OPERATIONAL RESILIENCE REIMAGINED - EXL Service · 2020-04-15 · OPERATIONAL RESILIENCE REIMAGINED...
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OPERATIONAL RESILIENCE REIMAGINED How insurance industry can unlock the opportunities Policyholder Protection Market Integrity Financial Stability Reputation Legal & Regulatory Business Continuity Supply-Chain Resilience Technology Resilience Cyber Resilience Businesses need to be resilient so they can withstand, absorb and recover from operational disruptions and unlock the opportunities OPPORTUNITIES RISKS/ HARM TODAY'S BUSINESS LANDSCAPE Customer Expectations Cyber Threats Innovation & Connectedness Complex Supply Chain Mergers & Acquisitions Geo-Political Environment & Climate Change Global Pandemics (e.g. Coronavirus) COVID-19 IS THE PERFECT ADVERT FOR OPERATIONAL RESILIENCE OPERATIONAL RESILIENCE: REGULATORS’ VIEW EXLSERVICE.COM | ©2020 EXLSERVICE HOLDINGS, INC. ALL RIGHTS RESERVED Prakhar Agrawal CIPT, CISM, CISA Practice Director, GRC [email protected] Prashant Chaturvedi VP and Leader, Finance Transformation [email protected] CONTACT US AND LEARN MORE Mohit Manchanda Head of Insurance, UK and EU [email protected] Accountability Clear ownership, RACI Customer focus Outward in Supply-chain assurance Outsourcing and others Adequate testing Recovery capabilities Communication Internal and external Proactive risk management Plausible scenarios, threat landscape Demonstrate resilience To customers, regulators and wider industry Three lines of defense collaboration Holistic effort WHERE INSURANCE FIRMS NEED TO FOCUS TO MAKE IT REAL WHETHER RESPONDING TO ONGOING CRISIS OR ELEVATING YOUR OPERATIONAL RESILIENCE MATURITY… EXL CAN HELP YOU AT EVERY STEP OF YOUR JOURNEY… Governance, Risk & Compliance Heritage Best-in Class Compliance Toolkit Insurance Domain Expertise WHY EXL? Contact us to know how we are helping large insurance carriers and brokers get a head start on their operational resilience journey… LEVERAGING OUR 4M METHODOLOGY MANDATE MEASURE MITIGATE MONITOR OUR 4M METHODOLOGY OPERATIONAL RESILIENCE IS NOW A BOARD-LEVEL AGENDA Regardless of proposed regulatory timelines, the uncertainties posed by ongoing COVID-19 crisis are forcing insurance firms to accelerate their resilience efforts. CRITICISM LARGE PAYOUTS where policies cover contagious diseases where policies do not cover such diseases Besides, Firms that work with outsourcing partners can at least leverage the resource pool flexibility (+/-) but then there are disruptions to supply chains as well. Increased Volume of Customer Queries Interrupted Business Operations IT Outages & Cyber Incidents Disrupted Distribution Channels Possible Furloughs & Lay-offs © 2020 ExlService Holdings, Inc. All rights reserved. For more information go to www.exlservice.com/legal-disclaimer Vikas Kapoor Co-head P&C Insurance [email protected]
Transcript of OPERATIONAL RESILIENCE REIMAGINED - EXL Service · 2020-04-15 · OPERATIONAL RESILIENCE REIMAGINED...
OPERATIONAL RESILIENCE REIMAGINEDHow insurance industry can unlock the opportunities
Policyholder Protection
Market Integrity
FinancialStability
Reputation Legal & Regulatory
Business Continuity
Supply-ChainResilience
TechnologyResilience
CyberResilience
Businesses need to be resilient so they can withstand, absorb and recover from operational disruptions and unlock the opportunities
OPPORTUNITIES
RISKS/ HARM
TODAY'S BUSINESS LANDSCAPE
Customer Expectations
Cyber Threats
Innovation & Connectedness
ComplexSupply Chain
Mergers & Acquisitions
Geo-Political Environment & Climate Change
Global Pandemics (e.g. Coronavirus)
COVID-19 IS THE PERFECT ADVERT FOR OPERATIONAL RESILIENCE
OPERATIONAL RESILIENCE: REGULATORS’ VIEW
EXLSERVICE.COM | ©2020 EXLSERVICE HOLDINGS, INC. ALL RIGHTS RESERVED
Prakhar Agrawal CIPT, CISM, CISA
Practice Director, GRC
Prashant ChaturvediVP and Leader, Finance Transformation
CONTACT US AND LEARN MOREMohit ManchandaHead of Insurance, UK and EU
AccountabilityClear ownership,
RACI
Customer focus
Outward in
Supply-chain assurance
Outsourcing and others
Adequate testingRecovery
capabilities
CommunicationInternal and external
Proactive risk management
Plausible scenarios, threat landscape
Demonstrate resilience
To customers, regulators and wider industry
Three lines of defense
collaborationHolistic e�ort
WHERE INSURANCE FIRMS NEED TO FOCUS TO MAKE IT REAL
WHETHER RESPONDING TO ONGOING CRISIS ORELEVATING YOUR OPERATIONAL RESILIENCE MATURITY…EXL CAN HELP YOU AT EVERY STEP OF YOUR JOURNEY…
Governance, Risk & Compliance Heritage
Best-in Class Compliance Toolkit
Insurance Domain Expertise
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WHY EXL?
Contact us to know how we are helping large insurance carriers and brokers get a head start on their operational resilience journey… LEVERAGING OUR 4M METHODOLOGY
MANDATE MEASURE MITIGATE MONITOR
OUR 4M METHODOLOGY
OPERATIONAL RESILIENCE IS NOW A BOARD-LEVEL AGENDA
Regardless of proposed regulatory timelines, the uncertainties posed by ongoing COVID-19 crisis are forcing insurance firms to accelerate their resilience e�orts.
��������������������������� ����
CRITICISMLARGE PAYOUTSwhere policies cover contagious diseases
where policies do not cover such diseases
Besides, ��������������������������������������������������������������
Firms that work with outsourcing partners can at least leverage the resource pool flexibility (+/-) but then there are disruptions to supply chains as well.
Increased Volume of Customer
Queries
Interrupted Business
Operations
IT Outages & Cyber
Incidents
Disrupted Distribution
Channels
Possible Furloughs &
Lay-o�s
© 2020 ExlService Holdings, Inc. All rights reserved. For more information go to www.exlservice.com/legal-disclaimer
Vikas KapoorCo-head P&C Insurance
