Challenge
The insurance industry faced a critical need to comply with new industry-wide regulatory and compliance requirements, which necessitated changes in the calculation and reporting of key financial information. Additionally, there was a need to manage a significant increase in assets under management, requiring a complete overhaul of internal processes and systems.
How TEKLEIGH helped
- Assessment and Target Operating Model:
- Conducted a thorough assessment of the current state through client interviews, whiteboard sessions, and review of various documentation and architecture diagrams.
- Developed a detailed Fit/Gap Analysis with Red/Yellow/Green ratings for each key process and technology.
- Reviewed the assessment findings to ensure alignment on strengths and weaknesses.
- Provided strategic recommendations for optimizing people, processes, and technology to meet new compliance and reporting requirements.
- Advised on the implementation of new business processes and technologies to ensure financial readiness and accuracy, covering all global regulations.
- Investments Platform Advisory:
- Developed a target operating model for a new investments platform to manage all asset classes.
Benefit
Our comprehensive advisory services enabled our insurance industry client to meet new compliance requirements, enhance the accuracy of financial reporting, and effectively manage growing assets. The successful implementation of recommended processes and technologies ensured immediate compliance and long-term operational efficiency.
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