This report discusses how finance executives within insurance companies have to 'step into the cockpit' and produce more practical and forward-looking information for the enterprise as a whole.
Finance functions within insurance companies have traditionally been the stewards of historical data, analyzing and presenting what happened and why via management dashboards and reports. However, their role is changing rapidly from a backward looking back office function to a forward looking trusted advisor and business partner. Finance functions have the opportunity to predict what will happen and prescribe what should happen to meet strategic and operational business metrics. They 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.