- 7 lessons from successful transformations to apply for Solvency’s Projects
April 2, 2010 at 8:17 am | Posted in Governance, Insurance, Solvency & Basel | Leave a commentTags: organizational change, Solvency, Transformation
Solvency 2 project would most of the time involve organizational transformation.
Therefore the McKinsey Global Survey results on what successful transformations share should be considered with attention by Solvency 2 leaders. Key lessons can be sum up in 7 main issues to be addressed.
- Create clear, stretching targets and define a clear structure
- Focus on your employees’ mind sets and behaviour
- Put a priority on finding efficient and scalable ways to engage employees
- Do not focus only on problems, but also on your strengths and opportunities
- Broke down the process of the transformation into specific small initiatives
- Build leadership capabilities to maintain long term organizational health
- Emphasize collaboration and co-creation
Patricia Egard
Founder of Ever Up, Consulting in Strategy and Entrepreneur
For continuous profitability in Financial Services
- Solvency 2 : an opportunity to re-model insurance
March 26, 2010 at 11:01 am | Posted in Innovation, Insurance, Solvency & Basel | Leave a commentTags: Insurance, risk management, Solvency
Solvency 2 presents a great opportunity for the evolution of the Insurance business.
In Insurance, many professionals criticize the regulation of Solvency 2 as an additional constraint, which limit their freedom to run the business. Because of more capital requirement trends, insurers will focus on reducing the guarantees or increasing the prices in order to maintain their margin.
However, if you make a pause and go to the balcony, you might also see an opportunity to re-think the insurance business model, to work differently for saving capital needs. This means to understand your various risks accurately and their impacts on the capital requirement to adopt your strategy. Concurrently, any solution that brings better productivity should be considered with attention. Therefore, focusing on the 3 following dimensions will be decisive in the next 2 years:
- risk policy and insurance products,
- process and services provided,
- investment tactics.
Patricia Egard
Founder of Ever Up, Consulting in Strategy and Entrepreneur
For continuous profitability in Financial Services
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