Executive Brief
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Q3 – 2019 Insurance EXECUTIVE BRIEF GLOBAL INSURANCE SERVICES IN THIS ISSUE FTI CONSULTING - GLOBAL INSURANCE SERVICES CONTINUES EXPANSION OF GOVERNANCE, RISK & COMPLIANCE AND ACTUARIAL PRACTICES TRENDS & QUICK TAKEAWAYS IN THE NEWS SPECIAL ADVISORY: KEYS TO SUSTAINABLE COST MANAGEMENT FOR INSURANCE ORGANIZATIONS EXPERTS WITH IMPACT In this issue 1. FTI CONSULTING - GLOBAL INSURANCE SERVICES CONTINUES EXPANSION OF GOVERNANCE, RISK & COMPLIANCE AND ACTUARIAL PRACTICES WILLIAM J. MELLON JOINS FTI CONSULTING TO SUPPORT EXPANSION OF THE GOVERNANCE, RISK & COMPLIANCE PRACTICE IN THE U.S. GRAHAM HANDY JOINS FTI CONSULTING IN LONDON TO SUPPORT EXPANSION OF THE ACTUARIAL PRACTICE IN EMEA. ROMY COMITER JOINS FTI CONSULTING IN LONDON TO SUPPORT EXPANDED CONSULTING INITIATIVES IN EMEA. 2. TRENDS & QUICK TAKEAWAYS HARDENING MARKET SPAWNS OPPORTUNITIES REPUTATION RISK ON THE RISE 3. IN THE NEWS FTI CONSULTING ENTERS INTO STRATEGIC PARTNERSHIP WITH MONEYSUPERMARKET, UK’S LEADING PRICE COMPARISON WEBSITE. FTI CONSULTING AND COMPASS LEXECON RECOGNIZED AS LEADING FIRMS AT THE 2019 WHO’S WHO LEGAL AWARDS CEREMONY IN LONDON. 4. SPECIAL ADVISORY: KEYS TO SUSTAINABLE COST MANAGEMENT FOR INSURANCE ORGANIZATIONS WE DISCUSS THE EXPERIENCE OF FTI CONSULTING IN HELPING INSURANCE FIRMS OF ALL SIZES AND BUSINESS MODELS ACHIEVE SUSTAINABLE COST REDUCTIONS AND PERFORMANCE IMPROVEMENTS. | Insurance EXECUTIVE BRIEF Global Insurance Services Continues Expansion of Governance, Risk & Compliance and Actuarial Practices WILLIAM J. MELLON, CPA GRAHAM HANDY, FIA SENIOR MANAGING DIRECTOR MANAGING DIRECTOR 1255 DRUMMERS LANE, SUITE 320 200 ALDERSGATE, ALDERSGATE STREET WAYNE PA 19087 LONDON EC1A 4H LONDON TEL: +1 610 254 4013 TEL: +44 7876 877 083 [email protected] [email protected] Bill Mellon is a Senior Managing Director at FTI Consulting, Graham is a Managing Director of FTI Consulting, Global Global Insurance Services. Bill has over 30 years’ experience Insurance Services, and leads the Risk and Actuarial teams providing GRC services to a variety of organizations across for EMEA. He has more than 25 years of experience as an industries including professional services, transportation, actuary and risk consultant, advising insurers on financial, construction, engineering, insurance and financial services. operational and strategic challenges in changing markets. These services have included external and internal audit, He is a trusted advisor and collaborative contributor to the risk management, forensic, information technology/security, Board and Executive agenda business process and compliance services (e.g. Sarbanes- Graham is a Fellow of the Institute of Actuaries, and bridges Oxley) technical actuarial capability and commercial execution. Bill’s experience includes a “Big Four” accounting firm where His experience includes implementing enterprise-wide risk he led the internal audit operations of two organizations management frameworks; evaluation and due diligence of including an international organization. For nearly 10 years he major multi-national disposals and acquisitions; assisting has worked for international accounting and consulting firms clients with post-acquisition integration; building full model- providing GRC services to client organizations. office reporting and projection models; and assessing major outsourcing transactions as part of insurers’ drive to Bill has extensive experience providing Sarbanes-Oxley operational efficiency. services as well as creating and managing internal audit departments by analyzing risk areas, and preparing and Graham has supported broad and focused Insurtech projects executing audit plans. Bill has served as the Chief Audit and is on the Advisory Boards of Sherpa and MoneyHub in Executive for numerous clients and has worked with senior the UK. management and audit committees ensuring that assurance Prior to joining FTI, he was a senior partner across EY’s global key risks are identified and addressed. Additionally, Bill insurance sector, running multiple cross-border service has served on client risk committees and assisted in the line teams and overseeing major MNC client relationships, implementation of risk management practices. predominantly across EMEA and Asia Pac. Bill has designed Sarbanes-Oxley, internal audit, fraud risk Graham’s specialist areas include: assessment, and Enterprise Risk Management (ERM) tools and methods. He regularly assists clients in identifying key • Technical actuarial input in the life sector in key areas of financial/operational control issues resulting in improvement capital modelling and efficiency, product design and value to business processes and governance structures. Bill has assessment conducted fraud