard, Lynette Ryals Butterworth Heinemann 2003 ISBN:0750656778, 290 pages Theme of the

More information

Infosys BPO. Point of View. Releasing Supply Chain Value Through Better Order Management. Andrew Dobosz, Andrew Dougal. www.infosysbpo.

Infosys BPO. Point of View. Releasing Supply Chain Value Through Better Order Management. Andrew Dobosz, Andrew Dougal. www.infosysbpo. Infosys BPO Point of View Releasing Supply Chain Value Through Better Order Management Andrew Dobosz, Andrew Dougal www.infosysbpo.com Order Management: Where Companies Are Today When companies attempt

More information

Successfully Navigate the Consolidation Trend

Successfully Navigate the Consolidation Trend White Paper Successfully Navigate the Consolidation Trend Business solutions through information technology TM Entire contents 2006 by CGI Group Inc. All rights reserved. Reproduction of this publication

More information

Data analytics Delivering intelligence in the moment

Data analytics Delivering intelligence in the moment www.pwc.co.uk Data analytics Delivering intelligence in the moment January 2014 Our point of view Extracting insight from an organisation s data and applying it to business decisions has long been a necessary

More information

In-house vs. Outsourcing. Pank Koria, CEO, Project People

In-house vs. Outsourcing. Pank Koria, CEO, Project People In-house vs. Outsourcing Pank Koria, CEO, Project People Agenda The acquisition of talent In-house vs. outsourced resourcing models Key Performance Areas Project People A few brief facts about Project

More information

www.pwc.nl/cybersecurity Cyber security Building confidence in your digital future

www.pwc.nl/cybersecurity Cyber security Building confidence in your digital future www.pwc.nl/cybersecurity Cyber security Building confidence in your digital future 2015 Contents 1 Confidence in your digital future 2 Our point of view 3 Building confidence 4 Our services Confidence

More information

Organization transformation in times of change

Organization transformation in times of change Organization transformation in times of change Insurance is sold, not bought is a phrase of unknown attribution, but common wisdom for decades. Thus, insurers and most financial services organizations

More information

Change Management Assessment Framework (CMAF)

Change Management Assessment Framework (CMAF) Change Management Assessment Framework (CMAF) An assessment of your change management capability Copyright 2014 Molten Group. 1 Do you have a change management methodology in place that is supported by

More information

Information Governance

Information Governance WHITE PAPER Information Governance Irrelevant, overhead or central to survival? Setting the information governance agenda Table of Contents Introduction... 1 Defining the importance of information governance...

More information

Infrastructure Management Outsourcing

Infrastructure Management Outsourcing Infrastructure Management Outsourcing The Emergence, Adoption, and Growth of Infrastructure Management Outsourcing By Ross Tisnovsky, Vice President Amiya Kagalwala, Senior Consultant, Everest Research

More information

Rating Methodology for Domestic Life Insurance Companies

Rating Methodology for Domestic Life Insurance Companies Rating Methodology for Domestic Life Insurance Companies Introduction ICRA Lanka s Claim Paying Ability Ratings (CPRs) are opinions on the ability of life insurance companies to pay claims and policyholder

More information

Understanding client experience in a changing marketplace An adviser proposition for client research. April 2013

Understanding client experience in a changing marketplace An adviser proposition for client research. April 2013 Understanding client experience in a changing marketplace An adviser proposition for client research April 2013 Contents A new industry landscape Retaining and acquiring clients in the new landscape The

More information

SUPPLY CHAIN MANAGEMENT: A BOARDROOM IMPERATIVE AN FTI CONSULTING BRIEFING PAPER

SUPPLY CHAIN MANAGEMENT: A BOARDROOM IMPERATIVE AN FTI CONSULTING BRIEFING PAPER SUPPLY CHAIN MANAGEMENT: A BOARDROOM IMPERATIVE AN FTI CONSULTING BRIEFING PAPER IN THE HEADLINES AMAZON In December 204, hundreds of Amazon workers in Germany went on strike, just as pre-christmas sales

