1. Market sector perspective – Insurance
www.pwc.ie

2. PwC
Ciaran McGettrick, Phoenix Group Ireland
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3. PwC
Ireland Inc.
Best country to grow old in
Best small country to do business in
Best country to raise a family in
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18 November 2014
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4. PwC
Stakeholder Management - Who are they?
Stakeholders
Local Irish entities
Multinational subsidiaries with specific Group Mandate
State Agencies
Educational Institutions
Consultants
External Suppliers
Trade Organisations
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5. PwC
•Internal Group competition increasing for projects
•Limited availability of resources
•Tax advantages evolving – rate / substance
•Education good but moving quickly enough?
•Required skills may not be in-house
•Group communications limited to mandated delivery
Stakeholder Management - Challenges
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6. PwC
Stakeholder Management - Opportunities
•Ireland has high level of multinationals
•Recovery of Ireland creates positive external backdrop
•Rapid change provides excellent opportunities
•Interested stakeholders can help build the network
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7. PwC
Stakeholder Management - Opportunities
•Stakeholders/skills not just Irish citizens!
•Special Assignee Relief Program (SARP!) changes a significant help
•Cost model now fit for purpose
•Good cohort of well qualified educated staff
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8. PwC
Stakeholder Management - Actions
•International links already exist – use them!
•Connect / align to Group strategy both commercially and politically
•Set up a stakeholder Group management project
•Allow staff to network Group influencers face to face
•Skills to make this happen may be different
•State Agencies / education /trade bodies / consultants /suppliers can help
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18 November 2014
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9. PwC
Innovation into Ireland - Challenges
•Education / Tax / Internal Group competition
•Organisational may not support non core innovation
•Local resources may not be plugged into wider innovation strategy at appropriate level
•Key resources may not want to live in Ireland
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10. PwC
Innovation - Opportunities
•Movement to insource key global functions – cyber security / IT infrastructure / data analytics/ Actuarial & Finance
•Culture is key – innovative / risk taking critical
•Multi cultural non insurance technical skills available
•Anchored in Ireland / linked to global culture
•Insurance regulation not essential
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11. PwC
Innovation - Actions
•Show entrepreneurial flair to Group via delivery of core strategy
•Internally promote innovation
•Become a vital part of the wider Group innovation strategy
•Develop skills for rapid development / selection / rejection of possible opportunities
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12. PwC
Innovation - Reflections
•Innovation is a key element of future growth
•Culture may need to be kept separate to preserve risk taking and rapid development
•Need to be able to find a new answer without knowing what you are looking for e.g. fraud / cyber security / data analytics
•Practical case studies – Aon / Zurich / Pramerica / SCOR
•Jobs created 2000+
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13. PwC
Innovate
And
Evolve
Or Dissolve!
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18 November 2014
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