United Kingdom

People 

When looking at the people aspects of finance transformation, we need to consider how the changes will impact the organisation, the culture and potentially the location of some processes. Often companies have not realised the full potential benefits of their change programmes, because they have not thought through the People implications ie communication, training on new systems and processes, identifying the relevant skills sets etc. This section considers some of the People challenges insurers need to address. 

Organisational design
Challenges from current market and regulatory demands require changes to the historic professional discipline-based model for organisational design. There is need for greater integration and the moving of processes and roles across traditional departments. Understanding the relationships between Finance, IT, Risk, Actuaries and subsidiaries is key to the organisational design and ensuring its success by identifying the barriers to change.

 

Sourcing
Insurance companies are increasingly exploring how to leverage offshore captives and outsource arrangements for finance and actuarial processes to achieve cost efficiencies and access to labour markets. Defining the sourcing strategy as part of the operating model is imperative within a finance transformation programme, as it is a key lever for optimising costs, organisational design and capabilities.

 

Culture and change
People changes during transformation require flexibility and leadership in a fast-changing environment. A finance transformation programme will require an innovative change management approach, to clearly understand and measure the impact of the transformation programme, as well as the means by which to engage all members of the organisation throughout the programme.

 

Contact

Andrew Lyon KPMG in the UK

 

Andrew Lyon

People and Change

 

+44 (0)787 675 6332

andrew.lyon@kpmg.co.uk 

Noel Cullen KPMG in the UK

 

Noel Cullen

Head of sourcing

 

+44 (0)787 960 4655

noel.cullen@kpmg.co.uk