- Solution overview
Fast-track growth and drive greater impact with intelligent finance transformation
Life and annuity insurance CFOs have a lot on their plate, but there's a path forward
Rapidly evolving regulations. Volatility. Inflation. Supply chain disruption. Geopolitical tensions. Technological advancements. For chief finance officers (CFOs) in the life and annuity insurance business, today's challenges are tough.
But there is a clear path forward: intelligent finance transformation.
The finance and accounting function is the beating heart of any business. So, the business architecture that underpins the function is incredibly important. It links strategy with execution, enabling insurers to deliver for their customers. But new challenges require a new architecture. The old one just won't cut it anymore.
In the past few years, the CFOs of major life insurance companies have had to tackle:
The job of the CFO, then, is to transform the finance architecture to meet these new challenges. Such a transformation entails:
Life and annuity insurance is incredibly complex. It's also a sensitive financial product: meeting customers' needs into their retirement and after their loved ones die. The way CFOs manage finance has a direct impact on the quality of the products and services their customers receive. So, how can CFOs of life and annuity providers in the insurance industry handle all these challenges?
It's not enough for CFOs to try to manage these challenges one by one. Instead, they require a holistic approach. This means transforming the overall business architecture of the finance function to deliver sustainable and intelligent operations that drive growth. This is what will make the finance function into a true strategic partner to the CEO and board of directors in their respective capacities. Genpact's proven consulting framework, process rigor, and operational expertise help clients with opportunity identification, strategy development, and end-to-end transformation that's tailored to finance. Here's how:
The impact of our work to transform finance in life and annuity businesses is clear. Our clients have described:
Our CFO clients in the life and annuity business will also tell you that Genpact's work has enabled them to eliminate burdensome transactional processes and finally serve as a strategic partner to the CEO and board of directors by delivering insights that support major business decisions that push the company in the direction of growth. At Genpact, we help insurers reinvent finance to deliver continuous improvement and delight their customers and policyholders – by delivering whatever they need, whenever they need it, wherever they are.