a.s.r. Life - Risk Management Rationalisation and Optimisation
Summary
a.s.r. Life, led by CEO Philippe Wits, faced significant challenges in the life insurance sector, including maintaining portfolio profitability in a shrinking market while optimising client services. With stringent supervision and a focus on efficiently identifying and monitoring major risks, a.s.r. Life prioritised risk management on their agenda.
Challenge
The main challenge was to enhance the maturity and efficiency of risk management processes amidst cost reduction pressures. The standard approach to implementation was deemed insufficient, necessitating a more robust and customised strategy.
Solution
a.s.r. Life partnered with Securance Into Control to elevate their risk management to a secure and mature level. Securance Into Control swiftly enabled the development of a more efficient internal control framework, surpassing the 50% cost reduction target and achieving compliance with quality standards. By developing the optimised internal control framework in cooperation with the business and integrating it into existing processes, Securance Into Control significantly enhanced the applicability, relevance, and commitment to risk management.
