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Managing in a Changing E conomic E nvironment: T he I nsurance P erspective By Prof Waswa Balunywa By Prof Waswa Balunywa
| Date post: | 16-Jul-2015 |
| Category: |
Investor Relations |
| Upload: | waswa-balunywa |
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Managing in a Changing
Economic Environment: The
Insurance Perspective
By
Prof Waswa Balunywa
By Prof Waswa Balunywa
Paper Format
What is changing?
Changes in the insurance industry
Drivers of change
Drivers of change in the insurance
industry
Managing the change
The change models
Change skills
By Prof Waswa Balunywa
What is Changing
Population
People
Technology
Culture
Products
Everything is changing
By Prof Waswa Balunywa
Changes in the Insurance
Industry Nature of risk
The skill set
The financial sector
The population/consumer needs
Technological changes
Regulation and compliance laws
Financial reporting
By Prof Waswa Balunywa
Drivers of Change
Technology
Competition
Macro economic policies
Talent and skills
Laws, rules and regulations
leadership
By Prof Waswa Balunywa
Drivers of Change in the
Insurance Industry Nature of risk
Technological changes
Competitive pressures
Regulations
Customer experience
By Prof Waswa Balunywa
Managing the Change/Change
Models Muddling through
Strategic planning
Organizational Development
Change orchestration
By Prof Waswa Balunywa
Change Orchestration
Vision
Sharing a vision
Adopt new rules
Adopt new technology
By Prof Waswa Balunywa
Vision
The dream, seeing different
The challenge, the decision to
succeed
The passion, the interest and love to
achieve
Unfortunately you have no choice, you
have to play the game
By Prof Waswa Balunywa
Sharing the Vision
Generate ideas and sell them
Purposeful search for change
Challenge others
Get commitment of others
By Prof Waswa Balunywa
New Rules
If it works, its obsolete
Past success is your worst enemy
Learn to fail first
Free your imagination
Focus on your customers’ future needs
Have a new big picture
Solve tomorrow’s predictable problem
today
Reinvent yourself and reinvent your
organizationBy Prof Waswa Balunywa
New Technologies
Expert system
Social media
Distributed computing
Robotics
Fuzzy logic
By Prof Waswa Balunywa
Effects of Technology on the
Way we Live Internet
Paperless office
Ease of travel
Laser technology
Modern housing and transport
Genetic food
Ready made food
Microwave oven
By Prof Waswa Balunywa
Risk Management
It’s the readiness and effectiveness to
Readiness and effectiveness to
manage risk
Approaches to managing a contingent
risk management
By Prof. Waswa Balunywa
Business Strategy
Improving the customer experience
Managing information
Mergers and acquisitions
By Prof. Waswa Balunywa
Operations
Transforming billing and payments
Improving the claims function
Monitor technological change in
industry
By Prof. Waswa Balunywa
Financial Reporting
Readiness for the new standard
valuation laws
Readiness for principles based
reserves
Insurance contracts exposure
By Prof. Waswa Balunywa
Compliance
What are the laws in place?
Tax
Company act
Specific laws in the industry
Procurement
By Prof. Waswa Balunywa
Skills needed for change
Analytical skills
IT skills
Communication skills
Leadership skills
By Prof Waswa Balunywa
The winning / Changing
Organization A visionary organization/ Dreams
Walk the talk
Focus on customers
Adopt technology/ innovation
Continuously reinvent the organization
By Prof Waswa Balunywa
Responding to the challenges in
the insurance industry Focus on customer need
Monitor changes in the financial sector
to understand trends and manage the
risks
Invest in human resource to build
skills
Leverage technology
Research into regulation and
compliance
By Prof Waswa Balunywa
