CFOs face a complex, constantly changing business environment in which growth strategies need to be supported by a flexible organization that delivers transparent, efficient, forward-looking insight, manages risk and compliance, effectively leverages capital, and maximises liquidity.
With a low interest rate environment, continued pressure on insurance margins, greater demands on reporting (e.g. Insurance Contracts and ERM), and management’s need for more timely, forward looking financial information, the finance function has to more with less.
Our team has extensive experience with insurance and financial services financial management and operations. We help our clients develop high performing, cost-effective finance functions with streamlined and standardized processes that focus on adding insight to the business while delivering effective controls and increased efficiency.
Simplifying corporate structures
In light of the need to be nimble while reducing costs, corporate simplification should be at the top of the corporate “to-do” list. A well-managed corporate simplification program provides strategic alignment of entities, reduces costs, and facilitates more efficient use of capital. The companies that execute an effective corporate simplification process and maintain a commitment to simplification over time will succeed in reducing costs and be able to devote their time and attention to value adding activities.
A perspective on intercompany reinsurance
Complex legal structures are inherent in the insurance industry. We think that companies can benefit from investing up front in simplifying their corporate structure. We also believe that there are can be tangible benefits from re-evaluating or implementing intercompany pooling and affiliate reinsurance. This can further streamline the corporate structure, based on pre-determined objectives and supporting parameters.
Our services enable CFOs to identify, design and implement effective practices that transform decision support and accounting operations, and meet evolving business needs.
Improve finance structure, processes, people, and technological effectiveness, thereby increasing efficiency and effectiveness.
- Finance Transformation Strategy
- Finance Service Delivery Model
- Finance Effectiveness Benchmarking
- Sustainable Cost Reduction
- Finance Integration and Transaction Support
Finance and Accounting Operations
Transform business functions by reducing functional and operational complexity through streamlined processes, improving use of technology and resources.
- Asset and Investment Management
- Close to Report and the Last Mile of Finance
- Treasury Functions
- Capital Management
- Policies, Procedures & Controls
- Finance Organization Design (Shared Service Center and Outsourcing)
- Finance Applications & Data Structures
- Financial Controls
Enterprise Performance Management
Enhance and align planning, consolidation, reporting and analytical processes, systems and information in order to provide business insights that inform more effective decisions and actions.
- Strategic Performance Management
- Management Information
- Consolidation and Statutory Reporting
- Integration Planning
- Costing and Profitability Management
Finance Systems Advisory
Implement leading practice vendor tools to simplify finance and accounting operations, as well as improve governance and data management processes through integrated systems.
- ERPs (e.g., Oracle/ Peopelsoft, Workday, SAP etc.)
- Financial Planning Applications (e.g., Hyperion Planning, HFM, Business Objects, Cognos, Essbase)
- Actuarial Modernization (e.g., Polysystems, Triton, etc.)
- Investment systems (e.g., PAM, CAMRA, etc.)
- Accounting workflow tools (e.g., Blackline, Trintech, etc.)
- Financial Data Management/ Governance
How Insurers Benefit
- Better business decision-making (e.g., pricing information based on current information)
- Simplified flows of data, information, analysis and insight
- Predictive, forward-looking insight that takes into account external and internal views
- Improved accessibility of information at all levels of the organization
Improved Compliance and Control
- Transparent and timely management reporting and planning processes to increase business agility
- Embedded culture of control awareness
- Better risk management
- Cost savings
- More time for value adding activities
- Shared services that deliver routine, high volume transaction processing with economies of scale
- Simplified and standardized processes that leverage technology and consolidation / elimination of non core activities through shared services / outsourcing