Urgent data remediation programme for a global insurer
by Ed O'Connell
Summary
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In-depth investigation from ECMS to prevent potential financial, operational and reputational damage to the client.
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Private and confidential project.
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Aged debt provision reduced by around $100m within six months.
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Avoidance of potential $10m cost of capital reduction.
The client
Our client is an international insurer and reinsurer with headquarters in London. It delivers high-quality specialist underwriting capabilities based on specifically designed technology and in-depth industry expertise.
Diagnose
Eames Consulting has been supplying talent to the client’s technology division for several years. When the company discovered that funds intended for various contact centres had been misallocated, it needed to carry out an urgent investigation to avoid potentially significant operational and reputational damage, as well as to remain compliant. As Eames Group was already a trusted partner, the client approached us for support towards the end of Q2 2024 and was directed to ECMS, our advisory-led managed services business.
Architect
ECMS’s team of experts conducted an in-depth investigation into the potential causes of the misallocation, which included:
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Assessing the client’s aged debt, unallocated cash and excess cash to produce an accurate financial picture.
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Highlighting the gaps between the platform as a service (PaaS) system of record and booked (sold) revenue to identify gaps and highlight the root causes of the difference.
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Utilising ECMS London Market subject matter experts (SMEs) to ask the right questions with underwriters and underwriting support.
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Producing a digestible remediation map to highlight the effective flows of financial data and solution options.
Deliver
As a result of our remediation programme, we were able to:
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Reduce the client’s aged debt provision by around $100m within six months, thereby freeing significant capital reserves.
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Help the client avoid a potential $10m cost of capital reduction.
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Highlight financial reporting accuracies to help resolve audit challenges.
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Identify and document efficient processes for distributing financial resources, and trained a business process outsourcing (BPO) partner to run these processes effectively.
Oversee
Having helped the client avoid the financial, operational and reputational damage that can result from fund misallocation, we continue looking for ways to further strengthen our partnership. Through Eames Consulting, we continue to provide talent in change and transformation, testing and core IT, and insurance specialist functions, and we’re working with them to identify where else we can support their talent needs across the business.
If you’re looking for a new opportunity or would like to discuss how we can help you put the right talent solution in place for your organisation, please contact me at ed.oconnell@eames-group.com
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