Imagine a future in which finance can monitor business performance in real time and provide results to stakeholders as and when they need them. Imagine closing the books in two days and fully explaining what drove the results. And identifying profitable customer segments and guiding sales to those customers, or scanning the horizon, preparing contingency plans to address the impact of things like market volatility. In essence, imagine the business benefits of having a finance function that provides timely, actionable insight and is a key partner to strategic decision making.
Our view is that this future is possible today, and that modernised insurers with this capability will significantly outperform their peers. IFRS 17, if looked at as more than merely a compliance requirement, provides the business case to start building this finance function of the future now.