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The recent financial crisis has been far reaching. Achieving high performance in this new reality requires the finance function to play a greater role in decision-making and an active approach to driving business value.
The industry has been hit with full force across multiple fronts, including: significant depletion in asset values, lower customer loyalty, slowing business demand, increasing cost ratios, higher incidence of fraudulent claims, reduced credit ratings for some insurers—and tightening regulations for all.
Now—as seen in other industries that have had to innovate to address the challenges of previous economic cycles and competitive threats (for example, global energy, pharmaceuticals, retail and consumer packaged goods)—insurers must accelerate their efficiency efforts while also gaining greater insight into enterprise performance to better steer their businesses through these difficult times.
Industry leaders have already significantly increased their focus on operational efficiency and recognize the need for improved capabilities to assess growth opportunities, customer innovation, product differentiation and distribution. Based on lessons from other industries, those that fail to adopt will likely be consumed by the winning competitors.
Achieving and sustaining high performance requires a new level of operational rigor enabling the finance function to play a much greater role in enterprise-wide decision making and taking an increasingly active approach to driving business value.
Accenture helps CFOs reshape their organizations to address insurance industry imperatives, focusing on the finance mastery agenda and increasing the value they bring to their insurance business. We combine the experience of our dedicated global insurance practice with more than 2,500 professionals committed to the finance and performance management function.
This combination of our insurance industry knowledge and deep finance functional experience—underpinned by our in-depth understanding of enterprise risk management, our enabling tools and technologies and our business services capabilities—helps our clients move their finance organizations forward and ultimately achieve high performance.
Accenture is ready to help you weather the current economic downturn and build operational excellence to meet your needs. And there are a number of different ways in which we can work together to get started and go forward—from simple tactics to rapidly lower costs or address other immediate issues, to broader value-based initiatives that bolster finance capabilities, pursue current and future market opportunities, and ultimately achieve high performance.
Not only do we have an exceptionally strong track record of delivery within prescribed budgets and schedules, we are also willing to explore the right commercial options and working arrangements that optimize the success of finance mastery programs.
The assets that Accenture brings to help insurers throughout their finance mastery journey have been honed through years of proven industry and solution implementation experience. They include:
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