Welcome to the Global Insurance CFO Survey 2017. Over the last 12 months, we conducted our largest-ever survey of CFOs and finance leaders in the insurance sector. They shared their views on business and finance priorities, their vision for their operating models and their perspective on the challenges in obtaining that vision. They also discussed the importance of technology and people and their ongoing quest for greater efficiency.
Respondents included 58 CFOs across the globe: 38% from the Americas, 43% from EMEIA and 19% from Asia-Pacific. Companies with less than $10b in total revenue represent slightly more than half of respondents, while companies with more than $20b in revenue represent slightly more than a quarter.
The insurance industry operates in an extremely challenging economic environment. Achieving growth is an imperative for nearly all survey participants this year. CFOs will be key to the implementation of growth strategies leveraging the potential of digital, new segments, new markets, optimization and restructuring.
Providing better insight to improve business decisionmaking is by far the top finance priority for CFOs. The finance function must play its part in supporting the business imperatives providing clear, insightful and timely analysis and being a better business partner.
New insurance accounting standards are coming. Now is the time to work on the efficiency of the finance framework, also by using new technologies, in order to be ready and flexible to minimize the impacts of the future accounting change projects.
CFOs will have wider responsibilities through 2020 and their target Finance Operating Model needs to reflect on Data, Technology and People. Integrating data sources, implementing new technologies to automate basic processes and upskilling talent are the key to achieve finance goals through 2020.
To explore these themes, and analyse the top four business drivers for insurers, download the full report by clicking here or on the link below.