Regulations and compliance | Georgina | 11 March 2022
In Right First Time we explore how assuring successful change management is crucial in insurance transformational programmes. Dynamic software applications allow insurers to transact policies and enable digital platforms more effectively than ever before. However, implementation is not merely a matter of getting it done, but in getting it done right the first time, every time.
Effective Governance
Governance in an insurance transformational programme is the fulfilment of governing concerns of the programme.
“Governance refers to the set of policies, regulations, functions, processes, procedures and responsibilities that define the establishment, management and control of projects, programmes and portfolios.” – Association for Project Management
Insurance transformational programmes are large-scale projects requiring a distinct governance faculty, dedicated to the programme. However, while programme governance is a separate entity, it is closely aligned with wider business governance.
The importance of effective governance cannot be overstated. governance gives the programme structure and actively aligns the programme with business objectives. governance also manages risk, business continuity and budgetary matters.
Governance and Solution Assurance
Solution Assurance is an integral part of governance. Here we explore three crucial areas where Solution Assurance actively enables programme governance to operate efficiently.
One. Assuring business and technical Best Practice
Best Practices are the methods, techniques, processes, and tools which the programme has found to produce the highest quality results or enable standardised ways of working. Best Practices are most powerful when formulated collaboratively by programme participants, ensuring ‘buy-in’ and compliance. Most usually centrally documented, Best Practices are open to all, are regularly updated and their use proactively encouraged.
Solution Assurance plays an active and indispensable role in Best Practice. As the ‘critical observer’, the Solution Assurance Consultant ensures that Best Practices are complied with. Additionally, Solution Assurance brings the experience from previous engagements to bolster the formulation and exercise of suitable Best Practices.
Two. Setting the structure and aligning delivery plans
Insurance transformational programmes have a structure, a framework that holds the multifaceted parts of the programme in place. The organisational structure enables the programme participants to deliver the work. However, the work to be completed must be comprehensively planned to ensure what is to be delivered will meet expected business objectives.
From the outset of the programme, Solution Assurance advises on the formation of the programme structure and elements contained within. Informed by previous Critical Success Factors, delivery plans are built to maximise the potential of the programme participants.
Three. Achieving business Target Operating Model and business drivers
The Target Operating Model is the ultimate expression of the ‘to be’ state for the business. What pushes the business, the drivers, are the instigators, or accelerators of change. These might be marketplace challenges, regulatory changes, or value objectives. The Target Operating Model must address these drivers to spur success.
All too often, the Target Operating Model is coddled by programme management, when a wider understanding of the TOM greatly assists programme participants in deciphering business requirements. Solution Assurance guides programmes on the creation and use of the Target Operating Model in day-to-day activities.
How Solution Assurance helps
Solution Assurance is a vital third-party service that assists customers to install and develop effective enterprise insurance software solutions.
Introducing Self-Organisation can be daunting, especially for businesses that have previously only used more traditional command and control frameworks. Solution Assurance can advise upon and assist in the propagation of Self-Organisation through knowledge sharing and coaching.
