The insurance industry isn’t keen to adopting technology, but inevitable change will prompt a digital transformation. Read this article to learn about the main challenges impacting the landscape.

Four core digital challenges facing the insurance industry

The COVID-19 pandemic has posed challenges to all organizations around the globe, including the insurance market. Data analytics can help companies to manage the crisis and capitalize on the rebound. Establishing a data analytics strategy is not only helpful given the current climate, but it can play a significant part in helping with sustainable growth moving forward out of the crisis.

Leveraging data analytics to manage through crisis and capitalize on the rebound

Understand the data challenges faced by the insurance industry today and create a data strategy. Examples include customer expectation, competition and technology advancements.

Unlocking the value of your insurance organization’s data

Phil is a principal within Baker Tilly Digital. He helps financial services clients assess their digital/growth strategy for alignment with corporate vision and capabilities, improve their operating models through process/technology design and implementation projects, enable successful migration to the cloud (e.g., AWS, MS Azure) for improved performance and cost savings, and modernize data management solutions and utilization approaches for companies throughout the financial services sector.

Phil is a principal in Baker Tilly Digital and has more than 12 years of experience providing valuable insights and service to clients in the financial services industry.

Bachelor of Science in accounting and economics

Works with various organizations to assess digital strategy, process and technology design and implementation projects, and modernizing data management and utilization approaches

Acts as strategic and project management lead on a variety of projects for financial services clients

Assisted various organizations with agile transformation, including process mapping and a heightened focus on improving the customer experience (CX), through an empathy led/human-centered design process

Works with small and large entities (from pre-revenue startups to over $500 billion in assets) spanning various financial services sectors, as well as private/stock, mutuals and publicly traded companies

Prior to joining Baker Tilly, Phil held positions with a leading management consulting firm focusing on enabling the delivery digital initiatives, aligning strategic vision with implementation, enterprise risk management, operational efficiency and improvement, digital transformation and human-centered design solutions (e.g., Design Thinking)

Insurance Accounting and Systems Association (IASA)

Information Systems Audit and Control Association (ISACA)

Don’t be the next institution to face reputational damage and negative community impact or regulatory scrutiny and fines from BSA/AML violations. With the increasing regulatory focus and the ever-changing landscape of financial crimes, now is the time to revisit your transaction monitoring and compliance processes and systems. Whether done manually, using an automated system, or a combination of both, transaction monitoring efforts are time-consuming and expensive, yet critical to the safety and soundness of your institution and the communities you serve.   Many organizations struggle finding the right solutions to transaction monitoring. It can feel daunting to determine if your current system is the right system, cost-effective, and most importantly flexible enough to keep up with the risk landscape. And that’s just the beginning – once you have selected the right solution for your institution, establishing processes and managing change are critical to receiving the return on investment.   Join us to hear Baker Tilly’s BSA /AML, risk and change management specialists walk through the steps to choosing the right system for your organization, taking into consideration your unique organizational dynamics, concerns and needs.  Learning objectives:  Learn the key features, pros and cons of a sound automated transaction monitoring system  Review tips on conducting a thorough vendor analysis, provide best practices and proactive solutions to common issues during implementation   Evaluate organizational readiness impacts and review change management best practices for driving support, adoption and utilization   Showcase the importance of a model validation, governance around system changes and periodic tuning for effective and efficient alert triage  Discuss ways to ensure your institution has the appropriate system in place based on your unique risk profile and internal resources

Phil Schmoyer

Location

Philadelphia, PA

Education

Expertise

Phil's latest insights

Four core digital challenges facing the insurance industry

Leveraging data analytics to manage through crisis and capitalize on the rebound

Unlocking the value of your insurance organization’s data

Phil's upcoming events

Webinar

Overcoming the challenges with anti-money laundering (AML) transaction monitoring systems: A Compliance+ webinar