The insurance industry has developed organically over centuries, its growth fuelled by meeting societal needs, but accelerated by historically unscrupulous sales practices. Of course, the latter have been curbed in recent years by increasingly strict regulation in areas such as commission and capital management, but the industry reaps the benefits of history.
Around the world, regulators are recognizing the magnitude of risk posed by unmanaged end user computing (EUC) applications, such as spreadsheets. Pamela Hellig discusses the challenges raised by complying with regulations such as VAIT, and how these can be resolved in collaboration with our EUC software partner, Apparity.
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.
In the final instalment of my transformation failures series, I’m going to spare you the analogies and boil down years of involvement in a variety of transformation projects into some practical lessons my team and I have learnt from those that worked well.
Many professions seem to revel in the introduction of new technology to their professions. They realise that every time a tool is enhanced, it enables them to be better at their jobs – whether it be in the operating theatre, on a construction site or in a tech sandbox. Why is the financial sector so different?
Actuary training fails to prepare students for practical life office work in a crucial way: there is a glaring neglect of IT training.
The necessity of strong actuarial leadership to the success of transformation projects is well established. Once the leaders are on board, what can they do to get buy-in from their teams?