Risk & Finance Transformation

Insurance companies are subject to a large number of regulatory reporting requirements. The reporting obligations (Solvency II, IFRS, HGB, etc.) place an enormous responsibility on the business entity, and especially on CFOs and CROs of insurance companies.

In addition to complying with and reflecting the statutory regulatory requirements placed on the finance and risk area, they must also contribute to the economic success of the company by increasing efficiency and effectiveness.

The answering of regulatory and technical questions as well as the implementation of resulting requirements is therefore increasingly dominated by questions regarding the target operating model, the automation of processes and the harmonisation of data and reporting channels.

In order to meet these requirements, those responsible should ask themselves the following questions:

How does the staff planning look for the reflection of the new/additional challenges (SII, IFRS 9/17)? Is an increase planned and approved? Is there an active knowledge transfer within the business entity to ensure an adequate level of know-how in the relevant finance and risk positions?

Are the existing structures adequate for the current and future challenges? Is the CFO/CRO organisational structure aligned with the overall strategy of the insurance company?

What is my target operating model? Is my organisation engaged in analysing and managing the business or developing ongoing and long-term opportunities? Or is it struggling for day-to-day operational survival?

What control information will I need in the future? Do economic and regulatory steering impulses fit together? How can I identify and implement leading indicators?

Are reporting deadlines met? Are there frequent deviations from planned figures? Is there ongoing monitoring and control with appropriate KPIs? Are there new internal and external time constraints?

What does the future financial landscape look like? What adjustments to the current system landscape are necessary to reflect the required functionalities from internal and external requirements (Solvency II, IFRS 9/17)? Should the existing landscape be expanded or are new solutions required?

Is the required data available in the right granularity and quality?

Finding the right structural and technological answers to this is a challenge for many insurance companies. Maybe for you too? Our team of experts, which combines comprehensive subject-matter expertise and implementation know-how, can support you with all relevant issues to make your business entity’s finance function fit for the future.

Our services focus on:

• fast/quality/smart close, integrated reporting (process automation)
• Actuarial advice
• Digitisation of the finance function and the actuarial office
• New governance structures
• Solvency II consulting and auditing
• IFRS 17/IFRS 9 implementation, incl. system implementation
• Holistic definition and analysis of control variables/KPIs (e.g. for IFRS 17)
• Integrated view and control of asset-liability management/ALM under previous and new regimes
• Increasing the quality of projections/forecasts
• Issues regarding data quality and internal control system (ICS)
• Software selection for reporting systems
• Economic reporting
• Process and organisational consulting

We support our clients in taking full advantage of the benefits of a state-of-the-art financial architecture. We develop holistic solution options for your systems, processes and organisation. The efficient design of processes and efficient finance governance are particularly important to us, as is compliance with regulatory and accounting reporting obligations.

We have at our disposal:

• Vast know-how regarding system architectures, processes and organisation
• An integrated team of specialists to develop system architecture options and implement them
• High-quality references in the implementation of various regulatory and accounting reporting requirements
• A mature network in the insurance industry, with standard setters and with SW providers
  
• Efficient tools like: CSM, CF projection, transition life, transition-n-life, posting engine
  
• Established alliances with SAS, ifb, Convista, Tagetik, Systemorph, and others
  

Please feel free to contact us. Together we will come up with customised solutions to turn your finance function into a real added-value generator.