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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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Presentation Transcript
slide1
Are You Ready?

Convergence of Financial Services

John J. Kollar

paper purposes
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
Some Comments
  • Specifics are not that important.
  • All risks are not the same.
  • Risk is risk.
  • Beware of tradition!
  • Change
some key issues
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
slide5

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

slide6

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

slide7

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

risk management pricing
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
slide9

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
slide10

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

slide11

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

slide12

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

making of a financial services company
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
making of a financial services company cont d
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
some observations
Some Observations
  • Small commercial market
  • No fix for heath insurance
    • 24 X 7 (all perils)
some observations16
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
enterprise risk management erm
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
erm risk types
ERM Risk Types
  • Hazard Risk
  • Financial Risk
  • Operational Risk
  • Strategic Risk
erm process
ERM Process
  • Holistic view of Risk
  • Integrated treatment of risk
meeting market needs
Meeting Market Needs
  • Skills Acquisitions
  • Market-segment focused
  • Risk integration
  • Beware of tradition!