More information

Future Proof Financial Services

Future Proof Financial Services Future Proof Financial Services How the market need drives adaptation of new technology concepts Roel Wolfert Global head of Strategy & Marketing Agenda 1. Just to remind you who is Logica 2. The needs

More information

A strategic approach to cost reduction in insurance

A strategic approach to cost reduction in insurance A strategic approach to cost reduction in insurance The imperative to reduce costs is hardly new. However, current economic conditions, combined with market forces that have gained momentum in the insurance

More information

ICT Digital Transformation Programme

ICT Digital Transformation Programme Officer and Date Item Cabinet 11 th May 2016 Public ICT Digital Transformation Programme Responsible Officer: Clive Wright, Chief Executive Email: Clive.wright@shropshire.gov.uk Tel: 01743 252007 1.0 Summary

More information

Business Process Services. White Paper. Five Principles to Consider when Consolidating your Finance and Accounting Function

Business Process Services. White Paper. Five Principles to Consider when Consolidating your Finance and Accounting Function Business Process Services White Paper Five Principles to Consider when Consolidating your Finance and Accounting Function About the Authors Vikas Golchha, Associate Vice President, TCS Vikas is part of

More information

Fleet Complete. Insight. Innovation. Intervention.

Fleet Complete. Insight. Innovation. Intervention. Fleet Complete Insight. Innovation. Intervention. Risk. Reinsurance. Human Resources. Empower Results Aon UK Limited is authorised and regulated by the Financial Conduct Authority 1 Aon is market leader

More information

SHARED SERVICES. An Enabler for Managing Risk. Steve Tracy, Principal Consultant, ISG. www.isg-one.com

SHARED SERVICES. An Enabler for Managing Risk. Steve Tracy, Principal Consultant, ISG. www.isg-one.com SHARED SERVICES An Enabler for Managing Risk Steve Tracy, Principal Consultant, ISG www.isg-one.com INTRODUCTION During the last few years, companies have become increasingly focused on the need for effective

More information

Cloud Business Case G-Cloud 5 Framework

Cloud Business Case G-Cloud 5 Framework Cloud Business Case G-Cloud 5 Framework Cloud Business Case Service Definition Document April 2014 Warnford Court, 29 Throgmorton Street, London, EC2N 2AT T: +44 20 7947 4176 Table of contents 1 Cloud

More information

Knowledge Processing Outsourcing (KPO) Transformation in the Operating Model for Fee-Earning Activities

Knowledge Processing Outsourcing (KPO) Transformation in the Operating Model for Fee-Earning Activities Knowledge Processing (KPO) Transformation in the Operating Model for Fee-Earning Activities Knowledge Processing (KPO) Summary Knowledge Process (KPO) is a form of outsourcing, in which knowledgerelated

More information

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference

Life & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference Life & Protection Scott Ham CEO John Hunter COO Analyst & Investor Conference New York City, December 2010 Key messages Grow profitable new sales Leverage expertise to increase recruiting and expand existing

More information

Analytics & Big Data What, Why and How. Colin Murphy FSAI Dr. Richard Southern Sinead Kiernan FSAI

Analytics & Big Data What, Why and How. Colin Murphy FSAI Dr. Richard Southern Sinead Kiernan FSAI Analytics & Big Data What, Why and How Colin Murphy FSAI Dr. Richard Southern Sinead Kiernan FSAI 07.04.2014 Agenda Introduction What is Analytics and Big Data? Growth of Analytics and Big Data What does

More information

Telecom Expense Management

Telecom Expense Management Telecom Expense Professional Cost Group Ltd. Control your costs Manage your assets Transform your business Visit us online: www.pcmg.co.uk/tem Your Challenges. For most companies, fixed and mobile communications

More information

FSA Retail Conduct Risk Outlook 2012

FSA Retail Conduct Risk Outlook 2012 March 2012 FSA Retail Conduct Risk Outlook 2012 Summary The FSA has published its Retail Conduct Risk Outlook (RCRO) for 2012. The RCRO sets out the FSA s assessment of the 15 most significant retail conduct

More information

CSP Core Services Summary 2015-16

CSP Core Services Summary 2015-16 CSP Core Services Summary 2015-16 Sport England invests Core Funding into County Sports Partnerships (CSPs) to provide a consistent set of services for National Governing Bodies and for Sport England.

