Following on from my last update in which we looked at the
challenges facing Insurers in 2018, this month I wanted to give a brief update on what our clients are telling us and the individual skills sets they are now typically looking for.
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ExCo and Board</h3>
Overall, the move towards customer centricity combined with better use of enhanced Analytics is driving product innovation. Seniors Managers now have to look at business plans in different ways, utilising Insuretech and Connected Networks and predicting how they may evolve.
Current and recent Interim roles include:
- Interim CEO (Wealth Management)
- Interim Propositions Director
- Interim Board Advisor – New Technologies
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Risk</h3>
As ever, the Risk and Compliance function remains busy, especially with the regulators’ continued focus on the Broking Marketplace, especially in regards to customer advice and Consumer Credit.
Additionally, GDPR is still causing headaches, from both a Programme and Data Protection perspective.
Current and recent Interim roles include:
- Interim DPO
- Interim Compliance Director (Consumer Credit)
- Interim Risk Director
- Interim CRO (GI)
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Technology</h3>
Open Banking, Payments, GDPR and back office transformation are key drivers at the moment. We are also seeing the beginning of automation in some sectors, although the real step up will be AI, which most consider to be 18 – 24 months away. Self-service portals, new distribution channels and customer centricity are also high on the agenda.
Current and recent Interim roles include:
- Interim Infrastructure Director
- Strategy and Target Operation Model Consultant
- Payments Implementation Programme Director
- Interim CIO
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Finance</h3>
Large transformation continues in this space, both as a result of commercial necessity the impeding IFRS17. Several global organisations are making the move to Shared Service Centres, across on, off and near shore. Additionally, the Ogden Discount rate change is still driving cost-focussed rationalisation, with some organisations losing up to £100m. Finally, M&A continues apace, with requirements for entrepreneurial and change-focussed CFOs, as do the ongoing domicile moves of large London-based firms to Europe pre-Brexit.
Current and recent Interim roles include:
- Interim CFO (Pensions and Retirement Products)
- Finance Shared Services Design Consultant
- Actuarial Transformation Programme Manager (GI)
- Interim CFO – Broking Transformation
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Operations</h3>
As with Finance, the large-scale movement of organisations to various European Hubs (Paris, Luxembourg, Brussels) has resulted in demand for strong Business Transformation individuals, particularly those with cross-border or Eurozone experience. Interims with automation experience are in high demand, as are those with Six Sigma and Operational Excellence.
Current and recent Interim roles include:
- Interim COO – Insurance and Consumer Credit
- Target Operating Model Consultant
- Outsourcing Programme Director
- Interim Operations Director – L&P and Asset Management
If you would like to discuss the insurance market or how
Norman Broadbent Interim Management can help your business, please contact
Mike Davies, Insurance, Finance, Norman Broadbent Interim for an initial and confidential discussion.
Email:<u>
mike.davies@normanbroadbentinterim.com</u>
Mobile: +44 (0) 20 749024 4869
DDI: +44 (0) 20 207 4840 067
