The insurance coverage firm CFO’s position is altering at excessive velocity. Insurance coverage CFOs have lengthy been liable for producing the numbers and managing expertise prices. However our new analysis exhibits that CFOs should not solely pushing the boundaries of automation, they’re more and more harnessing knowledge to reinforce evaluation and generate insights.
We discovered that CFOs are additionally wanting past the borders of the finance operate, proposing and shaping enterprise fashions all through the enterprise. And, in lots of circumstances, they’re main the cost in deciding learn how to put money into digital, guiding their group into the following part of worthwhile development.
We surveyed lots of of CFOs and up-and-coming finance professionals and interviewed leaders from high international firms throughout a number of industries to uncover CFOs’ ambitions, priorities and the challenges they confront.
We discovered that for the Insurance coverage CFOs surveyed they’re being requested to:
Create extra income streams;
Handle down whole prices;
Share insights throughout enterprise features;
Advise the CEO;
Enhance danger and compliance;
Improve enterprise worth; and
Steward the digitalization of the complete enterprise.
This presents a giant alternative for insurance coverage CFOs. Prior to now, some insurers hesitated earlier than leaping into digitalization, and this restricted the worth they may acquire from knowledge. But when the CFO defines the financial mannequin in assist of funding, and demonstrates an actual dedication to alter, it makes digitalization extra achievable.
Digitalization received’t be simple. To assist their organizations make wanted modifications, CFOs ought to come to grips with new expertise and take possession of information throughout the enterprise. The recruitment and retention of expertise is one other advanced subject needing consideration.
One encouraging signal is that almost half (45 p.c) of insurance coverage CFOs surveyed as a part of “The CFO Reimagined: from driving worth to constructing the digital enterprise” research mentioned that perception into new applied sciences is a key requirement for his or her position. That was greater than in another surveyed. Insurance coverage CFOs are additionally extremely prone to set time apart to discover the affect of disruptive applied sciences on the enterprise. They see this as a rising requirement for his or her position and need to get entangled in expertise initiatives as early as attainable.
Within the subsequent weblog on this sequence, we’ll look in additional element at a key subject going through insurance coverage firm CFOs as they information their firms into the digital future: the possession of information and analytics.
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Click on right here to obtain the complete multi-industry research on the altering position of the CFO.