Finance Transformation for P&C Insurers

FINANCE TRANSFORMATION FOR PROPERTY AND CASUALTY INSURERS

Finance leadership for property and casualty insurers

Statutory close, expense ratio and multi-entity reporting for carriers, reciprocal exchanges and managing general agents whose book has outgrown the finance function built at licensing.

Consultgenix works with the CFO, controller or COO on the finance problems that arrive with growth. A quarterly close that takes three weeks. An expense ratio that will not move. A reciprocal whose exchange, attorney in fact and MGA do not reconcile cleanly. A book that doubled through takeouts on a process built for a quarter of the volume. The work is hands on, it is run by one senior operator who has done it inside a $5 billion carrier and across 17 markets, and it is scoped to a fixed outcome before it starts.

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The problems Consultgenix takes on

Statutory close and reporting

Cut the days between period end and a signed statutory statement. Fix the chart of accounts to statutory mapping, the ceded premium and reinsurance accounting, and the manual reconciliations sitting between the policy system and the general ledger.

Expense ratio

Find the twenty percent that is not earning its place. Headcount, vendors, systems and the cost of every close, measured against premium, with a plan the board can hold you to.

Reciprocal, MGA and fronting structures

Two or three sets of books that have to tie to one reported result: the exchange, the attorney in fact, the MGA or program administrator. Fee reconciliation, intercompany, subscriber surplus, and the reporting the regulator and the rating agency each expect.

Finance operations that scale

Shared services, nearshore accounting in Latin America, planning and reporting tools such as Workday Adaptive Planning and Power BI, and a finance team sized for the book you will have next year rather than the one you were licensed with.

Proof

Kemper. Led FP&A and finance transformation across a $5 billion property and casualty portfolio. Delivered $55 million in operational savings, $35 million from a real estate portfolio analysis and $20 million from portfolio and process work. Implemented Workday Adaptive Planning and Power BI and cut reporting time by 35%.

AIG. Ran finance for a $900 million consumer property and casualty book across 17 Latin American markets. Reduced general operating expense 22% under a group mandate to cut $1.6 billion of expense. Led the finance workstream through the 2016 divestiture of six country operations to Fairfax Financial, and built the shared service centre and centre of excellence in Bogota.

Consultgenix. Sixteen engagements since 2018 covering finance function assessment, operating model redesign, ERP and EPM implementation and reporting rationalisation, including private equity backed companies between $10 million and $50 million in revenue.

How an engagement works

1. A 30-minute call. You describe the problem, the number you need to move and what has already been tried. If the fit is wrong, you hear it on the call.

2. The Finance Function Diagnostic. A fixed-scope review of your close, reporting stack, cost base and entity structure, delivered as a written findings report and a ranked list of changes with the day or dollar impact of each. Scope and fee are agreed on the call, before any work starts.

3. The engagement. Either a fractional CFO retainer or a defined project with a named outcome, a start date and an end date. Most clients start with one change from the diagnostic list, not all of them.

Work outside insurance

Consultgenix also works with owner-led companies outside insurance on the same three problems: financial visibility, cost, and the reporting behind them. If that is you, the diagnostic is the same conversation.

Who runs the work

Derrek Space, founder. Twenty years in finance leadership across insurance, healthcare and financial services, including Kemper, AIG, Aetna and CVS Health, PwC and Lehman Brothers. MBA in Accounting and Finance from the University of Connecticut. Fluent in English, Spanish and French. Based in Coral Gables, Florida.

Request a 30-Minute Business Diagnostic

Bring the number that is bothering you. You leave the call with a view on whether it is a process problem, a structure problem or a people problem, and what the first fix would be.