Legacy Transformation in Insurance with low cost, low risk cloud-based systems, in record time!

With increased regulatory scrutiny and the financial implications of operational risk it’s more important than ever to address your legacy systems.

The pressure on financial institutions from the PRA (Prudential Regulation Authority) and FCA (Financial Conduct Authority) is only set to increase along with the need for cyber security compliance and the requirement for increased reporting and data governance (GDPR) also a key factor.

Now is the time to address and fix these issues before they have an irrecoverable impact on your business.

The FCA recently issued a statement setting out its view on operational risk management for general insurance firms during the coronavirus pandemic; in this statement the FCA stressed the importance of proper business continuity planning and process resilience. Businesses are expected to have suitable systems and controls in place to manage the operational impact of the current climate.

Additionally, the drive towards technological innovation has also been supported by regulators, with recent regulatory focus on operational resilience appearing to be more pertinent than ever.

In support of this, the FCA recently expressed that it welcomes "firms taking initiatives going beyond usual business practices to support their customers".

Regulators are looking to firms to be cognisant of the risks posed by the greater reliance on digitisation and technology. Charlotte Gerken (Bank of England PRA) said in May...

"Insurers will need to be on the front foot in identifying the potential impacts on their longer-term business models in order to meet changing customer expectations."

She went on to say…

"The insurance industry - all the people who work in it - responded extremely well to the operational challenges that have arisen from the Covid-19 pandemic. There are, of course, still challenges for all of us as we move from immediate crisis management to medium term sustainability. This includes reassessing the impact on cyber and other IT-related risks, whilst at the same time recognising the need for technology- driven solutions to support certain activities."