You’re the CFO of a growing insurance company. And in a fast-moving world, the cogs of your brain never stop turning.
TOP 3 CHALLENGES
FOR TODAY’S CFO
Macro pressures on the insurance industry are making more work for finance. It’s your job to be bold and lead the way forward. But can you keep up with the growing demands of the world around you?
In challenging times like these, there’s a lot for you to think about.
Being head of finance is all about striking a balance. Driving innovation while staying on budget. Making brave decisions but keeping your head. Stimulating growth without losing control. To achieve your objectives, you must address three key priorities.
YOUR PRIORITIES, IN ORDER
FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 1793553
By empowering people and processes across the insurance life cycle, you can improve both the customer experience and your margins.
Your insurance business, covered
say the top reason to go digital is differentiation.**
For enterprise technology finance leaders, the top 3 investment priorities are:
invest in payments technology to improve the customer experience.***
The bottom line has long been your top concern. But since the pandemic, it’s even more urgent to drive down costs and redirect investment to pressing challenges. The only answer is total digital transformation.
With end-to-end automation, you’ll not only reduce manual tasks and errors but also help improve resilience and reduce cybersecurity risk. By consolidating systems, you’ll spend less on maintenance. And by outsourcing more IT and business processes, you’ll increase efficiency and scale. All adding up to greater cost optimization.
Optimize operating costs
Digitize more processes
Free up budgets
Improve business performance
Increase operational efficiency
Regulation contributes heavily to your costs. With both the IFRS 17 and LDTI accounting standards demanding major IT investment and ESG requirements emerging, the trick is to look beyond checking the box and start turning compliance into a competitive advantage.
Automate repeatable reporting processes and improve governance to reduce costs and error. Make data easier to access, audit and track through digitization. Integrate reported results with pricing to increase sales. Then see how going the extra mile can help you better manage your whole business.
Advance your tech
New innovations in insurance technology give consumers a tempting alternative to traditional services by removing friction from payments and personalizing the customer experience. But does your firm have the specialized skills to be a digital disruptor?
In an industry that’s been held back by inefficiencies and outdated systems, there’s a dearth of experts in cloud, process automation, cybersecurity and data science. To maximize your investment in digitization, you need a tech partner you can trust, with talent as well as tools.
By streamlining your operations, adding value to compliance and accessing the right digital skills, your firm can optimize costs, get more from investment in technology and achieve competitive advantage.
There's a way forward.
DON’T WORRY. THERE’S A WAY FORWARD
Support technology with talent
Get expert support
Data and analytics
YOU’RE WORRYING ABOUT:
of insurance companies plan to make digital enhancements.*
Releasing capital for innovation
How can you improve efficiency in your function to reduce cost and have more cash for innovation?
There’s so much data, how do you make actionable insights from it?
Making smart decisions
How do you stay ahead of payment innovation, with growing markets and customer expectations changing?
Having flexible payment options
WHAT’S KEEPING YOU UP AT NIGHT?
Risk management and regulatory compliance
Fraud and cyber crime
Lack of digital talent
Ability to turn data into meaningful insights
Ability to support new financial products
Cost pressure/Need to reduce OpEx
You're not alone
Insurance finance leaders are facing similar challenges across the board. They are prioritizing investment in:
Data and analytics
With the goals of: Driving business growth, reducing fraud risk and improving cash visibility.
Driving efficiency and control
How can you automate the insurance life cycle to drive growth?
As ESG climbs the board agenda, how do you keep regulatory costs down?
Managing risk and compliance
How do you deliver the fast, flexible and personalized digital services your customers demand?
Select your answer below...
Compete through compliance
*Capgemini – World Insurance Report 2021
**Forrester – Predictions 2022: Insurance
***FIS Readiness Report 2021