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?
Corporate transformation projects are notoriously likely to fail (a fact to which many studies attest), but are there factors present in actuarial teams specifically that can make or break actuarial transformation projects?
Andries Beukes explores the reasons why transformation projects often fail in actuarial teams – and what we can do to give them the best chance of succeeding.