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CFOs play key role in driving change

A large majority of insurers aspire to move to a single, enterprise-wide finance and risk model.

Meanwhile, addressing regulatory compliance issues will remain central to the finance function’s performance. The CFO’s influence in helping the organization to manage its compliance burden continues to grow—57 percent of respondents say that the finance leader’s influence in proactively responding to regulatory changes has increased.

Surveyed insurers are managing cost, but their focus has been and continues to be growth. Finance leaders must maintain cost discipline in the more mature parts of the business, but allow a suspension of this focus for more promising growth opportunities.

The CFO will play an increasing role in driving profitable growth, and also has scope for greater influence over technology decisions as companies ramp up their investment in cloud, big data and analytics.

Insurance companies that allow the CFO to effectively act as value architect will be well placed for success.