L&G needed to ensure full compliance with IFRS17 whilst modernising their approach to data and driving innovation. The challenge involved not only bringing together disparate data sources but also establishing a resilient operating model with proper governance, IT controls, and senior leadership oversight that could support long-term strategic objectives beyond immediate regulatory requirements.
The Aim
Achieve full IFRS17 compliance, modernise data practices, and foster innovation through an integrated enterprise data solution. The aim was to consolidate finance, actuarial, and customer contract data whilst building a resilient Data Operations model that could automate workflows, accelerate analytics pipeline creation, and support strategic, tactical, and operational workflows.
Challenges
L&G knew regulatory compliance was mandatory, but the transformation represented an opportunity to modernise data capabilities and drive long-term value. During the programme, the team faced significant integration and operational challenges:
- Regulatory compliance imperative: IFRS17 statutory changes required L&G to centralise finance, actuarial, and customer contract data into a single enterprise solution, with full compliance non-negotiable and timelines fixed.
- Disparate data sources and integration complexity: The organisation needed to integrate diverse data sources including millions of individual insurance contracts, transactional data, financial systems, and actuarial model files, each with different formats and quality standards.
- Lack of resilient operating model: Without a proper Data Operations model, the organisation couldn’t efficiently create data and analytics pipelines, automate workflows, or deliver analytics solutions at the pace required by the business.
- Governance and controls gaps: The existing approach lacked the IT controls, governance framework, and senior leadership oversight needed to support strategic, tactical, and operational workflows whilst managing risk and ensuring data quality.
These combined challenges meant L&G needed both immediate compliance delivery and long-term operational transformation, signalling the need for a comprehensive cloud data platform and modern operating model.
Strategic Solutions
Analytics8 partnered with L&G to deliver an integrated data platform and resilient operating model, addressing both regulatory compliance and long-term modernisation objectives.
- Comprehensive strategy with short and long-term objectives. We developed a detailed strategy plan that considered both immediate IFRS17 compliance requirements and long-term objectives for data modernisation and innovation, ensuring the solution would deliver sustained value.
- Modern cloud data platform implementation. We implemented a cloud data platform to integrate millions of individual insurance contracts, financial systems, and actuarial model files into a single enterprise solution, bringing together disparate data sources.
- Data Operations model. We created a fully realised Data Operations model to speed up the creation of data and analytics pipelines, automate workflows, and deliver analytics solutions more effectively across the organisation.
- Future-state operating model with governance. We designed an operating model that incorporated IT controls, governance, and senior leadership oversight to support strategic, tactical, and operational workflows, ensuring proper risk management and decision-making.
- Strategic roadmap for continued evolution. We developed a strategic roadmap to expand data services adoption and technology maturity based on evolving business needs, ensuring long-term value from the investment beyond initial compliance requirements.
Technologies: Cloud data platform, automated workflow systems, Data Operations framework.
Results
L&G’s data platform and operating model transformation achieved regulatory compliance whilst establishing foundations for long-term innovation, including:
- Full IFRS17 compliance achieved: The integrated platform successfully brought all finance, actuarial, and customer contract data into a single, cohesive solution, including millions of customer contracts, transactional and long-range granular forecast datasets.
- Enhanced operational resilience: The detailed strategy plan and new operating model enhanced the long-term resilience of data processes, with IT controls and governance enabling strategic, tactical, and operational workflows with senior leadership oversight.
- Accelerated analytics delivery: By automating workflows and streamlining data and analytics pipelines, the business could deliver analytics solutions more effectively, impacting 100+ users and core business functions.
From compliance requirement to strategic capability: Modern cloud platform and Data Operations model transformed regulatory mandate into opportunity for innovation, with resilient operating model supporting continued evolution of data services adoption and technology maturity based on business needs.