Insurance

Although still lagging behind EU average levels, insurance penetration has been constantly growing in Slovakia. From the strategic perspective, insurance companies must adapt to global trends in the sector, and focus their attentionon clients. This trend brings the need to implement new, client-oriented models allowing a unified view of customers, segmentation, and cross selling.

Main Industry Issues

• Pressure on revenue growth and cost optimization
• Identification of profitable products, product benchmarking, benchmarking and analysis of product costs
• Implementation of planning and effective capital management based on ROI and RORAC
• Implementation of IFRS standards(IFRS 4 and IFRS 7 have a fundamental impact on financial reporting of insurance companies
• Solvency II concept
• Further consolidation of the insurance market

We can assist with

• implementing strategic, client-oriented models that enable a single customer view, advanced client segmentation, client campaign planning, and effective cross selling
• benchmarking the performance of client staff, as well as the quality and intensity of services provided
• advising you on consolidating internal systems, making operations more effective, and optimizing processes
• implementing advanced planning methods, capital adequacy management, and consultancy on developing the overall strategy
• strategic decision-making
• optimizing managerial and regulatory reporting
• advising you on financial regulation and compliance
• advisory and implementation services related to the Solvency II concept
• money laundering prevention, fraud investigation, and forensic accounting
• investigating fraudulent claims
• advising you on money laundering prevention
• auditing or reviewing financial statements
• accounting and IFRS consultancy
• advising you on IFRS compliance
• developing tax-effective structures for insurance companies
• settling insurance claims, defining and implementing precautions for loss prevention and control
• quantifying direct and indirect losses
• preparing specialized insurance contracts
• technical audit of procedures that the Insurance Claims Settlement Department uses
• reviewing internal controls and preparing the corporate risk management system
• advising you on issues related to the ratio of costs and fees collected – profitability increase
• outsourcing the internal audit function
• advising you on HR issues, remuneration, and know-howmanagement
• the PayWell Remuneration Study for the financial services and insurance sector