More information

Radar Live. A new era in real-time price delivery

Radar Live. A new era in real-time price delivery A new era in real-time price delivery A major leap forward in pricing delivery is game-changing enterprise software that revolutionises the way that insurers can deliver prices to their customers. The

More information

Towers Watson pricing software

Towers Watson pricing software pricing software Adding value to the pricing of personal lines and commercial business s pricing software is used by 17 of the world s top 20 P&C insurers. pricing software Effective pricing is fundamental

More information

FINANCIAL SERVICES. Data and Systems. It s a journey not just a destination. October 2012. www.kpmg.com/uk/ insurancefinancetransformation

FINANCIAL SERVICES. Data and Systems. It s a journey not just a destination. October 2012. www.kpmg.com/uk/ insurancefinancetransformation FINANCIAL SERVICES Data and Systems It s a journey not just a destination October 2012 www.kpmg.com/uk/ insurancefinancetransformation PAUL BISHOP Lead Partner for Insurance Finance Transformation This

More information

Project organisation and establishing a programme management office

Project organisation and establishing a programme management office PROJECT ADVISORY Project organisation and establishing a programme office Leadership Series 1 kpmg.com/nz About the Leadership Series KPMG s Leadership Series is targeted towards owners of major capital

More information

Morgan Stanley 10th Annual European Financials Conference. Mark Wilson Chief Executive Officer. March 2014

Morgan Stanley 10th Annual European Financials Conference. Mark Wilson Chief Executive Officer. March 2014 Morgan Stanley 10th Annual European Financials Conference Mark Wilson Chief Executive Officer March 2014 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed

More information

Life & Protection. Scott Ham Kevin Crist John Hunter CEO CFO COO. aegon.com. Analyst & Investor Conference, New York City December 5, 2012

Life & Protection. Scott Ham Kevin Crist John Hunter CEO CFO COO. aegon.com. Analyst & Investor Conference, New York City December 5, 2012 Life & Protection Analyst & Investor Conference, New York City December 5, 2012 Scott Ham Kevin Crist John Hunter CEO CFO COO aegon.com Key messages Transamerica s L&P division protects families and their

More information

www.pwc.com Navigating the next generation of cloud ERP Insurance

www.pwc.com Navigating the next generation of cloud ERP Insurance www.pwc.com Navigating the next generation of cloud ERP Insurance Agenda 1. Cloud computing 2. Cloud and the future of financial management 3. Insurance trends 4. Cloud readiness Summary 2 If you are currently

More information

Application Value Assessment

Application Value Assessment Value Assessment Journey to Realising the Value of an Organisation s Portfolio Fujitsu UK & Ireland - Business & Services By Chris Waite, Fujitsu Businesses today operate in highly competitive environments

More information

Winning in a Competitive and Rapidly Changing Retail Environment

Winning in a Competitive and Rapidly Changing Retail Environment Winning in a Competitive and Rapidly Changing Retail Environment The Australian retail industry is undergoing a profound restructure driven by the influences of northern hemisphere retailers entering our

More information

Risks and uncertainties

Risks and uncertainties Risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal risks that

More information

Creating a project management office (PMO)

Creating a project management office (PMO) Executive summary The project management was initially developed to define and maintain standards for project management in the organisation. In many organisations, the PMO has developed a strategic role

More information

Review your service. The Health Insurance Group. Johnson Fleming. Receive the best from your adviser. in partnership with

