The client, their challenge
A Guernsey-based prominent insurance manager operating as captive manager needed assistance to support their accounting function as they were having difficulty replacing departing local employees in a timely manner.
The captive manager was interested in the model that the Professional Services Outsourcing (PSO) unit had successfully built for other clients in the captive insurance space. The assignment was initially structured as a short pilot to give comfort to the captive manager, with one Full Time Employee (FTE) assigned to the mandate.
After a successful completion of the pilot phase, the captive manager renewed the contract into a full-term mandate, at which time PSO resources travelled to the office of the captive manager to ensure proper knowledge transfer, at no extra cost. Over the past four years, the mandate has grown to six FTEs working on a dedicated basis, with a relationship manager overseeing the operations on behalf of the captive manager whilst ensuring sufficient overlap with the UK time zone.
The PSO team is currently assisting with the following tasks:
- Preparation of management accounts and full set of financial statements
- Preparation of accounts pack
- Preparation of GFSC solvency workings
- Updating the accounting software for client entities
- Updating cashbook for client entities
- Payment process assistance
- Bespoke and ad hoc tasks
Whenever a member of staff resigns in the local team of the captive manager, the vacant position is systematically filled at the level of the PSO team, by either sending more work to the PSO team or recruiting additional resources in the PSO team. The captive manager sees the PSO team as a true extension of their local team.
The PSO team is in regular discussion with the captive manager on potential improvements as well as transferring additional tasks. With the strong knowledge base that has been developed by the team in Mauritius, the captive manager foresees growing the PSO team beyond six FTEs in the medium term, aligning with their business expansion strategy.