Insurance providers are squarely focused on growth, but to achieve it they must juggle priorities and address challenges. In this blog series we have looked at concerns facing insurers, including complexity, difficulty in integration and ongoing regulatory hurdles. We’ve also explored some key steps insurers can take to help ease all of those challenges—notably, moving toward an enterprise-wide approach to risk and finance, and pursuing new technologies such as cloud and big data.
For some companies, tackling it all will be a tall order.
Luckily, a strong chief financial officer can play a pivotal role in helping insurers manage these many, shifting priorities. Accenture’s High Performance Finance Study, Insurance Report demonstrates the various roles a CFO can play.
The CFO can—and should—lead the charge when it comes to driving toward an enterprise-wide risk and finance function, demonstrating the value to be gained and persuading all stakeholders to back the effort.
The CFO also plays a role in assessing technologies and ensuring strategic value when an insurer is investing in digital tools such as cloud or big data. While they likely won’t be the decision-makers, they do help ensure that an investment will be worthwhile.
On the regulatory front, the CFO’s influence in helping the insurance company manage its compliance burden continues to grow. Among insurers surveyed for this research, 57 percent say that the finance leader’s influence in proactively responding to regulatory changes has increased. Fully 98 percent agree that addressing regulatory and compliance issues is important to their finance function’s performance.
Accenture’s survey has found that, across industries, leading players have strong, influential CFOs backing them. Insurance is no different. By tapping the power of the CFO, insurance providers can move even further on their growth journey.
- Read the Accenture 2014 High Performance Finance Study, Insurance Report
- Read In a Complex Market, Insurers Keep Focus on Growth (Part 1)
- Read Insurers Wrestle with Integration, Complexity and Regulations (Part 2)
- Read The Aspiration: A Single, Enterprise-Wide Finance and Risk Model (Part 3)
- Read Time for Insurers to Tap Cloud and Big Data (Part 4)