Review your service. The Health Insurance Group. Johnson Fleming. Receive the best from your adviser. in partnership with Review your service Receive the best from your adviser in partnership with Johnson Fleming Group Pensions Group Risk and Healthcare Service Provision The Health Insurance Group UK & International Healthcare

More information

APPLICABLE TO: Flow Systems Group and all employees. Risk Management

APPLICABLE TO: Flow Systems Group and all employees. Risk Management PURPOSE: Flow Systems is committed to managing its risks and ensuring compliance with all relevant laws and regulations in a proactive, on-going and positive manner. This document outlines Flow s Risk

More information

Exploiting the Single Customer View to maximise the value of customer relationships

Exploiting the Single Customer View to maximise the value of customer relationships Exploiting the Single Customer View to maximise the value of customer relationships October 2011 Contents 1. Executive summary 2. Introduction 3. What is a single customer view? 4. Obstacles to achieving

More information

Customer analytics case study: T-Mobile Austria

Customer analytics case study: T-Mobile Austria mwd a d v i s o r s Best Practice Insight Customer analytics case study: T-Mobile Austria Helena Schwenk Premium Advisory Report April 2011 This report examines T-Mobile Austria s use of Portrait Customer

More information

Delivering information-driven excellence

Delivering information-driven excellence Delivering information-driven excellence UNLOCKING THE BENEFITS OF Multi-domain Master Data Management In a highly competitive, global economy where data is now a core enabler, industry leaders are increasingly

More information

www.talenthcm.com The right talent can transform your organisation

www.talenthcm.com The right talent can transform your organisation www.talenthcm.com The right talent can transform your organisation Benefits QuALITY Raising the bar in managed services A P P R O v e D In an increasingly competitive marketplace, products and services

More information

KPMG Information Risk Management Business Continuity Management Peter McNally, KPMG Asia Pacific Leader for Business Continuity

KPMG Information Risk Management Business Continuity Management Peter McNally, KPMG Asia Pacific Leader for Business Continuity INFORMATION RISK MANAGEMENT KPMG Information Risk Management Business Continuity Management Peter McNally, KPMG Asia Pacific Leader for Business Continuity ADVISORY Contents Agenda: Global trends and BCM

More information

Managing Director of Thornside - the behind the brand expert

Managing Director of Thornside - the behind the brand expert David Seel Previously Managing Director of Thornside - the behind the brand expert 40 Affinity Partners GWPI - 130m Now Consultant to BMG / Sterling Pet Solution - Wholesaler / White Label Solution Non

More information

Adding up or adding value?

Adding up or adding value? Get up to speed Building Better Finance Functions Adding up or adding value? Making business partnering work whatwouldyouliketochange.com Contents Adding up or adding value? 3 The strategic value of business

More information

Actuarial services that enhance performance. Insurance PRECISE. PROVEN. PERFORMANCE.

Actuarial services that enhance performance. Insurance PRECISE. PROVEN. PERFORMANCE. Actuarial services that enhance performance Insurance PRECISE. PROVEN. PERFORMANCE. Today s challenges, tomorrow s opportunities In today s ever changing insurance market, companies face more stringent

More information

WHITE PAPER: ANALYSIS OF SUCCESSFUL SUPPLY CHAIN ORGANIZATION MODELS

WHITE PAPER: ANALYSIS OF SUCCESSFUL SUPPLY CHAIN ORGANIZATION MODELS WHITE PAPER: ANALYSIS OF SUCCESSFUL SUPPLY CHAIN ORGANIZATION MODELS Enporion, Inc. March, 2009 www.enporion.com SUPPLY CHAIN ORGANIZATION MODELS THAT DRIVE SUCCESS To ensure success in your supply chain

