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.
The report suggests that chief financial officers and their teams should be helping develop management “cockpits” that go beyond traditional “dashboards” to model underlying business drivers, predict what is likely to happen under different business and competitive scenarios and develop “what if” simulations to help their business counterparts make mid-course corrections and “in-flight” decisions.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
