MANAGEMENT CONSULTING

We have operated and specialized in the Insurance Industry for decades and have developed unique insight and specific knowledge accordingly. You are able to leverage our knowledge of industry best practices, creative and effective solutions, and significant industry connections to further your own goals.

Some of the services we provide include:

  1. Chief Agency Management Services. These include Board oversight, management operations, underwriting and claims management, financial recording and reporting, and regulatory filing and compliance.
    • Board Oversight. We have the ability to develop strategies and policies on behalf of our clients including: Risk management for the Canadian Operations, Monitoring and complying with Corporate Governance, establishing policies and procedures to monitor and manage Canadian Operations, ensure that Own Self Risks Assessments are conducted regularly.
    • Management of Operations. Comply with all the necessary Regulatory and Industry reporting requirements and develop action plans to address noncompliance issues. We act on behalf of clients to address Regulatory and Legislative requirements, which include: Corporate Policies, Rate Filings, Custody and Stewardship of Investments in Canada, Responding to legislative and regulatory issues on behalf of Canadian Operations, Secure all independent reports to support the solvency and compliance of its operations in Canada, monitor qualified Assets in Canada ensuring they meet the obligations of the branch operations in Canada, and coordinate necessary independent consultants reports to validate the assets and liabilities to meet the obligations in Canada.
    • Underwriting and Claims Management. Verify that all lines of business authorized to underwrite and conducted within the Federal and Provincial requirements.  Ensure that all claims reported or incurred are documented in the reference files and are adequately reserved and settled within the terms and conditions of the policy wordings and legislative compliance. We maintain all records and reports to verify the business activities of the Canadian Operations.
    • Financial  Recording & Reporting. We ensure that all financial activities are recorded and reported in accordance with financial reporting standards, verify data integrity and accuracy of all activities, prepare all necessary reports to substantiate the activities of the Branch Operations, file all reports with the regulatory and industry bodies as required, prepare all other relevant reports including cash management, capital planning, quarterly filings.  SRC will proactively monitor and review the Returns and Instructions issued by OSFI and develop required transaction changes to ensure timely and accurate completion of the regulatory returns, including actuarial reports and filings.
    • Regulatory. Ensure that the Canadian Operations comply with all applicable Acts, Regulations, Guidelines and Advisories issued by the Office of the Superintendent of Financial Institutions that apply to Federally Regulated Financial Institutions. This includes capital adequacy, prudential limits, sound business practices, compliance, filing of Corporate Information returns, financial statements, and data requests.SRC will interact with OSFI Supervisory Practices as they apply their Framework in assessing the safety and soundness of the Canadian Operations. We will also monitor and review new position papers and guidance released by OSFI, interpret the impact on the Canadian Operation,s and develop compliance strategies.
  2. Proprietary Industry Study Creation. SRC has conducted and created numerous proprietary industry studies for various partners in clients. All used for integral decision making and strategy implementation. Two primary areas of study include:
    • Underwriting: We undertake numerous special studies for our clients within the underwriting department. SRC reviews underwriting practices, pricing policies, contract and other document verbiage, risk evaluations, related documentation, actuary reports, and portfolio assessments.
    • Claims: We review and analyse Claims, paid and outstanding, to ensure accuracy and integrity, conduct audits to ensure best practices and documentation, evaluate policies and procedures for documenting and reporting of claims and filing regulatory reports, test assumptions and projections, review reinsurance treaties.
  3. Strategy and Planning Services. SRC provides guidance in short and long term planning including new product launch, corporate direction, risk management, capacity and solvency/capital adequacy.

Contact us today to see what type of custom strategies and plans can be developed and implemented for your Management Consulting needs!

CONTACT US TODAY

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TOP REASONS TO CHOOSE SRC

  • Industry Professionals working with Industry Professionals

  • Our focus is on developing long standing relationships

  • Your success is our success

  • All solutions are customized for your specific needs

  • Our referrals speak volumes of our success 

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