investigations aimed at determining the • Development and implementation of enterprise risk genesis and the extent of the fraud, as well as providing management frameworks and associated policies and internal control recommendations to reduce the possibility of resource models any reoccurrence. • Helping insurers realize the benefits of cost reduction and Bill holds a Bachelor of Science Degree in Accounting customer retention appropriately through the reported from LaSalle University. He is a member of the American profit mechanism Institute of Certified Public Accountants, Institute of Internal • Actuarial and commercial due diligence Auditors and is a board member of the Society of Financial • Experience holding Controlled Function roles under FCA Management (SIFM). He is also Certified by the Institute of (CF1) Internal Auditors to provide Risk Management Assurance services. Bill is a frequent presenter on internal audit, risk • Independent review and validation of publicly reported management and governance practices and procedures. (balance sheet, profit and loss) financial results for complex multi-national insurers (local GAAP and IFRS) 1 | Global Insurance Services Continues Expansion of Governance, Risk & Compliance and Actuarial Practices ROMY COMITER Romy has also served as an expert witness in the U.S. and MANAGING DIRECTOR UK in a variety of matters involving the assessment and allocation of mass tort claims; the valuation and timing 200 ALDERSGATE, ALDERSGATE STREET of insurers’ potential liability; the impact that settlement LONDON EC1A 4H, UNITED KINGDOM agreements have on other carriers; and the completeness TEL: +44 0 20 3319 5659 and accuracy of the underlying claims data. [email protected] Before joining FTI Consulting, Romy was a Partner at Mazars LLP in their Financial Services Consulting team. She led Romy Comiter is a Managing Director at FTI Consulting, the insurance practice related to claims and was the liaison Global Insurance Services, EMEA. Romy has more than 30 between the actuarial, audit and consulting teams. Prior years of experience in the Insurance sector in various senior to Mazars, Romy was the Director of Insurance Services at management roles within professional services companies. LECG (f/k/a SMART Business Consulting) based on London. She has helped senior management in developing and Romy started her career in New York at Grant Thornton implementing strategic growth plans, providing technical where she trained and was promoted to the position of expertise in financial analysis, computer modelling, data Senior Manager and Practice Leader of the Insurance management and risk and compliance. area during her tenure. She holds a BSE in Electrical and She will focus on providing advisory services in the general Computer Engineering from the University of Pennsylvania, insurance market primarily related to claims, assisting clients and a MBA from New York University. in assessing, managing and mitigating liability. She will also work with multidisciplinary teams to develop and implement technology solutions to enable deep data analytics to support better management decisions, reduce risk and enhance productivity and operational efficiency. TRENDS & QUICK TAKEAWAYS Hardening Market Spawns Reputation Risk On The Rise Opportunities Several conditions are evolving that expose companies to Studies, surveys and company reporting indicate that greater reputation risk – consumer and political activism, insurers are taking steps to return to underwriting scope and speed of social media, greater magnitudes of profitability across lines of business and geographies. All data used and retained, growth in cyber incidents, and an else being equal, increased rates should help company increase in proactive regulatory enforcement actions. Also, profitability. However, companies must find ways to continue the incident-to-response time frame is narrowing and the an upward profitability trajectory. associated media coverage is more opinionated. Takeaway: One of the ways to continue that trajectory Takeaway: When an incident occurs, companies must is to initiate programs that improve performance while immediately get in front of the situation and control the simultaneously reducing cost. This may seem difficult, but narrative. This requires understanding exposures, worst-case it can be done using the right combination of people and impact scenarios and stakeholder interests. It also requires technology. developing mitigation and recovery measures and action plans for delivering compelling communications. The stakes are too high to be unprepared. Our Governance, Risk & Compliance practice can help. 2 | Insurance EXECUTIVE BRIEF In the News: Industry Leadership & Awards FTI Consulting Enters Into Strategic Partnership