Amid the disruption of the economic downturn, the corporate finance function became stronger. That’s just one of the findings of the Accenture 2011 High Performance Finance Study. We found that finance functions did well overall—and that insurance finance functions, in particular, did very well.
There were three key findings from our study:
1. Insurance finance organizations have improved their capabilities and performance. Importantly, alignment between the finance function and top management has improved. For example, three-quarters of C-suite executives reported that they are very satisfied that their finance organization contributes to the larger business strategy.
2. While the insurance finance function has fared well, there are still challenges ahead. For example, regulatory requirements, volatility, talent management and data governance are creating new pressures and increasing complexity.
3. Chief financial officers (CFOs) may have to shift from a cost reduction strategy to a growth agenda. In order to meet the expectations of their internal customers (that is, top management) while increasing value to the enterprise, selective investment may be required.
Over the next two weeks, I’ll continue to highlight the Accenture 2011 High Performance Finance Study. Stay tuned.
To learn more, download Redefining High Performance in the Insurance Finance Function (pdf; opens in a new window).