Asia: CFOs can support growth imperative by providing better insight - EY
Source: Asia Insurance Review | Apr 2017
Insurance CFOs see themselves playing a major role in supporting the business growth imperative by providing clear, insightful and timely analysis, according to an EY survey of 58 global insurance CFOs, of which a fifth were from Asia.
In the survey, 74% of CFOs named providing better insight (including faster, relevant and integrated financial analysis) as top finance priority facing their organisations through 2020. Aligning finance, risk and actuarial information takes second spot with 48%, followed by the 47% saying achieving efficiency through process simplification and automation. At the same time, 41% cite fast and secure reporting as a key requirement for providing timely insight, and 33% say implementing regulatory and financial requirements is a top concern.
EY also noted that Asia-Pac insurers have put relatively high importance on the implementation of new regulatory and financial requirements linked to recent changes in the regulatory framework.
To help CFOs provide such clearer and more insightful analysis and become better business partners, Asia Insurance Review’s 11th Asian Insurance CFO Summit 2017 returns on 23 to 25 May 2017 to Hong Kong, with the theme “Back to Basics for the Insurance CFO: Creating, Transforming & Realising Value”.
Have the basics shifted? What new skillsets must CFOs have? How do CFOs prioritise the allocation of resources and assess risks when the carpet keeps being pulled out from their feet? What are the technical requirements in the IFRS 17 era? The 11th Asian Insurance CFO Summit will look at these key questions with a basic approach to the business to stay afloat and be sustainable in the long term despite monumental changes.