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Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.

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Presentation on theme: "Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa."— Presentation transcript:

1 Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa

2 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

3 What is Changing Population People Technology Culture Products Everything is changing By Prof Waswa Balunywa

4 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

5 Drivers of Change Technology Competition Macro economic policies Talent and skills Laws, rules and regulations leadership By Prof Waswa Balunywa

6 Drivers of Change in the Insurance Industry Nature of risk Technological changes Competitive pressures Regulations Customer experience By Prof Waswa Balunywa

7 Managing the Change/Change Models Muddling through Strategic planning Organizational Development Change orchestration By Prof Waswa Balunywa

8 Change Orchestration Vision Sharing a vision Adopt new rules Adopt new technology By Prof Waswa Balunywa

9 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

10 Sharing the Vision Generate ideas and sell them Purposeful search for change Challenge others Get commitment of others By Prof Waswa Balunywa

11 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 tomorrows predictable problem today Reinvent yourself and reinvent your organization By Prof Waswa Balunywa

12 New Technologies Expert system Social media Distributed computing Robotics Fuzzy logic By Prof Waswa Balunywa

13 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

14 Risk Management Its the readiness and effectiveness to Readiness and effectiveness to manage risk Approaches to managing a contingent risk management By Prof. Waswa Balunywa

15 Business Strategy Improving the customer experience Managing information Mergers and acquisitions By Prof. Waswa Balunywa

16 Operations Transforming billing and payments Improving the claims function Monitor technological change in industry By Prof. Waswa Balunywa

17 Financial Reporting Readiness for the new standard valuation laws Readiness for principles based reserves Insurance contracts exposure By Prof. Waswa Balunywa

18 Compliance What are the laws in place? Tax Company act Specific laws in the industry Procurement By Prof. Waswa Balunywa

19 Skills needed for change Analytical skills IT skills Communication skills Leadership skills By Prof Waswa Balunywa

20 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

21 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


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