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Hastings Insurance Group

Regulatory transformation.
Insurance strategy.
Business change.

A business-analysis-led programme connecting Solvency II compliance, regulatory reporting, operating-model design and underwriting technology strategy.

BUSINESS ANALYST · AUGUST 2014 – NOVEMBER 2015

Explore the transformation View project overview
Project value
£1.4 million
Regulatory reports
70+
Team members
12
Transformation streams
2

Business challenge

From regulatory complexity to business capability

Hastings Insurance Group needed a structured approach to Solvency II regulatory compliance, reporting and data reconciliation, and a documented future-state operating process, while separately evaluating strategic underwriting platforms.

  1. Regulation

  2. Data

  3. Operating model

  4. Technology

  5. Business change

Business landscape

Connected across the insurance value chain

  • Finance

    Reporting inputs and reconciliation

  • Underwriting

    Platform evaluation and RFP

  • Actuarial

    Data sourced into regulatory returns

  • Capital Modelling

    Part of the regulatory scope

  • Claims

    Covered by both projects

  • Policy Admin

    Covered by both projects

Project 01

Solvency II Regulatory Compliance

From regulatory requirements to a sustainable reporting and operating model.

70+

QRT reports delivered

  • Tagetik
  • Aon ASTRA
  • SAP
  • Excel
  • Lone starter on the programme, built the team to full size and delivered within timelines and under budget.
  • Independently progressed the project from initiation to completion and handover with little supervision.
  • Handled a thorough vendor selection and RFP process for a Pillar 3 regulatory reporting solution; selected and successfully implemented the reporting tool Tagetik.
  • Validated and delivered 70+ QRT reports sourcing data from internal systems through the Tagetik solution for FSC, Gibraltar and PRA.
  • Delivered and enabled regular reporting of Solvency II reports for the first year and every year in BAU.
  • Facilitated narrative regulatory reporting, namely SFCR (Solvency and Financial Condition Report) and RSR (Regular Supervisory Report), from within BAU every reporting year.
  • Agreed, specified and documented the Target Operating Model for the future state of the business process.
  • Successfully handled the internal change management process for a seamless handover to the business.
  • Handled user training, training manuals documentation, training exercises and workshops.
  • Validated data input, and data and reports reconciliation for 70+ regulatory reports.

Regulatory data flow

From internal systems to regulatory submission

  1. Internal systems

  2. Data validation

  3. Tagetik

  4. 70+ QRT reports

  5. Regulatory reporting

  6. PRA / FSC / Gibraltar

Solvency
II

  • Pillar 3

    Regulatory disclosure requirement

  • QRT

    Quantitative Reporting Template

  • SFCR

    Solvency and Financial Condition Report

  • RSR

    Regular Supervisory Report

Target Operating Model

Designing the future-state operating model

Agreed, specified and documented the Target Operating Model for the future state of the business process.

  1. 01

    Current state

  2. 02

    Assess

  3. 03

    Design

  4. 04

    Document

  5. 05

    Enable

  6. 06

    BAU

Key responsibilities

Role in practice

  • 01

    Programme management

    • Scope
    • Resources
    • Risks
    • Issues
    • Reporting
  • 02

    Regulatory change

    • Solvency II
    • Regulatory requirements
    • Business change
  • 03

    Stakeholder management

    • Business
    • PRA
    • FSC
    • Senior management
  • 04

    Vendor management

    • RFP
    • Evaluation
    • Selection
  • 05

    Technical delivery

    • Technical resources
    • Project deliverables
    • Implementation
  • 06

    Change & adoption

    • Training
    • Documentation
    • Workshops
    • Handover

Project 02

Underwriting Platform Solutions Evaluation & RFP

Evaluating strategic insurance technology platforms across the underwriting value chain.

  • Sequel Eclipse
  • Guidewire
  • Velocity

Business areas

  • Policy Admin
  • Claims
  • Finance
  • Underwriting
  • Actuarial

Vendor evaluation

A documented path to system selection

  1. Discovery
  2. Solution evaluation
  3. Vendor comparison
  4. RFP
  5. System selection

Guidewire was selected as the vendor solution for implementation, following the RFP and evaluation process.

Technology & business systems

Core systems

  • Tagetik
  • Aon ASTRA
  • SAP
  • Excel

Insurance platform evaluation

  • Sequel Eclipse
  • Guidewire
  • Velocity

Regulatory

  • Solvency II
  • Pillar 3
  • QRT
  • SFCR
  • RSR

Business analysis capabilities

Connecting strategy with execution

  • 01

    Business strategy

    Connecting regulatory requirements to a future-state operating process.

  • 02

    Regulatory change

    Solvency II compliance and reporting for PRA, FSC and Gibraltar.

  • 03

    Vendor strategy

    RFP and evaluation across regulatory and underwriting platforms.

  • 04

    Programme delivery

    Scope, resourcing, risk and reporting from initiation to handover.

  • 05

    Technology enablement

    Selection and use of Tagetik, Aon ASTRA and SAP.

  • 06

    Change & adoption

    Training, documentation and handover into BAU.

Building a sustainable regulatory capability

70+
QRT reports
£1.4 million
Project value
12
Team members
1
Target Operating Model

Regulatory reporting was transitioned into an ongoing BAU capability supported by defined processes, training, documentation and operating-model design.

Complex insurance transformation, structured for business.

Business analysis, regulatory change, technology evaluation and delivery expertise across the insurance value chain.

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