More information

Product Sample: Knowledge Area Review of World Class Customer Retention

Product Sample: Knowledge Area Review of World Class Customer Retention Product Sample: Knowledge Area Review of World Class Customer Retention PRODUCT SAMPLE: WORLD CLASS CUSTOMER RETENTION (total of 106 pages) Commercial research relevant to any organisation seeking to improve

More information

The PMO as a Project Management Integrator, Innovator and Interventionist

The PMO as a Project Management Integrator, Innovator and Interventionist Article by Peter Mihailidis, Rad Miletich and Adel Khreich: Peter Mihailidis is an Associate Director with bluevisions, a project and program management consultancy based in Milsons Point in Sydney. Peter

More information

Shared service centres

Shared service centres Report by the Comptroller and Auditor General Cabinet Office Shared service centres HC 16 SESSION 2016-17 20 MAY 2016 4 Key facts Shared service centres Key facts 90m estimated savings made to date by

More information

Integrated Stress Testing

Integrated Stress Testing Risk & Compliance the way we see it Integrated Stress Testing A Practical Approach Contents 1 Introduction 3 2 Stress Testing Framework 4 3 Data Management 6 3.1 Data Quality 6 4 Governance 7 4.1 Scenarios,

More information

Internal Audit - progress report 2015-16 and 2016-17 plan

Internal Audit - progress report 2015-16 and 2016-17 plan Audit Committee, 16 March 2016 Internal Audit - progress report 2015-16 and 2016-17 plan Executive summary and recommendations Introduction Grant Thornton have prepared the attached report which sets out

More information

Network Rail Infrastructure Projects Joint Relationship Management Plan

Network Rail Infrastructure Projects Joint Relationship Management Plan Network Rail Infrastructure Projects Joint Relationship Management Plan Project Title Project Number [ ] [ ] Revision: Date: Description: Author [ ] Approved on behalf of Network Rail Approved on behalf

More information

Issues Facing the Asset Management Industry. Navigating a Challenging Environment

Issues Facing the Asset Management Industry. Navigating a Challenging Environment Issues Facing the Asset Management Industry Navigating a Challenging Environment Top Issues Facing Asset Managers Primary challenges that Citi sees our asset manager clients facing Regulatory Complexity

More information

Madison Consulting Group. An Introduction to Business and Operations Consulting Services

Madison Consulting Group. An Introduction to Business and Operations Consulting Services An Introduction to Business and Operations Consulting Services May 2009 Table of Contents Introduction Consulting Services Practice Sample Projects Key Contacts 3 5 6 11 12 15 16 18 2 Who We Are Experience

More information

Management in an Uncertain. David A.J. Axson

Management in an Uncertain. David A.J. Axson Globalizing Performance Management in an Uncertain World David A.J. Axson Its been a crazy few years Global Financial Crisis US Debt Eurozone meltdown Volcanic ash Oil prices Terrorism Commodity prices

More information

ESKISP6046.02 Direct security architecture development

ESKISP6046.02 Direct security architecture development Overview This standard covers the competencies concerned with directing security architecture activities. It includes setting the strategy and policies for security architecture, and being fully accountable

More information

Customer Experience Benchmarking

Customer Experience Benchmarking HOWTOEXPERIENCE are experts in Customer Experience Strategy and Implementation. I d highly recommend David and his team for any customer experience project. Nicola Collister, Customer Experience Director,

More information

Solution Overview Channel Management in Utilities

Solution Overview Channel Management in Utilities Utilities Sector Solution Overview Channel Management in Utilities Better Results Market Influences and Challenges The utilties industry has faced dramatic change and numerous challenges in recent years

More information

business IT BSG Track Record Business Analysis www.bsgdelivers.com // @bsguk Version 1.1

business IT BSG Track Record Business Analysis www.bsgdelivers.com // @bsguk Version 1.1 business IT BSG Track Record Business Analysis www.bsgdelivers.com // @bsguk Version 1.1 1 Briefly BSG BSG (UK) is a niche business analysis consultancy. We bring deep technical and domain expertise to

More information