The landscape in which the global insurance industry operates has altered dramatically and the pace of change continues to accelerate. For many insurers the finance function is at the heart of these changes. KPMG firms have helped insurers globally realize significant benefits from investing in their Finance function including, achieving greater efficiencies with cost reductions of 44%, improving alignment of business reporting, and reducing risk of financial misstatement.
For decades insurers have underinvested in finance and have ‘coped’ by implementing short-term solutions. Most have now reached a stage where incremental change will not work and the fundamental underlying issues around data and systems, model, processes, reporting and people must be addressed. We have summarized the issues, the risks of inaction, and the benefits of change below.
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KPMG’s Finance Transformation program addresses the industry challenges holistically. The secret is to help ensure the changes required to systems, processes and people are not just about compliance, but offer real competitive advantage.