There are significant trends putting pressure on insurers to undertake major transformation programs. The recovering (yet still weak) economies and poor investment returns have intensified competition in the developed countries, and have led to insurers increasing their focus and presence in emerging markets. New players are entering the industry and the lines of demarcation among insurers, reinsurers, capital markets and banking are blurring. Regulatory compliance requirements are more strict and intrusive. New and more powerful technology solutions are now available and leading insurers are starting to use them. These trends are putting pressure on all insurers to transform their business. But what lies ahead for insurance Finance and Accounting (F&A) organizations? Can they shift from being viewed as a “bean counting” unit to being one that provides competitive advantage? How can forward thinking CFOs take the lead in transformational thinking? (For a good definition of transformational thinking vs. legacy thinking, see my first blog.)

Challenges in Insurance Finance and Accounting (F&A)

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