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Are You Ready? Convergence of Financial Services John J. Kollar. Paper Purposes. JK Vision What is YOUR vision of the financial services industry? How should the CAS meet the needs of members and clients in the future marketplace?. Some Comments. Specifics are not that important.

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Are You Ready?

Convergence of Financial Services

John J. Kollar


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Paper Purposes

  • JK Vision

  • What is YOUR vision of the financial services industry?

  • How should the CAS meet the needs of members and clients in the future marketplace?


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Some Comments

  • Specifics are not that important.

  • All risks are not the same.

  • Risk is risk.

  • Beware of tradition!

  • Change


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Some Key Issues

  • Retain good clients

    • package discounts

    • longevity discounts

    • confidentiality of information

    • (client requested financial strength rating

    • comprehensive client financial records

    • integrated financial plan

    • comprehensive financial solutions

  • Homegeneous group of clients

    • better client understanding/advice/service


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Utopia FinanicalPersonal Financial Management Program For John Q. & Mary H. Public Account Information as of March 31, 2022Client Representative: John Doe


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Utopia FinanicalPersonal Financial Management Program For John Q. & Mary H. Public Account Information as of March 31, 2022Client Representative: John Doe


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Utopia FinanicalPersonal Financial Management Program For John Q. & Mary H. Public Account Information as of March 31, 2022Client Representative: John Doe


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Risk Management Pricing

  • Diversity of services/risks

  • risk concentration by client

  • comprehensive client financial information/

    single database

    • multi-disciplinary team

    • cost of capital analysis

    • risk securitization

    • reduced client fraud


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Utopia FinanicalPersonal Financial Management Program For John Q. & Mary H. Public Account Information as of March 31, 2022Client Representative: John Doe

5. Cash flow Management (banking services)

  • Checking

  • bill payment

  • Credit card

  • Debit card

  • product discounts

  • Line of credit

  • Savings


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Utopia FinanicalPersonal Financial Management Program For John Q. & Mary H. Public Account Information as of March 31, 2022Client Representative: John Doe

6. Budget Plan

Debt financing

Cash expenses

Credit cards

Capital development

Home

Career development

College tuition

Premature death

Retirement

Estate planning


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Utopia FinanicalPersonal Financial Management Program For John Q. & Mary H. Public Account Information as of March 31, 2022Client Representative: John Doe


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Utopia FinanicalPersonal Financial Management Program For John Q. & Mary H. Public Account Information as of March 31, 2022Client Representative: John Doe

7. Capital Plans

401(k) savings plan

  • Investment options

    Estate planning

    8. Service Fee - March $1,000


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Making of a Financial Services Company

  • Overlapping services

    • contingent cash flows

    • investments

    • credit

  • Cross-selling of services

  • Responding to customer needs

  • process changes

  • tradition? NO

  • technology


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Making of a Financial Services Company (cont’d)

  • Market segmentation

  • Securitization of risk

    • better risk measurement tools

    • greater standardizataion of different risks

    • basis risk managers

    • risk aggregators

    • reduced insurer capital

    • better margins

  • Mutual insurers


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    Some Observations

    • Small commercial market

    • No fix for heath insurance

      • 24 X 7 (all perils)


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    Some Observations

    • Risk Management/Pricing

      • diversity of services/risk

      • risk concentration by client

      • comprehensive client financial information/single database

      • multi-disciplinary team

      • cost of capital analysis

      • risk securitization

      • reduced client fraud


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    Enterprise Risk Management (ERM)

    • Large commercial risk

    • International

    • Integrated services

      • large commercial banks

      • financial reinsurers

    • Alternative Risk Transfer Mechanisms

      • Self insurance

      • captive insurers

      • pools

      • risk retention groups

      • risk purchasing groups


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    ERM Risk Types

    • Hazard Risk

    • Financial Risk

    • Operational Risk

    • Strategic Risk


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    ERM Process

    • Holistic view of Risk

    • Integrated treatment of risk


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    Meeting Market Needs

    • Skills Acquisitions

    • Market-segment focused

    • Risk integration

    • Beware of tradition!


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