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Global Insurance CFO survey 2014

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Global Insurance CFO survey 2014

In the first half of 2014, EY conducted a survey of 35 global insurance companies, comprising life, non-life and multi-line insurers in 10 leading insurance markets. The survey seeks to understand the issues, challenges and priorities facing finance and actuarial organisations over the next 5 years. Participants included CFOs, senior finance executives, chief accounting officers and corporate controllers.

Survey questions spanned key business priorities, drivers and operating models, benchmarks for headcount and expenses, and trends in shared services and outsourcing programs. The objective was to provide executives with valuable information to gauge their current state and guide implementation activities to respond to future needs.

Our major findings highlight:

  •  Among the most cited business drivers’ facing the organisation through 2020 – Growth was ranked first, followed by Managing Costs/Margin and Regulatory Changes.
  • Two-thirds of the respondents ranked data and technology issues among the top three challenges facing the finance and actuarial departments.
  • Preparing for 2020, the biggest shifts in maturity levels by operating model will be in data management and technology capabilities – from current to future state.
  • Investment in people is also a key priority with CFO’s sighting ‘people’ needing to be the most advanced dimension of their operating model by 2020.
  • Onshore shared services are expected to be highly leveraged across transaction processing functions, with outsourcing selectively targeted at payroll and internal audit.
  • Decision support and controls are expected to account for a larger share of total finance and actuarial headcount in 2020.

We hope you find the results of this survey informative and thought provoking. EY welcomes the opportunity to discuss these findings in more detail, and review potential approaches to improve the finance and actuarial function within your organisation.

James Maher

Insurance, Sector Leader
James's Full Profile




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