Organizations are navigating a digital future that is far more connected than the past. Insurance leaders understand the need to modernize their finance function to help achieve growth and strategic objectives. In doing so, this should enable organizations to develop a stronger, more efficient infrastructure and build finance capabilities to deliver value through strategic direction and operational excellence.
As insurers review growth strategies and develop new business models, leaders are looking to the finance function for insight and advice on how to create and protect value, along with the continued expectation to act as a reliable facilitator of regulatory change and compliance.
Finance transformation should be business-led, technology-enabled and outcomes-oriented. Yet getting there can be a challenge. In this report, KPMG insurance professionals explore the drivers for finance transformation in today’s market, identify the potential opportunities and barriers, and share key considerations to help insurance organizations on their transformation journey.
Insurance transformation: Modernizing the finance function
Many insurers acknowledge the important role that finance plays. Download this report to discover key insights, benefits and considerations to support a successful transformation of the finance function.
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Three considerations when modernizing the insurance finance function
1. Set your vision for change
Articulating a clear vision for the transformation will help drive and guide the journey, ensuring the organization remains aligned and engaged with the scope and governance of the transformation. This should look across the business to identify and quantify where value could be created, and how it will align and contribute to the overall business objectives.
2. Leverage data to drive business insight
Data is one way for Finance to unlock business intelligence and deliver insights and value. Consider the enterprise data requirements – the information needed to deliver value, including the traditional financial data – to identify priority areas and potential areas of risk. The key isn’t just in controlling the data, but the ability to standardize it.
3. Identify routes to action and conditions for success
Finance leaders should take the time to set the foundations of transformation - Don’t underestimate the importance of good change management. A key factor of success in transformation is whether you can bring your people along on the journey. Executive support and buy-in will be critical to securing budget, resources, and collaboration from the business. And the more engaged finance professionals are in the project, the more value the organization will get out of the investment in the long run.
Transformation never stops. Neither do we.
At KPMG we believe transformation starts with people. Our global network of experienced insurance professionals provide clients with deep industry knowledge, actionable insights and implementation expertise, helping to realize the full potential of their people and technology, and working together to achieve successful transformation. Because when people and technology are in harmony great things happen.
Insurance companies should make sure that their business and supporting functions (incl finance) are able to cope with the disruptive changes in the market. With a successful transformation journey they will be able to act like a (finance) business partner again and be future resilient.
Making a world of difference:
KPMG people can make all the difference on your transformation journey. Together we can help you to orient your business around the customer, optimize functions for a new era, manage enterprise risk and regulation for a safer future, rise to a new level of value creation, and create an environment for managing ongoing change.
Contact us to learn more about how KPMG can help you successfully transform your finance function.
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