Friday,june27th 900am-jason richardkeynote


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Friday,june27th 900am-jason richardkeynote

  1. 1. Managing a Global Claims Team Jason Richards, Swiss Re ACE, Washington DC, June 27, 2014
  2. 2. 1. Clients 2. Operational Excellence and KPI's 3. Knowledge sharing 4. Risks and trends 5. Talent and Culture Five things I think about every day …
  3. 3. Focusing on our clients • Ease of doing business with Swiss Re • Clear point of contact for Claims and Premiums • Regular data-based interactions • Bringing the entire firm to the client • Net Promoter Score (NPS) • Benchmarking data and analysis • Overviews of legal trends and market developments • Portfolio Reviews • Run–off solutions Engagement Services Knowledge sharing • Webinars, publications, white papers • Strategic Initiatives, e.g. eStrategy • Client Conferences • Client Forums Clients When 1+1 = 3 Because we're "smarter together"
  4. 4. Tools for measuring client service Net Promoter Score Clients
  5. 5. The Portfolio $16 bn accounted premiums annually $11 bn claims paid annually $50 bn gross inwards reserves $6 bn reinsurance recoveries Portfolio $0.2bn operating cost annually $0.2bn loss adjustment expense annually Investment Focus is on value generation from the portfolio Operational Excellence
  6. 6. Key Performance Indicators - multiple core productivity metrics and reviews • Data cockpit delivers more than 20 KPIs with almost real-time feed • Productivity metrics, claim activity metrics, premium metrics • Clear segmentation approach Operational Excellence
  7. 7. Monitor, measure, and track the business • Where do we add most value? • What expectations do we have of stakeholders/clients? • Where do we want to be in 3 years? • How do we enhance the value generation? Strategic Reviews by Department and Unit • Are the right people handling the right tasks? • What trends do we see in the data? How will we react? • Where do we spend most time? Strategic -- FUTURE • Number/Value of Open Claims • Number/Value of Transactions • Closing Rate • Client Visits • Operating Costs • Loss Adjustment Expenses Quarterly Operating Reviews by Department • Turn-around-Time • Client Interactions • Escalations/Referrals • Largest Movements • Disputes/Legal Proceedings • Leakage Tactical -- NOW Operational Excellence
  8. 8. Provide Solutions, Service and Value …while focusing on Client needs and expectations and supporting the skills development of our people Strategic Eadmin • Focused on Automation of work Segmentation through analysis • Differentiated Roles, Differentiated Know-How, Resources aligned with Roles • Location strategy Governance • Executing/Maintaining/Updating controls and guidelines • Identification and anticipation of Operational Risks and mitigation plans Tactical Systems • System availability and enhancements • Landscape simplification Simplification • Identification of opportunities and benefits… Embed in DNA Reporting • manage Key performance Indicators • manage volume of work and productivity • understand trending of business for feedback loop Operational Excellence
  9. 9. Globalization – leveraging a global workforce Kansas City London Zurich Bangalore Mexico City Ft. Wayne Sydney Armonk, NY Bratislava Rome Low Cost High Cost Delhi Review of footprint locations  Focused on Role, Average Salary, Average Length of service and Value Creation.  Analysis revealed:  A talented global workforce (no surprise!)  Value Creation was heavily correlated to higher cost locations (where the know-how is).  There are High and Low cost locations - some locations were not quite where we thought they would be! Footprint strategy developed  No large scale strategic shifts needed – a good balance in the workforce was noted.  Be smart: Reduce and consolidate as positions come open, challenge all backfills into higher cost places.  Preserve our franchise knowledge and expertise in any actions or movement.  Impact of strategy  Lowered costs by backfilling appropriate roles in low cost locations.  Quality and Value Creation continued to be exceptional because "know-how" was leveraged and maintained. **some smaller SR locations not shown above Operational Excellence
  10. 10. Post Cat Event Assessment Initial Triage Top-down modeling Bottom Up Review PECAT Committee Review Post Event Catastrophe Assessment Team (PECAT) Process Start of process Nat Cat Models Output Claims Notifications Press Industry PublicationsSR Internal Experts Client Feedback Multiple loss scenarios are being prepared End of process Investor Relations / Media Relations Prepare ad-hoc announcement Disclosure Committee Meeting Loss Estimate is potentially share price relevant Disclosure Committee Ad-hoc announcement or part of regular quarter-end publication Operational Excellence
  11. 11. "If only HP knew what HP knows, we would be three times more productive." -- Lew Platt, Former CEO Hewlett Packard  Claims culture must emphasize sharing as a necessity  Portfolio deep dives  Feedback loop on individual cases  Claims expert networks Knowledge Sharing
  12. 12.  Five networks in place since 2010  Forum for sharing knowledge and experience internally/externally with clients  Through a global view we can anticipate claim trends, detect systematic issues, and provide solutions  Assist in risk prevention and risk management  Establish loss adjustment frameworks and expert network LeadershipExperience Expertise Claims Expert Networks Knowledge Sharing
  14. 14. Key Risks Risk Tolerance Heat Map Risks and Trends
  15. 15. Trends: claims topics on our radar 1616 Flood Claims Development Beyond Exposure Models: Iterative Learning Wide Area Damage in Business Interruption Claims Increase in Casualty Claims in Property Events Aggregation Challenges in the Industry Risks and Trends Cyber Liability
  16. 16. Be innovative in how we acquire and nurture our talent • Understand the changing needs of upcoming generations and adapt accordingly • Make sure we leverage the full workforce… globally • Educate potential talent about our industry/opportunities as early as possible • Refine selection methods to assure we're getting the best talent • Provide opportunities for varied, flexible career growth Talent and Culture
  17. 17. Tactical and Strategic Approach A business imperative • Integral dimension of our long term vision and aspirations • Embedded in annual business and individual objectives • Regular management team dialogue and individual interaction • Quarterly team and talent metrics Aligned with future organisational needs • Rolling "3-year view" of demand: role types, locations, skills • Collaboration across Swiss Re functions to further optimise e.g. succession planning • Requires extensive dialogue and new skills for some senior managers – strategic talent management Talent and Culture
  18. 18. Opportunity to Succeed Involving our entire workforce • Potential of all employees is assessed and discussed regularly • Additional management team focus afforded to employees regarded as vertical and lateral • Total focus on skill building – to improve quality of discussion, alignment to demand, and proposed action Optimised with a range of resources • Virtual Career Centre – Claims competency model • Leadership development for some; technical and interpersonal for all • Project work, assignments, and on-the-job learning • Internal marketing to support cross functional movement Talent and Culture
  19. 19. Some focus areas Workforce flexibility Diversity and inclusion Feedback and development plans Job rotations Acquisition of new talent Talent and Culture
  20. 20. "Culture eats strategy for breakfast." -- Peter Drucker, Austrian-born American management consultant, author  Culture is the "personality of the organization" • An accumulation of a company's values, its vision, beliefs, aspirations, and employees behaviours that guide decisions and how we do things  The case for culture: No matter how brilliant the strategy is, it must be supported by the organization's culture  Culture is not static • Culture will always need refining. As a leader, I must lead by example Talent and Culture
  21. 21. Questions? Swiss Re