Controlling data within the enterprise

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Different components of this sequence:

  1. Insurance coverage firm CFOs confront digital imperatives
  2. Controlling information throughout the enterprise
  3. Discovering the expertise wanted within the digital period
  4. Setting priorities for a brand new insurance coverage finance operate

Within the first submit on this sequence, we checked out among the general findings of Accenture’s large-scale survey of insurance coverage {industry} CFOs, carried out throughout the context of a multi-industry CFO survey.

We discovered that insurance coverage CFOs have been desperate to tackle the challenges of digitalization. One central concern, nevertheless, is the possession throughout the group of the info wanted for classy analytics and improved decision-making. Insurers have all the time relied on information to evaluate, calculate and switch danger, however now information is turning into a useful resource to create new worth and strengthen processes throughout the current enterprise.

Our analysis signifies that insurance coverage CFOs are taking steps to exert larger management over information throughout the enterprise. Properly over half (57 %) say that finance ought to take a number one position in figuring out and managing management of essentially the most vital information. That is vital greater than in different industries and, in contrast with these in different sectors, they’re extra possible to consider the finance operate because the rightful proprietor of the group’s information. Greater than eight in ten insurance coverage respondents (82 %) are already beginning to take possession on this method, in contrast with 75 % in banking.

This development could also be attributable partially to the standard significance of information in insurance coverage, together with the complexity of accounting throughout the {industry}. The finance operate’s oversight of information can ship the standard and specificity wanted for enterprise decision-making wants, in addition to for industry-specific accounting challenges reminiscent of deferred acquisition prices.

New challenges come up, nevertheless, as insurers search to develop modern enterprise fashions and compete towards {industry} and non-industry rivals. Insurers are combining heritage inside information with new exterior information sources, together with utility programming interfaces, wearable applied sciences, the Web of Issues, and telematics-related “black containers.”

A lot of this information is unstructured, in unfamiliar codecs, or is tough to hint. Finance can oversee that any use of mixed information is carried out successfully and with a deal with enterprise outcomes. In truth, a couple of in three (35 %) respondents to “The CFO Reimagined: from driving worth to constructing the digital enterprise” mentioned the finance operate must be accountable for creating “greatest practices” for combining totally different information units. This development is anticipated to speed up as insurers begin to work with bigger and bigger volumes of exterior information.

Within the subsequent weblog on this sequence, we’ll take a look at one other problem going through insurance coverage CFOs as they shepherd their group’s transfer in direction of digitalization: the necessity for brand spanking new expertise.

To be taught extra:

Click on right here to obtain the complete multi-industry examine on the altering position of the CFO.

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