EY Global Insurance CFO Survey Discussed
Ernst & Young Ltd. recently hosted an Insurance Finance Executive Roundtable at its office in Bermuda, to discuss the largest-ever EY Global Insurance CFO Survey. The participants shared their views on business drivers and finance priorities, their vision for the target operating models and their perspectives on the challenges in obtaining that vision.
“We were excited to host the leaders of Bermuda’s largest insurance and reinsurance companies to discuss key areas that are important to their business currently and in the future,” said David Brown, BBC Region Insurance Leader. “It was helpful to hear their insights on the business and effectively using data and technology.”
The EY survey found that this year, CFOs will be key to implementing growth strategies that leverage the potential of digital and new markets. The CFO respondents noted that top finance priorities include providing better insight for improved decision making, integrating data sources, implementing new technologies and upskilling talent.
“This year’s survey reflected more synergies at a global level then seen in our prior survey,” noted Sandy Sposato, Partner, Ernst & Young LLP and the Americas Insurance Finance Transformation Leader “Reviewing the results with the CFOs and finance leaders provided an opportunity for them to validate their priorities, challenges, and focus areas.”
The group also explored the current M&A outlook, in a discussion led by the Insurance Financial and Accounting and Advisory Services Leader ofErnst & Young LLP, Dana D’Amelio. Participants brought up compelling reasons for large-scale insurance consolidation, including challenges in protecting and improving margins, achieving cost efficiencies and investing in future technologies.
The group in Bermuda wrapped up the roundtable with a dialogue on accounting changes to U.S. GAAP and IFRS and how these changes will impact companies, including insurance contracts, revenue recognition and the new credit impairment standards.
The full report is below [PDF here]
