Risk & Finance Transformation

Insurance companies are subject to a large number of regulatory reporting obligations. For CFOs and CROs of insurance companies in particular, the reporting obligations (Solvency II, IFRS, HGB, etc.) give rise to enormous responsibility within the company.

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

Generating real added value with the finance function

Answering regulatory and technical questions and implementing the resulting requirements is therefore increasingly dominated by questions relating to the target operating model, the automation of processes and the harmonisation of data and reporting channels.

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

Financial Ambition

What is the personnel planning for mapping the new/additional challenges (SII, IFRS 9/17)? Is an increase planned and authorised? Is there an active transfer of knowledge within the company to ensure an adequate level of expertise in the relevant finance and risk positions?
Governance model and structure

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

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

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

Are the reporting deadlines adhered to, are there frequent deviations from target figures? Is there ongoing monitoring and control with suitable KPIs? Are there new internal and external time targets?
Technology

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

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

Ready to talk? Contact us

Our range of services

Finding the right structural and technological answers to this is a challenge for many insurance companies. Perhaps for you too? Our team of experts, which combines comprehensive thematic expertise and implementation know-how, can support you in all relevant issues in order to make your company's finance function fit for the future.

Our services focus on the following areas:

Fast/quality/smart close, integrated reporting (automation of processes)
Actuarial consulting
Digitalisation of the finance function and the actuarial department
New governance structures
Solvency II consulting and auditing
IFRS 17/IFRS 9 implementation incl. system introduction
Holistic definition and analyses of control parameters/KPIs (e.g. for IFRS 17)
Integrated consideration and control of asset/liability management/ALM under previous and new regimes
Improving the quality of projections/forecasts
Issues relating to data quality and internal control system (ICS)
Software selection for reporting systems
Economic reporting
Process and organisational consulting

Benefit from our expertise

We support our customers in fully utilising the advantages of a modern financial architecture. We develop holistic solution options for your systems, processes and organisation. The efficient design of processes and efficient financial governance are particularly important to us, as is compliance with the prescribed regulatory and accounting reporting obligations.

We have

In-depth expertise with regard to system architectures, processes and organisation.
An integrated team of specialists to develop and implement system architecture options
High-quality references in the implementation of various regulatory and accounting reporting obligations
A mature network in the insurance industry, with standard setters and software providers
Efficient tools such as: CSM, CF projection, Transition-Life, Transition-N-Life, Posting Engine
Established alliances, e.g. with SAS, ifb, Convista, Tagetik, Systemorph

Feel free to contact us - together we will find customised solutions to develop your finance function into a genuine value-added generator.