An introduction to a four-part series of blogs about the pitfalls of actuarial process improvement, and where the invisible gorilla fits in.
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 last instalment of my transformation series, I’m going to spare you the analogies and boil down years of involvement in a variety of transformation projects into four 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.
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?
History has shown us that the key objectives of corporate transformation projects are very often not met (a fact to which many studies attest), but are there factors present in actuarial teams specifically that can make or break actuarial transformation projects?