With significant regulatory, accounting and actuarial changes in the horizon, many forward-looking insurers are thinking about how they might use these changes as the catalyst to transform their finance function to become a better business partner and drive value for their organization.
In today's complex and highly and highly competitive insurance markets, finance and actuarial functions often stick out as the "poor relation" of the insurance back office. With underinvested systems, bolted together following a history of acquisitions, maintained by the information technology (IT) equivalent of duct tape and chicken wire, many functions struggle to achieve their daily and quarterly objectives.
At a handful of insurance organizations, however, these functions are no longer the poor relation but are positions of the beating heart of the organization - the source of inspiration, leading practices and invaluable insights that drive growth and operational efficiency. These finance functions are actively improving the health of insurers' balance sheets and powering exciting new ventures and future growth.
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