Growth still key for insurers, despite headwinds

The global insurance industry remains fixated on growth despite the soft market, with improved use of data a key strategy.

Ernst and Young surveyed chief finance officers from 35 global insurance companies and found two thirds ranked achieving growth as their top priority.

Managing costs and responding to regulatory change were the next most important areas of focus.

EY Oceania Insurance Leader Grant Peters says the global insurance industry has shifted toward growth, even while the market has remained soft and highly competitive.

“To meet new competitive pressures and regulatory challenges over the next decade, CFOs increasingly will be called upon to become better business partners and provide more strategic insight and advice, using efficient reporting, enhanced analytics, and the right people and processes in the right locations to help their organisations grow and succeed,” he says.

Most of the surveyed CFOs ranked the use of data as the key challenge and opportunity for achieving their business objectives.

“These global themes are equally relevant in the Australian insurance market,” Peters said.

“Locally we are seeing increasing numbers of insurers identifying improvements in data and analytics as the key to unlocking greater value from their business, across both front and back office functions.”