Insurance Agenda - Issue 1, 2017
Global Insurance CFO Survey
In 2016, we conducted our largest-ever survey of CFOs and finance leaders in the insurance sector to share their views on business and finance priorities, vision for their operating models and perspective on the challenges in obtaining that vision.
They also discussed the importance of technology and people and the ongoing quest for greater efficiency. Four themes emerged from our research:
- CFOs are key drivers of growth
The insurance industry operates in an extremely challenging economic environment. Achieving growth is an imperative for nearly all survey participants this year. CFOs will be key to the implementation of growth strategies leveraging the potential of digital, new segments, new markets, optimisation and restructuring.
- Providing better insight is by far the top finance priority for CFOs
Providing better insight to improve business decision- making is by far the top finance priority for CFOs. The finance function must play its part in supporting the business imperatives providing clear, insightful and timely analysis and being a better business partner.
- New accounting standards will require compliance that’s highly efficient
New insurance accounting standards are coming. Now is the time to work on the efficiency of the finance framework, also by using new technologies, in order to be ready and flexible to minimise the impacts of the future accounting change projects.
- Finance operating models must consider data, technology and people issues
CFOs will have wider responsibilities through 2020 and their target Finance Operating Model needs to reflect on Data, Technology and People. Integrating data sources, implementing new technologies to automate basic processes and upskilling talent are the key to achieve finance goals through 2020.
For more information, contact a member of the EY Oceania Insurance team:
Grant Peters – Oceania Insurance Leader