Patrick Smyth is a managing director in the financial services advisory practice at PwC, with more than 20 years of insurance and investment management industry experience. He has held management roles in both operations and finance within a Fortune 100 organization.
Smyth assists clients in the following areas:
– Finance Effectiveness/Transformation: Organizational design, process improvement and automation initiatives enabling the finance organization to scale to meet strategic objectives, improve operating and process efficiency, mitigate control weaknesses and optimize the IT environment. Experience includes organizational design to align functions, skills and competencies, improving the close process, IPO readiness, capital efficiency and finance technology.
– Merger Integration: M&A due diligence, valuations, synergy evaluation, deal negotiations and subsequent merger integration.
– Cost Reduction: Cost reduction and cost management assessments and implementation support
– Shared Services and Outsourcing: Sourcing assessment and design initiatives across multiple back-office functions.
With their variety of business strategies and product innovations, financial services organizations often have very complex corporate structures. The mix of regulated operating, distribution, investment, holding and dormant companies – together with various special-purpose vehicles – means that few employees fully know the complexity of an enterprise’s legal entity structure. Generally, management prefers simplicity and […]
Companies should review their use of intercompany reinsurance, through either individual or pooled quota share agreements. If insurance companies (particularly in the property & casualty (P&C) sector and possibly health maintenance organization (HMO) sector) can do this correctly, they can achieve capital and back-office operational efficiencies without disrupting “business-as-usual” front office operations. Inter-company reinsurance efficiency […]
Demands by the board, senior management and business units for more strategic and forward-looking information, together with competitive and regulatory pressures, have intensified the need to modernize insurance company operations, including the finance function, in particular. A modernized finance function that provides internal and external stakeholders insightful and actionable information is critical to an insurer’s […]