Providing digital transformation, regulatory, standards and legal change for the insurance and investment industry
In recent years, the Irish insurance and pensions industry has faced numerous challenges. These forces have required significant IT change and business transformation in what was historically a relatively unchanging technology and business landscape.
Insurance CEO’s are having to respond to competitive forces emerging from digitisation and disruptive innovations, cyber-threats, ever increasing regulatory/standards led requirements (including Solvency II, GDPR, IFRS17) and mounting operating costs. As such, customer engagement, enterprise wide digitisation & data security, operational efficiency and agility are priorities on strategic agendas across the industry.
This demands significant change and entirely new business models in some cases.
However to be successful in this, it is not simply a question of implementing new technologies. It is essential to be agile and innovative in effecting changes to customer services and products to match their preferences. And all this whilst continuing to drive down operating costs.
At PPL Partners, our clients have access to a team of change and transformation professionals, each with deep industry expertise and skills across the change and transformation spectrum. Our extensive skills ensure we can lead, shape and deliver strategic programmes. We continue to help our clients innovate and adapt their IT systems, operating models and product offering.
Services we provide to the insurance and investment industry
PPL Partners provides services to businesses to help them develop a digital strategy.
One that responds not only to external competitive threats but also addresses many of the problems often found internally with legacy platforms, manual processes and ever increasing operational costs.
We will work with you to design and develop your digital assets to provide a seamless, automated, integrated, personalised experience to your customers and staff alike. Whilst simultaneously effecting change to reduce the cost base, such as paperless processes, automated workflows, straight through processing, robotics etc.
Regulatory, Standards and Legal Change
The impact of changing regulation and standards on the insurance sector over the last decade has been immense with major new regulations coming into effect. These include Solvency II, the Insurance Distribution Directive and GDPR. In addition, with the new IFRS17 accounting standard, currently on the change agenda of the majority of insurers and the IAIS’s Insurance Capital Standard (ICS), is scheduled for 2020.
The nature of these requirements can be diverse with impacts across the operating model. This can present challenges when securing the right talent internally to manage and deliver these change programmes with subject matter experts typically committed to their day jobs.
With PPL Partners, our clients have access to a flexible pool of resources including accountants, actuaries, compliance and legal professionals who specialise in leading and effecting this form of change with clients.
Operating Model and Business Process Reengineering
With modern technologies, including online digital channels, CRM solutions, artificial intelligence, data analytics, robotics and with sophisticated workflow technologies integrating all of these, there is significant opportunity for insurers, many of whom still operate on legacy platforms, to reorganise their operating model and reengineer their processes to deliver cost savings across the organisation.
PPL Partners is uniquely placed to deliver on these projects for businesses. Our skills range extends across business architecture, process design, IT solutions architecture and design together.
In addition, our team have top class programme/project management skills that is underpinned by a deep expertise in the insurance and invesntment sector.
1. Know our client
This doesn’t happen overnight, we develop long term relationships with clients.
As client requirements emerge, PPL Partners perform a short needs assessment with the client and present a proposal.
Once the client is happy to proceed, we mobilise the engagement or project with the client.
Whether it is a small consultancy or large project commitment, PPL Partners deliver.
Always seeking to do better, the close out considers what went well and could have gone better and from our clients’ perspective.
We are uniquely focused on enabling insurance and Investment companies to innovate their business processes through technology. This aims to achieve higher success rates with value delivered faster.