Peter Pearlman is a Director within the Financial Services practice. With more than 24 years of experience in the financial services and insurance industries, he specializes in the areas of operational effectiveness, program/project management, and data privacy/information security. Pete has assisted clients on engagements related to outsourcing of operations, claim processing, premium billing and receipts, regulatory compliance, finance transformation, vendor governance, data analysis, and litigation management.
Pete consistently advises clients on the Fortune 100 list in the insurance and financial services sectors. His experience includes projects where he has interacted with the U.S. Securities and Exchange Commission, Financial Industry Regulatory Authority (FINRA), the U.S. Department of Labor, the National Association of Insurance Commissioners (NAIC), and several states’ Departments of Banking and Insurance.
Select engagement experience includes:
Directed a team on a stabilization effort for the claim payment operations of a Fortune 100 Insurance and Financial Services conglomerate. Success resulted from creating and disseminating standard operating procedures (including detailed process flows), retraining key staff members, hiring and training new staff, and implementing a complete suite of management reports.
Coordinated a team tasked with a redesign of the back office operations of five separate business units of a Fortune 100 financial services firm, which had existed very independently without sharing best practices or achieving economies of scale. The team conducted a current state analysis to identify opportunities for saving and to improve client satisfaction without incurring additional risk. Those opportunities were vetted with the client. Through a formal organizational design process, the team created a future state functional design. The team then led the creation of the implementation plan and designed the capability readiness program to ensure successful implementation.
Provided project management assistance to a multinational financial services firm that sold their healthcare business unit; managed several projects to resolve issues stemming from the sale including: separating the business unit from the clients’ general ledger, preventing the clients’ internal feeds from hitting the general ledger of the new owner, creating a billing mechanism that captured over $70 million in fees for post-transition services provided by the seller to the buyer, and developing accounting procedures that met GAAP and statutory rules to account for expenses related to the business unit that was sold
Served as the privacy subject matter expert in the internal remediation effort for a client who suffered a breach of its 40,000 employees spread over 20 countries; developed a plan to reengineer the human resources processes and operations and to remove all private data from the internal and external workflows; reviewed over 80 internal data flows and 40 external data flows that included employee’s private data; inventoried the data elements and business owners and interviewed vendors to identify any non-essential elements; implemented the various plans to secure the client’s employee’s data