Solvency II Programme 2015

Solvency II Programme

We were called in by a trusted associate prior to Xmas 2014 to accelerate a Solvency II Programme in the life assurance market. Within 4 weeks of arriving we had restructured the programme, established a budget for board approval, engaged and re-engaged with third parties to ensure tighter financial and delivery control, had secured internal and external resource and established an initial programme plan with metrics to get delivery back on schedule. In January 2015 we kicked off a restructured programme, fully mobilised, and under control.

THE CHALLENGE

The life insurance client had many challenges running in parallel, and Solvency II was arguably the most difficult given the time pressures to deliver. All three Solvency II pillars needed to be delivered and the programme had fallen behind schedule. It was time to get it back on track. Getting it back on track required negotiation for resource and tough priority calls. Pragmatism and proportionality in how Solvency II rules were to be applied were a necessity.

ABOUT THE PROJECT

The programme covered business transformation in every sense of the word. New risk based procedures were to be implemented in every part of the business from actuarial to finance, technology, risk and investment functions. Third party suppliers included actuarial, risk, technology, and programme delivery consultants as well as infrastructure to support new Pillar 3 QRT reporting systems. Tight budgetary control was required, and a pragmatic iterative delivery approach was implemented.

OUR ROLE

Our role was to recover the programme and get it delivering once more. In addition we were tasked with implementing solid delivery controls including pragmatic governance that gave the sponsor and key stakeholders a clear view on how the programme was hitting targets. Where there were challenges we quickly recommended and implemented solutions to ‘recover to green’. Our Programme Director ensured that all facets tied together so that they could be delivered in a controlled and successful manner.