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Insurance Agenda - Operational transformation - September 2012 - EY - Australia

Operational transformation














































































































Insurance companies around the globe are refocusing their efforts to improve overall operational efficiency, squeezing costs out of the system without impairing the overall customer service experience.

Our practical industry expertise enables us to assist businesses identify fundamental and lasting improvements in operations. Since the specifics of a firms’ business model and service offerings vary, we explore a spectrum of potential operational efficiencies.

On 27 September 2012, APRA released its latest consultation package for the Life and General Insurance Capital (LAGIC) review. With LAGIC coming into effect on 1 January 2013, boards and senior management of insurers should now be actively engaged in their finalisation of the new capital requirements and the Internal Capital Adequacy Assessment Process (ICAAP).

In this article we focus on the draft Prudential Practice Guideline (PPG) covering the ICAAP and supervisory review and the key considerations for boards and senior management.

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Core system modernisation
A select group of banks and insurance companies around the world are setting themselves apart by modernising their core systems. This report looks at the lessons we can learn from the banks and insurance companies successfully delivering these mega-projects, this report offers you nine common keys to success.


The analytics advantage: driving claims transformation, customer satisfaction and regulatory compliance
For many general insurers, the goal has been to create more competitive, flexible and scalable claims operations. While some have seen bottom-line benefits from improved claims handling and reduced expenses, the benefits have often been limited by a siloed approach; that is, too many insurers have invested in “point” solutions that don’t fully integrate processes or data flows for optimal process efficiency and effectiveness.
The analytics advantage: driving claims transformation, customer satisfaction and regulatory compliance
For many general insurers, the goal has been to create more competitive, flexible and scalable claims operations. While some have seen bottom-line benefits from improved claims handling and reduced expenses, the benefits have often been limited by a siloed approach; that is, too many insurers have invested in “point” solutions that don’t fully integrate processes or data flows for optimal process efficiency and effectiveness.
Outsourcing: how to make it a success
2011 was a tough year for insurers and with slow economic growth, low interest rate and changing capital requirements; 2012 will continue to be a challenging one. To combat these challenges and put their profitability on a firmer footing, management is turning its attention to cost reduction initiatives.


London and Bermuda journal for executives in the insurance markets - Edition 11
This edition reflects a relatively buoyant market after a benign Q1. We look at the growing trend of outsourcing to achieve sustainable cost reduction, and provide an update on the most efficient tax arrangements for directors working in multiple locations.


The EY Australian Productivity Pulse™ – Wave Two, May 2012
Our second six-monthly survey reveals that much of the answer to improving organisational productivity in Australia lies in the hands of employers.


Toward effective governance of financial institutions
Much has been done to improve governance at the world's largest financial institutions but in its recent report, Toward Effective Governance of Financial Institutions, the Group of 30 said improving corporate governance across the industry at large is a matter of great urgency.


Insurance Governance Leadership Network – Briefing Note: Insurance industry facing real challenges: a view from the boardroom
Tapestry Networks and EY interviewed a wide range of experts as well as non-executive directors from global insurance companies to learn how they’re contending with today’s most pressing industry issues. Not surprisingly, their emphasis was on regulatory, political and economic changes.


Transforming claims through predictive modelling
In this edition, we examine how the use of advanced claims analytics and predictive modelling can transform the claims capability within an organization.


Delivering results through claim technologies
How well are insurers achieving improved claims management through their investments in claims technologies? Our survey shows which areas insurers need to invest in to see improvements. See also our webcast.


Business briefing series - 20 issues on outsourcing and off shoring
This report, produced in collaboration with the Institute of Chartered Accountants in Australia, helps organizations determine whether outsourcing is right for them.



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