Prof. Wasswa Balunywa on Managing in a changing Economic

Managing in a Changing Economic
Environment: The Insurance
Prof Waswa Balunywa
By Prof Waswa Balunywa
Paper Format
What is changing?
 Changes in the insurance industry
 Drivers of change
 Drivers of change in the insurance
 Managing the change
 The change models
 Change skills
By Prof Waswa Balunywa
What is Changing
 People
 Technology
 Culture
 Products
 Everything is changing
By Prof Waswa Balunywa
Changes in the Insurance Industry
Nature of risk
 The skill set
 The financial sector
 The population/consumer needs
 Technological changes
 Regulation and compliance laws
 Financial reporting
By Prof Waswa Balunywa
Drivers of Change
 Competition
 Macro economic policies
 Talent and skills
 Laws, rules and regulations
 leadership
By Prof Waswa Balunywa
Drivers of Change in the Insurance
Nature of risk
 Technological changes
 Competitive pressures
 Regulations
 Customer experience
By Prof Waswa Balunywa
Managing the Change/Change Models
Muddling through
Strategic planning
Organizational Development
Change orchestration
By Prof Waswa Balunywa
Change Orchestration
 Sharing a vision
 Adopt new rules
 Adopt new technology
By Prof Waswa Balunywa
The dream, seeing different
 The challenge, the decision to succeed
 The passion, the interest and love to
 Unfortunately you have no choice, you
have to play the game
By Prof Waswa Balunywa
Sharing the Vision
Generate ideas and sell them
 Purposeful search for change
 Challenge others
 Get commitment of others
By Prof Waswa Balunywa
New Rules
If it works, its obsolete
 Past success is your worst enemy
 Learn to fail first
 Free your imagination
 Focus on your customers’ future needs
 Have a new big picture
 Solve tomorrow’s predictable problem today
 Reinvent yourself and reinvent your
By Prof Waswa Balunywa
New Technologies
Expert system
 Social media
 Distributed computing
 Robotics
 Fuzzy logic
By Prof Waswa Balunywa
Effects of Technology on the Way we
 Email
 Paperless office
 Ease of travel
 Laser technology
 Modern housing and transport
 Genetic food
 Ready made food
 Microwave oven
By Prof Waswa Balunywa
Risk Management
It’s the readiness and effectiveness to
 Readiness and effectiveness to manage
 Approaches to managing a contingent risk
By Prof. Waswa Balunywa
Business Strategy
Improving the customer experience
 Managing information
 Mergers and acquisitions
By Prof. Waswa Balunywa
Transforming billing and payments
 Improving the claims function
 Monitor technological change in industry
By Prof. Waswa Balunywa
Financial Reporting
Readiness for the new standard valuation
 Readiness for principles based reserves
 Insurance contracts exposure
By Prof. Waswa Balunywa
What are the laws in place?
 Tax
 Company act
 Specific laws in the industry
 Procurement
By Prof. Waswa Balunywa
Skills needed for change
Analytical skills
 IT skills
 Communication skills
 Leadership skills
By Prof Waswa Balunywa
The winning / Changing
A visionary organization/ Dreams
 Walk the talk
 Focus on customers
 Adopt technology/ innovation
 Continuously reinvent the organization
By Prof Waswa Balunywa
Responding to the challenges in the
insurance industry
Focus on customer need
 Monitor changes in the financial sector to
understand trends and manage the risks
 Invest in human resource to build skills
 Leverage technology
 Research into regulation and compliance
By Prof Waswa Balunywa

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