Black Insurance Industry Collective’s Post

Managing assets for insurers: Opportunities, key capabilities, and business risk management Managing assets for insurers is a very profitable business. Assets managed on behalf of insurance clients are often referred as “sticky money.”  It is also a business with high barriers to entry. Blindly getting into insurance asset management could expose an asset manager to high business risk. In this article I will · Explain why it is a good business. · Outline capabilities an asset manager must possess to effectively manage insurance assets. · Identify the business risk. And · Recommend using consulting firms like ours to help you reduce business risk and enhance the probability of success. Why managing insurance assets is a good business? 1. Large asset base and AUM growth potential. Insurers tend to have a large asset base, including policyholder premiums and reserves. This provides the potential for AUM growth. 2. Long term horizon. The investment strategies are mainly driven by the need for cash flow from liability claims. Regulatory constraints and accounting treatments of gains and losses also contribute to the stability of investment strategies. 3. Opportunity. Small to mid-size insurers often lack the capability to invest assets by themselves. Outsource to asset managers becomes an important component of running the insurance business. 4. Diversification from other sources of AUM growth. 5. Competitive fee structure. Key actuarial and accounting capabilities an asset manager must possess to effectively manage insurance assets: 1. Liability analysis based on projected benefit/claim payout patterns. 2. Asset allocation analysis and recommendation based on capital situation and income constraints. 3. Income and cash flow projection for financial and actuarial reporting, and capital adequacy test. 4. Continuously monitoring regulatory changes. Analyze their impact on asset allocation targets. Business risk and the role of consultants for business risk management: Asset managers must balance the benefit of having experienced actuarial and accounting resources in-house and the risk of getting stuck with a group of specialized expertise if the revenue becomes insufficient to support the business. It would be very costly if one builds such a team quickly, but the expected business opportunity does not come to fruition. Utilizing consulting services can help manage the downside business risk. Asset managers can acquire such senior expertise on a consulting base. The senior consultants can help fulfill the actuarial and accounting responsibilities while helping the asset manager develop young talents should the business take off successfully. Depending upon the performance of the business, asset managers could extend the contract term or simply let the contract expire. This is like building an in-house team plus a free put option on the business risk.   #Insurance, #AssetManagement #Risk WWW.CSAAConsulting.net LXLiu.CSAA@gmail.com

Exciting news for London Markets Insurance stakeholders! We have 3 talented Project Managers with extensive experience in Blueprint II projects ready to contribute to your team within the next 4 weeks. Connect with me via email at dean.lawrence@oliverjames.com or give me a call to explore their profiles and discuss potential collaborations. #ProjectManagers #LondonMarketsInsurance #BlueprintII #ProjectManagement

Spotlight on UK Insurance Leadership talent. If you’re a 🔵 Broker 🟡 Carrier or 🟢 Insurtech looking to grow, expand your footprint, drive additional revenue or simply strengthen your leadership team here’s some of the exceptional talent we can connect you to: 🔵 Reinsurance CFO  – 16 years’ experience of partnering with Reinsurance CEOs creating & delivering business strategies via the provision of in-depth financial management & analysis. 🔵 Head of Capital Advisory – driving capital strategies and providing clients with capital solutions across structured and alternative risk products. 🟡 Chief Underwriting Officer – currently leading the European operations of a multinational speciality insurer. 🟡 Head of Corporate Development – entrepreneurial leader leading commercial engagements  with start-ups, scale-ups, PE/VC and other large corporations to drive innovation within insurance and (re)insurance, 🟢 CEO – 20+ years of international experience and most recently successfully led an Insurtech through high growth and international expansion whilst significantly increasing GWP, policyholders and securing Series D funding. 🟢 Insurtech Sales Exec - created and led a GTM strategy to develop partnerships with large enterprise leaders primarily focused on B2B2C embedded distribution models.   To hear more please DM or contact me at 📧 martin.blake@insurance-search.com And to find out more about our search services or sign up to insurance insights – links in comments. #InsuranceLeadership #InsuranceCareers #ExecutiveSearch #InsuranceSearch

