In today’s global business environment, insurance executives, particularly Finance leaders, face continuous pressure to drive business results, deliver increasingly complex financial reports and comply with new and ever-changing regulatory requirements.
2012 WeiserMazars Insurance Finance Leadership Study
Reviewing the performance of peers and comparing oneself to that benchmark is a powerful tool that leaders can use to identify performance gaps within both the Finance department and the broader organization.
The WeiserMazars 2012 Insurance Finance Leadership Study focuses on the Finance team's level of technological preparedness, its relationship with the business, and its relationship to the Board of Directors as related to risk management and overall effectiveness. Our targeted questions were answered by a cross-section of insurance industry CFOs.
Some of our Key Topics concluded that:
- Companies that close their books faster work fewer hours.
- More than twice as many CFOs at High Performing companies have a positive relationship with Technology vs. those at Low Performing companies (82% vs. 40%).
- 50% of CFOs believe legacy systems significantly impact the quality of data and substantially limit the introduction of new technologies. Over 30% of CFOs reported that at least a $10 million investment is required to shore up the technology infrastructure.
- Most CFOs reported that excessive manual efforts are required to perform routine functions and that their companies are under too much regulatory burden.
- Successful insurance companies’ Boards of Directors are busy with Hot Topics.
- While the Insurance Industry is still behind others with respect to Outsourcing and Sourcing Alternatives (i.e. Shared Service Models), some companies are pursuing and implementing them.
- CFOs have been pushing for a seat at the business table for some time. They have tried to position themselves as a valued strategic partner to the business. However, the Finance team’s time continues to be dominated by transaction and regulatory activities.
If you would like to discuss the Study and the ways that our firm can help your Finance department achieve excellence, improve your IT infrastructure and reduce your closing period, or would like to request a hard copy sent to you please do not hesitate to contact us.
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