Insurance

COST-EFFECTIVE SOLUTIONS FOR UNIQUE CHALLENGES

BDO is the industry leader in providing assurance, tax and advisory services to insurance companies across the Canadian midmarket. Through the BDO IT Solutions practice, this includes technology advisory, implementation and managed services.

BDO IT Solutions takes an advisory-first approach to working with the full gamut of insurance companies,  helping to align technology strategies with the overall objectives of the business well before specific technology solutions are ever brought to the forefront.

Whether you are trying to address regulatory, risk, innovation or growth-oriented challenges, BDO IT Solutions will help your organization achieve your business objectives while at the same time ensuring that you are able to maximize the return from every investment in technology.

ALLEVIATE MARGIN, CAPITAL AND LIQUIDITY PRESSURES

Develop Cost-Effective Systems Integration Strategies

  • The more an insurance company can extend the shelf life of its existing investments in technology, the better. BDO IT Solutions can assist your organization in identifying the critical systems and data sources that can be tied together seamlessly to satisfy today’s complex technology requirements.

Leverage Significant Savings via the Cloud

  • Today’s cloud computing infrastructure finally provides the opportunity to securely leverage significant external technology capacity and capability, allowing your organization to invest more time in its core business. BDO IT Solutions can help customize a priority-based plan for your unique environment.

Define Prioritized IT Rationalization Plans

  • The reality is that the availability of funds for technology investments will continue to dwindle as competitive pressures mount. BDO IT Solutions can work with your team to develop short-, medium- and long-term plans to do more with less when it comes to technology and innovation initiatives.

ADHERE TO INCREASING REGULATORY COMPLIANCE REQUIREMENTS

Business Process Review Assistance

  • IFRS and other compliance initiatives associated with the insurance industry often require a sanity check of your existing business processes. BDO IT Solutions can provide valuable insight into the processes and best practices that align with these regulatory requirements.

Refine Data Warehousing & Data Reporting Capabilities

  • Organized, consolidated data is a critical variable within the reporting process associated with the latest insurance industry regulations. BDO IT Solutions can help evaluate both the existing format and accuracy of your existing data to ensure that you are prepared for these revised reporting requirements accordingly.

Modernize Systems that Generate Critical Data

  • The relevance and accuracy of your financial information is only as good as the systems that generate the related data. BDO IT Solutions will work with your team to assess every source of data and recommend system improvements as necessary.

MANAGE RISK ACROSS YOUR ORGANIZATION MORE EFFECTIVELY

Effectively Leverage Corporate Performance Management Software

  • Manual approaches to searching for data, consolidating results and compiling reports are not the most effective use of your valuable personnel resources. BDO IT Solutions can help you identify the optimal solution to fully automate these rudimentary tasks.

Introduce Predictive Analytics Models to Improve Business Decisions

  • Analyzing historical information to correct a course of action is useful, but BDO IT Solutions can leverage today’s leading-edge analytics to assess future “what if” scenarios within the insurance industry that will help your organization make proactive decisions based on your existing data.

Upgrade Fraud & Security Strategies across Your Organization

  • The risks associated with cybersecurity, IT governance and third-party access to information have increased significantly over the past few years. BDO’s Technology Risk & Security professionals can assist your organization with developing a comprehensive strategy to minimize these critical risks.

Talk to the Financial Services Expert

Tom Mawhinney

Partner

Tom leads the Financial Services practice for BDO IT Solutions and brings to the role more than 25 years of professional experience advising and consulting to midmarket and enterprise clients within this industry. With a concerted focus on efficiency and prioritization, Tom works with closely with companies to identify opportunities to maximize the return from every technology investment.

Talk to Expert or Call (647) 559-1307