7 Secrets to Modernising Your Actuarial and Finance Function

As we reach the conclusion of our series on modernising actuarial and finance functions, it's time to reflect on the key lessons learned throughout this transformative journey. 

The following insights provide a valuable roadmap for organisations looking to streamline and optimise their operations while ensuring their workforce is prepared for the changes ahead. Let's dive in…

Secure buy-in from all stakeholders

From project sponsors to end customers, including impacted external customers like managed service providers, it's crucial to involve all stakeholder groups right from the start. Making sure everyone is on the transformation journey with you goes a long way in helping foster a collaborative environment that sets the stage for success.

Focus on delivering value quickly

Obsessive execution with a focus on delivering a Minimum Viable Product (MVP) or outcomes is critical. To manage scope creep effectively, it's essential to prioritise MVP and park any additional features for phase II. Perfection can wait! This disciplined approach ensures the core objectives are achieved before expanding the project scope.

Keep everyone informed and engaged

Real-time communication across all levels of programme leadership is critical to success. Micro adjustments are inevitable, and transparent, blame-free communication, quick decision-making, and a mindset of always moving forward are essential. Also, embracing working assumptions as needed will help the project to adapt in the face of changing circumstances.

Deliver change incrementally

Invest in gaining a micro-level understanding of the current state, from services to individual processes to data sets. Prioritise the case for change and deliver change incrementally throughout the project. Continuous delivery of interim states keeps the project dynamic and engaging.

Don't overlook the fundamentals

While addressing significant changes and improvements, don't overlook the basics. Focus on areas like transaction processing, data entry and eliminating legacy tools (e.g., Excel spreadsheets). These foundational elements are as crucial as your more significant initiatives.

Help employees embrace change

The people agenda is paramount. Assess the impact of the transformation on roles and responsibilities, identify training needs and cultivate a mindset that embraces new ways of working and the target operating model. Make sure you engage employees and prepare them for the changes ahead.

Leverage external expertise wisely

Leverage third-party consultants strategically and tactically, and draw subject matter experts and workstream leads from within the organisation whenever possible. Key individuals should have "skin in the game" as they will ultimately inherit the end state. Use external consultants strategically to review, challenge and make recommendations, and tactically for heavy lifting and backfilling roles to free up internal capacity for high-value tasks.

There’s no doubt that modernising actuarial and finance functions is a complex journey that requires careful planning. The lessons learned underscore the importance of collaboration, communication and adaptability throughout the transformation process. By embracing these insights, organisations can navigate the challenges of modernisation and emerge as agile, efficient and future-ready entities.

Engage the right people 

If you're looking to modernise your actuarial or finance function, Brighter Consultancy can help. Our team of experienced consultants can help you assess your current state, develop a modernisation strategy and implement that strategy effectively. We can also help you manage the change process and support your employees during the transition.

Contact us today to learn more about how we can help you modernise your actuarial or finance function.