Assisting International Insurer With Authorisation And Operating Model Development
The Client’s Needs
The client is an international insurer specialising in the development of tailor-made digital insurance solutions distributed by its distribution partners, insurance professionals (broker & InsurTech) as well as non-professionals (start-up & retailers). It is a technology led business with highly innovative solutions designed to streamline the insurance distribution process for the benefit of its partners and the end customers. It had been operating in the UK under the TPR and wished to seek full authorisation. ICSR were engaged to assist with the authorisation application, including helping the client ensure that it was operationally “ready” at the time the PRA was ready to authorise it.
ICSR undertook a high-level review of the clients readiness for all functions from Actuarial to Underwriting via compliance, Co Sec, governance, HR, finance, risk, reinsurance, IT etc and mapped at a high level the areas of responsibility and activities of each function and each member of the UK senior management team. This exercise was undertaken in order to develop and document the appropriate Governance and operating models as a part of its application for authorisation.
Once that work was complete, ICSR was able to:
- create the governance arrangements for the client including assisting the client to identify potential candidates;
- develop a plan for the creation and operationalisation of all functions for the business, identifying all of the actions and activities required for each function and agreement on responsibility for each action or activity;
- undertake a detailed mapping exercise of the activities for each function to determine what may be conducted in the UK and what level of support could be provided by the firm’s European parent;
- develop a resourcing plan for the UK business, based on the mapping exercise;
- create a Service Management Framework including all reporting and reporting data and MI requirements;
- complete a review and update of the internal policies, procedures and processes for all functions, and the creation of new controls and mapping; and
- design the specification for the pre-completion review of readiness for Day 1.
The client needed a lot of additional resource to support the numerous workstream across the vast majority of its functional teams. ICSR was able to pull together a multi-functional team, overseen by a director of ICSR at a senior level, supported by the ICSR functional directors and a team of subject matter experts from our Talent Pool.
Our client’s authorisation application is on track, with clear project plans in place, overseen by a specialist project management resource, pulling together teams from across the client and ICSR. There is a defined timeline in place and the client is expecting to be operating as an authorised UK insurer substantially before the end of 2023.