We are on a mission to turn the project success odds in favour of our clients
Regulatory and standards change project to enable IFRS17 compliance
With significant regulatory and standards driven change impacting on life and pensions sector in recent years, providing specialist business change resource with the know-how to lead and manage these programmes is of importance to our clients. At PPL Partners we have been involved in these types of projects for more than 10 years, including Solvency II.
IFRS17 is an international financial reporting standard due to come into effect on the 1 January 2022. It represents the biggest accounting change for insurers in many years with a fundamental change to the way profit is calculated and reported and requiring an overhaul of the financial statements. Given the scale and nature of this change, companies face significant changes to their underlying actuarial models, financial reporting processes and systems.
We are currently engaged in managing an IFRS17 programme with an international life assurance client with end-2-end management responsibility including workstreams for
- Technical analysis, methodology and policy setting
- Solution design incorporating a vendor selection process
- IFRS17 results testing & comparatives preparation
- IT solution delivery
We are working directly within the clients change function. We are responsibile for all aspects of delivery management including business stakeholder engagement, project scope, delivery timeline and detailed plans, resourcing, project risks & issues, internal and external dependencies.
Strategic transformation programme enabling future expansion and growth
At PPL Partners, we see it as a privilege to engage with businesses on their major transformative journeys. They put their trust in us to unite with them as one team to deliver on the strategic objectives of the business. We like to think we do this really well!
An example of a current engagement we have is working with an international life and investments client. It is a major IT and business transformation programme to effect the setup of a new operation and IT capability to enable the future expansion and growth of the business. Digitisation, efficiency/operating cost optimization and configurability are some of the key technology drivers. The PPL Partners team of consultants are working onsite alongside the client’s transformation team to drive out and lead on requirements and manage solutions delivery to the business.
PPL Partners were engaged on this programme in 2018 and with multiple deliveries planned in 2020. Our team of consultants are providing business analysis and process design services to define business requirements for customer journeys, service model, data and MI, designing target operating model processes. We are also working with IT and external vendors to ensure requirements are well understood throughout delivery. In addition, PPL Partners project managers are working with teams to develop plans, engage and manage delivery from the third party vendors, manage client communications and liaise with internal IT, Finance, R&C and Operations workstreams to ensure IT and Operational readiness.
With the programme on track for the first implementation in 2020, PPL Partners continues throughout to work with the client to ensure quality and capability in service delivery.
Consulting to enable the successful adoption of a new finance platform
PPL Partners are currently engaged in providing consultancy services ahead of the implementation of a new cloud hosted finance platform solution in preparation for delivery acceptance and go live. This involves working closely with IT and business stakeholders to ensure that all acceptance criteria are met, that IT and business support services and processes are ready and that the finance operations team is organised, trained and ready for the adoption of the new finance platform.
Additional project within the financial services industry
Consulting for a strategic multi-million transformation programme to implement a new IT stack
PPL Partners were engaged to implement a new IT stack for a financial services company. We led the high-level planning and discovery phase of a key strategic, multi-million change and transformation programme.
This was a complex programme to provide a fully-integrated IT solution to enable online illustrations, straight-through processing of policy applications, online self-service including digital upload and download capability, policy administration, actuarial modelling and finance and BI systems.
PPL Partners were subsequently engaged to provide expertise across a number of areas of the programme.
IT change project to deliver a bespoke data warehouse and reporting solution
PPL Partners led an IT change project to deliver a bespoke data warehouse and reporting solution for a European insurance provider to the credit union and mutuals sector. This was part of an overall transformation programme whereby a number of business functions were being outsourced.
This project required the delivery of a new, scalable, fully integrated technical platform with the TPA and implementation of a new data warehouse solution to provide a single, enterprise wide view of data for the client. Migration of all historic product, policy, claims and premium transactions to the new data warehouse solution enabled the decommissioning of the legacy administration solution. It also allowed the implementation of a new MI reporting and sophisticated data analytics capability.
This was a fast-paced, agile delivery requiring a broad range of vendor management, technical and SDLC skills to deliver the solution in under six months.
Large scale regulatory programme
We managed a large scale regulatory programme to deliver new IT solutions and organisation transformation to effect compliance with the Solvency II Directive. (Solvency II Directive is an EC directive to effect the harmonisation of risk-based capital calculation, risk management and regulatory reporting for the insurance/reinsurance sector).
Key achievements in this programme included the setup and embedding of a new corporate governance structure, implementation of an internal model solution for regulatory capital calculation, reducing financial reporting timelines by up to 60% and the setup of a new regulatory reporting function and associated systems in-house (previously outsourced).
Our other small consulting engagements include:
- Migration from Sun GL to Peoplesoft for financial services company.
- Development and implementation of a new corporate-wide time recording solution with associated management information.
- Design of target operating model for the finance function of a new Polish start-up business. A key achievement in this was the successful application for substantial startup subsidies from Polish industrial authorities.