A global insurer was able to embed a culture of continuous improvement, with centralisation of the finance functions and a reduction of 30% in the finance reporting timetable.
Every business has a culture that runs through it and efforts to change the way a business operates must be sensitive to that culture. Managing the Cultural Change is a fundamental element to the success of any new initiative or way of working.
At the last Data for ERM & Solvency II conference hosted by Insurance ERM, MBE partner Vibeke Edvardsen chaired a forum on “Ensuring that your data governance framework is sufficiently agile to cope with the changing regulatory landscape”.
An international reinsurer reconfigured its Embedded Value process to reduce annual results production time from nine weeks to five and shift the team’s culture to one of communication and continuous improvement.