Nearly two-thirds of CFOs from large and midsize life insurers recognize the need to improve their financial modeling, according to “Life Insurance CFO Survey,” conducted by Towers Watson.
The survey explored financial modeling issues for life insurers, including model governance, business priorities and how insurers use financial models, Towers Watson said. Asked how satisfied they are with the timeliness of their models’ results, 13 percent said “extremely satisfied,” 17 percent said “not at all,” and 91 percent “expressed uneasiness” regarding the amount of time required to interpret model results before they could act on the information, Towers Watson said. Half said they get results back within one week, 41 percent said within a month, and 9 percent said more than a month.
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