🚀 Growing an insurance business is no small task... It's a journey filled with challenges! Maintaining control, aligning your team, securing sufficient profits, avoiding stagnation and choosing the right strategy. 💡But what if you could turn these challenges into opportunities? 🤝 Enter Elevate Teams, your new strategic ally—a highly trained virtual assistant. With us, you’ll regain control as your VA handles the day-to-day, ensuring that your focus remains on big-picture strategies. 🎯 Misalignment? A thing of the past. 📈 Profits? Watch them grow, cutting costs without cutting corners. 🌟 Rest easy knowing your VA is equipped with the latest industry insights to help steer your business in the right direction. Watch your insurance business #elevate with us, book a call TODAY: https://lnkd.in/ewsvaCqn #ElevateYourBusiness #ElevateTeams #InsuranceAgencySuccess #VirtualAssistants #BusinessGrowth #InsuranceProfessionals

Have a healthcare practice? How much is it really 𝘃𝗮𝗹𝘂𝗲𝗱 at?   Find out with a free evaluation from our team. I get it, you're busy • Dealing with Regulatroy Compliance • Providing Excellent Care • Staffing Challenges • Work-Life Balance • Billing problems • Patient Care But have you ever taken a moment to understand the true value of your business? 𝗛𝗲𝗿𝗲’𝘀 𝘄𝗵𝘆 𝗶𝘁 𝗺𝗮𝘁𝘁𝗲𝗿𝘀: Its the 1st step in creating a solid financial plan for your practice. That will help you • grow • protect • and eventually exit your business on your terms. Here’s what you need to know: 1. 𝗛𝗼𝘄 𝗠𝘂𝗰𝗵 𝗶𝘀 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗶𝘀 𝗪𝗼𝗿𝘁𝗵? → Understanding this is crucial for your future planning. I can provide you with a 𝗳𝗿𝗲𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 to give you a clear picture of your practice’s worth. 2. 𝗛𝗼𝘄 𝘁𝗼 𝗚𝗿𝗼𝘄 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀: → Growth isn’t just about increasing patient numbers. It’s about: enhancing efficiency improving services and expanding your practice strategically. 3. 𝗛𝗼𝘄 𝘁𝗼 𝗣𝗿𝗼𝘁𝗲𝗰𝘁 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀: → Protection goes beyond insurance. It’s about: creating a resilient system that safeguards your practice from unforeseen challenges and risks. 4. 𝗛𝗼𝘄 𝘁𝗼 𝗘𝘅𝗶𝘁 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀: → Exiting your business shouldn’t be left to chance. Whether you plan to sell it or pass it on to a family member, having a meticulous exit strategy is essential. Financial planning for your practice starts with understanding its 𝘃𝗮𝗹𝘂𝗲. Don’t leave it to chance. One of the things my team can do for you, for free is to get a 𝗙𝗿𝗲𝗲 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻.

Enhance Trust Through Expertise and Knowledge 📚 • Stay Informed: Keep up-to-date with industry trends, regulations, and new products to provide clients with the best possible advice. • Share Your Knowledge: Educate your clients by sharing your expertise through newsletters, blogs, or social media posts. An informed client is more likely to trust your recommendations. • Professional Development: Invest in continuous professional development to ensure you and your team are knowledgeable and capable of handling complex insurance needs. • Client Education: Host webinars or workshops to educate clients about various aspects of insurance, helping them understand their policies and options better. • Certifications and Credentials: Highlight your agency’s certifications and credentials to showcase your commitment to professional excellence. #IndustryExpertise #ClientEducation #ProfessionalGrowth #TrustedAdvisor

How do GrowthWise and Siders Insurance work together to deliver value for clients? Sam and Katie talk about why our partnership works so well for clients to ensure that clients receive the most return on their investment. #hiring #InsuranceBenefits #business

