And yet, many companies are using decades‐old legacy systems and financial processes that require too much manual labor.
And yet, many companies are using decades‐old legacy systems and financial processes that require too much manual labor.Tags: Research Paper Design MethodologyNewspaper Reporting TermsDefinition Of Creative WritingWhat Makes A Good DissertationGoldwater Scholarship Essay RequirementsLike Water Chocolate Analysis EssayWhat Is A Cohesive EssayCritical Thinking And ArgumentationEssays Of Mignon MclaughlinAlternative Energy Research Paper Outline
Weiser Mazars’ work also established a foundation for development of the long‐term solution, reducing the work for the implementation team and smoothing the transition from the interim tool.
Results The centralized clearinghouse for global financial data enhanced the insurer’s operations through: The data pre‐formatting and ad‐hoc reporting tools that Weiser Mazars developed provided additional efficiencies and cost savings for the company.
Solutions Weiser Mazars developed a three‐tiered plan to assist the insurer in recapturing their market share: I.
COMPARISON MODEL The Weiser Mazars team began the competitor analysis by utilizing actuarial support to gather substantial data for leading industry competitors including policy and rate information.
Solutions The Weiser Mazars team identified key business leaders and stakeholders, both inside the corporate finance groups and in the geographies and product lines.
During individual and group meetings held over a period of six weeks, the consultants sufficiently ascertained both the company’s short‐term and long‐term requirements, developing a roadmap to promptly and cost‐effectively resolve the majority of their needs.They have also experienced substantially improved communications between the marketing department and product managers, including significant company‐wide improvement in understanding their products’ positions in the marketplace compared to their competitors.Additionally, the tools Weiser Mazars developed have provided the insurer with a competitive advantage in pricing their products by geography.The exercise further assisted the insurer to understand that with their current operating model, they would have to make somewhat substantial investments to grow.During the session, they also recognized additional risks related to their current market share and potential decreases in return on capital if they failed to invest in improved infrastructure. SWOT During a separate strategic planning session, the robust SWOT analysis was completed, in part by leveraging the creative concepts identified during the “Kill a Competitor” exercise.Weiser Mazars and the company’s Financial Planning & Analysis group also established a centralized tool to collect, cleanse, standardize and aggregate financial information from 100 product lines in 60 geographies.This tool both met current regulatory and management requirements, and allowed for a more granular level of detail in the event of additional future requirements.Each unique scenario involved different states of origin, to determine if the company had market rating challenges in a specific state.Results The insurer reports increased premium and net income, as well as improved employee effectiveness as a result of engaging Weiser Mazars.Going forward, they also provide for management teams to independently meet their own analysis requirements, without involving corporate finance or IT resources.CASE STUDY III Strategic Plan Implementation A national professional liability insurance company needed assistance with implementing a strategic business plan for company operations.