United Kingdom

Details

  • Industry: Financial Services, Insurance, Insurance Finance Transformation
  • Type: Business and industry issue
  • Date: 26/03/2012

The business case for Insurance Finance Transformation 

Over the last five years, the finance functions of almost every major UK Life Insurance company have been investing in change at a level never seen before. The current phase of change is dominated by Solvency II, which has crystallised a number of long-standing issues and challenges in these finance functions.
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Contact

Paul Bishop

Insurance Finance

Transformation Leader

 

0780 261 4970

paul.bishop@kpmg.co.uk

These issues and challenges can no longer be ignored as regulators, markets, rating agencies and other key stakeholders increase the pressure for faster, more reliable and significantly larger volumes of financial information than ever before.

 

At the same time there is the constant pressure on CFOs to reduce operational costs, with investment budgets a scarce commodity for support functions

 

In this article we explore these issues and offer our view on how to frame the business case for change.

 

For those insurers who look to transform their finance function there are substantial benefits to be gained.

 

From our experience, with a number of clients, we know there are some clear financial benefits, with the potential to:

 

  • reduce finance operational costs by up to 30%;  and
  • reduce significantly, capital reserves, through reduced operational risk.

 

But arguably the biggest benefit is mitigating the risk associated with poor financial information both internally and externally.

 

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