Organisations are navigating a digital future that is far more connected than the past. Insurance leaders understand the need to modernise their finance function to help achieve growth and strategic objectives. In doing so, this should enable organisations 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 organisations on their transformation journey.
Three considerations when modernising 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 organisation 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 standardise it.
3. Identify routes to action and conditions for success
Finance leaders should take the time to set the foundations of transformation and understand 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. The more engaged finance professionals are in the project, the more value the organisation will get out of the investment in the long run.
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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 realise the full potential of their people and technology, and working together to achieve successful transformation.
Contact us to learn more about how KPMG can help you successfully transform your finance function.