𝐏𝐫𝐞𝐩𝐚𝐫𝐢𝐧𝐠 𝐅𝐨𝐫 𝐒𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 – what you can do with minimal help 𝑩𝑬𝑭𝑶𝑹𝑬 bringing in armies of consultants! #8 𝐓𝐡𝐢𝐧𝐤 𝐖𝐎𝐑𝐊𝐅𝐋𝐎𝐖, 𝐧𝐨𝐭 𝐩𝐫𝐨𝐜𝐞𝐬𝐬 𝑻𝒉𝒆 𝒏𝒐𝒕-𝒕𝒐-𝒎𝒊𝒔𝒔 𝒔𝒆𝒓𝒊𝒆𝒔 𝒊𝒇 𝒚𝒐𝒖'𝒓𝒆 𝒂𝒏 #insurer, #mga 𝒐𝒓 #broker, particularly if you’re re-placing your policy admin, broking or UW system #pas. When companies try to define their current operating model, they sometimes get hung up on mapping their processes and customer journeys… and often to far too detailed a level.   The problem with ‘process’ is that it isn’t a single thing. It’s a combination of 𝒘𝒉𝒚 something is done, 𝒘𝒉𝒂𝒕 is done, 𝒘𝒉𝒐, 𝒉𝒐𝒘, 𝒘𝒉𝒆𝒏 and 𝒘𝒉𝒆𝒓𝒆. And the interaction of these factors can make it very complex and sometimes quite subjective.   The point of defining your operating model is to understand how your business works, how it all hangs together, to support the execution of the business models - so you need to think about 𝐰𝐨𝐫𝐤𝐟𝐥𝐨𝐰, not process. And workflow, as the name suggests, is how work flows through the organisation – from the initial trigger event that creates ‘the work’, and then what entity (team, department or system) does something with that work – and then the business rules that route the work to the next entity, until the end of the workflow… and I mean the VERY end of all activity associated with the particular event. So, for example, if a payment is involved, this should include the finance aspects ie payment receipt and allocation to the policy.   By focusing on the workflows, it enables you to understand the interaction across the organisation without getting bogged down in unmanageable and unmaintainable process details. You will also know, when something does need to change, what areas are impacted. You may not know exactly how, but you will know who to talk to, and then you can do/verify all the process stuff (which you'd have to do anyway as whatever process information exists won’t be up to date!) The link to the previous videos in the series is in the comments.   The next video will be out soon, but if you want to chat before then about how I can help with your #transformation ambitions, drop me a message. Camelot #insurance #transformationalchange #businesstransformation #digitaltransformation #operatingmodel #businessmodel #workflow #process   Follow me or ring the 🔔 on my profile to see all my posts ▄▀▄▀▄▀▄▀▄▀▄▀▄▀ ✅ 𝘐 𝘭𝘦𝘢𝘥 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘳𝘰𝘨𝘳𝘢𝘮𝘮𝘦𝘴 𝘢𝘯𝘥 𝘢𝘤𝘵 𝘢𝘴 𝘢 𝘤𝘳𝘪𝘵𝘪𝘤𝘢𝘭 𝘧𝘳𝘪𝘦𝘯𝘥 𝘵𝘰 𝘦𝘹𝘦𝘤𝘶𝘵𝘪𝘷𝘦 𝘵𝘦𝘢𝘮𝘴 ✅ 𝘐 𝘩𝘦𝘭𝘱 𝘰𝘳𝘨𝘢𝘯𝘪𝘴𝘢𝘵𝘪𝘰𝘯𝘴 𝘣𝘦𝘵𝘵𝘦𝘳 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘤𝘩𝘢𝘯𝘨𝘦 𝘴𝘰 𝘪𝘵 𝘤𝘢𝘯 𝘣𝘦 𝘢𝘱𝘱𝘳𝘰𝘢𝘤𝘩𝘦𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘳𝘪𝘨𝘩𝘵 𝘸𝘢𝘺 𝘢𝘯𝘥 𝘥𝘦𝘭𝘪𝘷𝘦𝘳𝘦𝘥 𝘴𝘶𝘤𝘤𝘦𝘴𝘴𝘧𝘶𝘭𝘭𝘺 ✅ 𝘈𝘶𝘵𝘩𝘰𝘳 𝘰𝘧 '𝘈 𝘛𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘓𝘦𝘯𝘴', 𝘢𝘯 𝘈𝘮𝘢𝘻𝘰𝘯 𝘣𝘦𝘴𝘵𝘴𝘦𝘭𝘭𝘦𝘳

Exciting news to share! I have launched my own consultancy, Cairnside Consulting, specialising in general insurance pricing, pricing governance and compliance. My goal is to help businesses of all sizes achieve their pricing aims in a safe and effective way. As part of this venture, I am thrilled to be working in association with Sicsic Advisory. Looking forward to working with my first client soon! #consultancy #insurancepricing #compliance