Other work I have done includes....
Operations Transformation
Q: How do you control escalating costs and protect your Combined Ratio?
A: Take a magnifying glass to your processes.
I know AI is all the rage, but many organisations are not ready to take advantage of this technology - you cannot automate an unstable or undocumented process. This challenge is even more relevant post M&A transaction where the unknowns are more....unknown.
I led a 2 year transformation programme, which delivered $2 million of financial benefits. Starting with a root and branch Process Management exercise to map current processes and create a process control framework provides a springboard to Process Improvement work - where is the waste, duplication and overlap? You can't remove what you can't see. Mapping also opened the door to offshoring opportunities, leaving Underwriting and Ops team members with more capacity to upskill and focus on complex tasks (and write more business!).
Post Brexit restructuring
Following the UK's departure from the world's largest trading bloc, many insurance brokers and carriers were left wondering how to write business in the bloc without the benefit of passporting.
Other considerations related to the tax treatment of inter-group cross-charging, running into $ millions every quarter. To reduce these sums, I worked with legal and compliance to set up a new Irish branch. This in turn required significant operational changes including a highly sensitive TUPE process, high-risk changes to payroll, corporate credit cards and financial reporting.
Regulatory oversight
Regulatory scrutiny is increasing and I help firms ensure they are not only carrying out the correct activity but crucially they also evidence it. In particular, ESG, Consumer Duty and Operational Resilience are proving resource heavy challenges for already stretched Compliance teams. The UK and international regulatory bodies (EIOPA & IAIS) introduce new initiatives at an alarming rate. I can help clients understand and size the new requirements or enhance existing capabilities. Product Governance and Consumer Duty are the big red flag areas at the moment.
Change capability & governance
lots of clients ask me how change teams represent value for money. And I get it - they are a cost centre. I work with organisations to establish rigorous and transparent change governance frameworks, which enable the tracking, monitoring, reporting and (most importantly) measurement of change initiatives.
Let's talk about optimum project / programme structure, status and RAG reporting, RAID escalation, budget oversight, portfolio and horizon planning and tracking / reporting of project benefits.
I don't tell people how I deliver value for money - I SHOW them!
New market entry
I use a Playbook approach for firms to enter new markets in a streamlined and structured manner. This brings predictable rhythm and structure to entering a new market so that firms can start to trade more quickly and realise the benefit of their investment.