How we helped a personal lines insurer provide assurance for the board that the ORSA met relevant regulatory requirements, a gap analysis against market best practice and clear recommendations for improvement
The background
Our client, a personal lines insurer, had recently completed a change of ownership and had an aggressive growth plan. They were keen to ensure that their ORSA process was robust enough to manage the changing risk profile of the growing business effectively.
Our solution
- We engaged early with our client whilst they were still performing their ORSA process and provided insights on key regulatory expectations, guidance on market best practice, and an independent assessment of the key areas of change in the business.
- We provided feedback on the draft ORSA report, using traffic light approach to clearly illustrate key strengths and weaknesses.
- We provided clear, prioritised recommendations for future improvement, with practical examples of how to address these.
The results
We provided assurance for the board that the ORSA met relevant regulatory requirements, a gap analysis against market best practice and clear recommendations for improvement.
