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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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Page 1: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Managing in a Changing Economic Environment: The Insurance PerspectiveBy Prof Waswa Balunywa

Page 2: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Paper FormatWhat is changing?Changes in the insurance

industryDrivers of changeDrivers of change in the

insurance industryManaging the changeThe change modelsChange skills

Page 3: Managing in a changing economic environment, the

By Prof Waswa Balunywa

What is ChangingPopulationPeopleTechnologyCultureProductsEverything is changing

Page 4: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Changes in the Insurance IndustryNature of riskThe skill setThe financial sectorThe population/consumer needsTechnological changesRegulation and compliance lawsFinancial reporting

Page 5: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Drivers of ChangeTechnologyCompetitionMacro economic policiesTalent and skillsLaws, rules and regulationsleadership

Page 6: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Drivers of Change in the Insurance IndustryNature of riskTechnological changesCompetitive pressuresRegulations Customer experience

Page 7: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Managing the Change/Change Models

Muddling through

Strategic planning

Organizational Development

Change orchestration

Page 8: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Change OrchestrationVisionSharing a visionAdopt new rulesAdopt new technology

Page 9: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Vision The dream, seeing differentThe challenge, the decision to

succeedThe passion, the interest and

love to achieveUnfortunately you have no

choice, you have to play the game

Page 10: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Sharing the VisionGenerate ideas and sell themPurposeful search for changeChallenge othersGet commitment of others

Page 11: Managing in a changing economic environment, the

By Prof Waswa Balunywa

New RulesIf it works, its obsoletePast success is your worst enemyLearn to fail firstFree your imaginationFocus on your customers’ future needsHave a new big pictureSolve tomorrow’s predictable problem

todayReinvent yourself and reinvent your

organization

Page 12: Managing in a changing economic environment, the

By Prof Waswa Balunywa

New TechnologiesExpert systemSocial mediaDistributed computingRobotics Fuzzy logic

Page 13: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Effects of Technology on the Way we LiveInternetEmail Paperless officeEase of travelLaser technologyModern housing and transportGenetic foodReady made foodMicrowave oven

Page 14: Managing in a changing economic environment, the

By Prof. Waswa Balunywa

Risk ManagementIt’s the readiness and

effectiveness toReadiness and effectiveness to

manage riskApproaches to managing a

contingent risk management

Page 15: Managing in a changing economic environment, the

By Prof. Waswa Balunywa

Business StrategyImproving the customer

experienceManaging informationMergers and acquisitions

Page 16: Managing in a changing economic environment, the

By Prof. Waswa Balunywa

Operations Transforming billing and

paymentsImproving the claims functionMonitor technological change in

industry

Page 17: Managing in a changing economic environment, the

By Prof. Waswa Balunywa

Financial ReportingReadiness for the new standard

valuation lawsReadiness for principles based

reservesInsurance contracts exposure

Page 18: Managing in a changing economic environment, the

By Prof. Waswa Balunywa

ComplianceWhat are the laws in place?TaxCompany actSpecific laws in the industryProcurement

Page 19: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Skills needed for changeAnalytical skillsIT skillsCommunication skillsLeadership skills

Page 20: Managing in a changing economic environment, the

By Prof Waswa Balunywa

The winning / Changing OrganizationA visionary organization/ DreamsWalk the talkFocus on customersAdopt technology/ innovationContinuously reinvent the

organization

Page 21: Managing in a changing economic environment, the

By Prof Waswa Balunywa

Responding to the challenges in the insurance industryFocus on customer needMonitor changes in the financial

sector to understand trends and manage the risks

Invest in human resource to build skills

Leverage technologyResearch into regulation and

compliance


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