Finance, risk, and actuarial modernization: The benefits of an integrated approach
June 2017
What is your company’s budget for modernization? With IFRS17 now a reality and FASB’s Long Duration Contracts project coming into view, many insurers are seeing potential compliance costs escalate to hundreds of million dollars. CEOs are rightfully asking what benefits, if any, they will get from such a significant investment.
Astute insurers realize that they can use the IFRS/FASB requirements as a catalyst for change and that the most effective and efficient use of their investment will be to
- consider what they deliver to their business partners and
- modernize in an integrated manner.
An end-to-end modernization approach mandates interaction among different functions to create a future state vision, roadmap, and business case that aligns their different interests and satisfies key stakeholder expectations. Specific benefits of an integrated approach to modernization include lower costs, greater efficiencies, better risk management, more effective use of resources, and better business insight.
How PwC can help
PwC’s insurance modernization specialists can help can insurers prepare for future operational, business, regulatory and market demands by focusing on how to improve finance, operational, actuarial and risk functions. We have:
- a record of success helping insurers modernize their operations;
- a practical and successful approach to helping companies plan for and respond to regulatory, operational and strategic change;
- an interdisciplinary team of subject matter specialists who have experience helping clients prepare for and address strategic, operational, financial, actuarial, risk and regulatory imperatives;
- extensive expertise in finance, actuarial and risk management process improvement, data and technology transformation, regulatory and financial reporting consulting, and business strategy formulation and design.
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