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Insurance CFOs need to play a different role, PwC report says

CFOs need to model underlying business drivers, predict what will happen and prescribe what should happen, not just analyze historical data, says a new report from PwC.

By Rosalie L. Donlon | Updated on January 21, 2016

Insurance companies, like other businesses around the world, are continually fine-tuning their operating models and data-gathering. They understand the need to adapt to the shifting business landscape and exponential pace of change. Each business unit has to contribute to the company’s overall strategy, and that includes the finance function.

According to a new report from professional services giant PricewaterhouseCoopers, “Stepping into the Cockpit: Redefining finance’s role in the digital age,” the role of the finance department is changing from a steward of historical data, analyzing what happened and why, to a forward-looking trusted adviser and business partner. The finance team can show its value by predicitng what will happen, and prescribe what should happen to meet strategic and operational business metrics.

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