The case FOAR insurance modernization

October 2013
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The case FOAR insurance modernization

At a glance

A comprehensive, well thought-out, pragmatic and staged plan to modernize FOAR functions and prepare for new requirements can lead to a competitive advantage through revamped products, reduced expenses, and increased efficiencies.

The cumulative implications of changes to finance, operations, risk and actuarial (FOAR) functions will be deep and permanent and affect business strategy, investor education, underlying processes, systems, internal controls, valuation models, and other fundamental aspects of the insurance business. Accordingly, there is a strong case FOAR modernization. A comprehensive, well thought-out, pragmatic and staged plan to modernize FOAR functions and prepare for new requirements can lead to a competitive advantage through revamped products, reduced expenses, and increased efficiencies.