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.