Digitalization and regulation are two of today’s main drivers of change in the insurance market that are impacting the CFO agenda.
Digitalization significantly changes the environment for insurers and the way they operate. The CFO role must adapt to these changes, which are driven by the rise in business intelligence and the evolution of financial management. Today, a CFO has to take on many new roles.
Even after the initial application of a regulation(e.g., Solvency II) and its impact on insurance companies, it remains a major topic, and not only for the CFO. Besides European ongoing initiatives, national as well as international requirements are increasing, putting additional pressure on an insurance company’s business, its organization and processes.
Those who must comply with International Financial Accounting Standards face the further development and implementation of insurance specific standards (i.e., IFRS 9 and 17).
BearingPoint supports its clients in successfully and efficiently responding to the requirements set out by digitalization and regulation, including organization and processes. Information technology will become even more critical than it is today. BearingPoint helps clients enhance integrated architectures and implement suites (e.g., SAP HANA and Insurance Analyzer). Targeting improved efficiency and quality, new sourcing concepts and innovative approaches such as robotics will be part of the solution.
The implementation of requirements should mean striving for returns. Regulatory management should not be understood simply as “being legally compliant.” Regulatory management also addresses the benefits and synergies of complying with regulation.