Costs, security biggest barriers to disruptive tech: Insurer CFOs

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Chief financial officers in the insurance sector recognize the potential for disruptive technologies on their businesses and are leading such digital efforts, but identified cost and security concerns as key obstacles, according to a new report.

Insurance CFOs are more likely than their peers in other industries to say that insight into new technologies is a key requirement for their role, with 45% of insurance sector CFOs expressing this opinion, according to the report published Tuesday by consultancy Accenture.
The report is likely to allocate time to investigate the impact of destructive technologies on the business. Anda They see this as an increasing need for their role and want to participate in technology initiatives as early as possible. ”

Steve Culp, senior executive at Accenture Finance & Risk in Chicago, said in the report that it is interesting that insurance CFOs show more interest in technology-driven new technologies, especially in comparison to other sectors, particularly in banking.

“An explanation may be that the banking sector may be subject to more regulatory changes in recent years,” the report said. ”Insurance companies can open a much-needed innovation after witnessing the deterioration in their industries.“

Insurance CFOs are significantly higher than loans in other sectors. In this report, according to a report by 57% of financial institutions, finance said it should play a leading role in controlling and managing the most critical data. In contrast, the next highest CFO sector, which expressed this view, was consumer goods of 45%.

According to the report, eight out of 10 people responsible for insurance, 82%, began to embrace the database as seen as “crown jewels Rapor of a bank.

According to the report, while information security is another difficulty, an obstacle to the increase of the use of artificial intelligence, block chain and machine learning is the cost associated with such technologies.

Ğin It is more likely to say that the counterparties in the insurance constitute a fundamental obstacle that prevents information security from embracing automation tools to discharge their time, adaki the report said. ”Security concerns are far from applying cloud companies that are the key to digital transformation, kalıy he said.

In addition, Accenture’s research has identified recruitment and skills development skills to carry out advanced analytics provided by additional data and advanced tools as another key issue for the insurance industry. According to the report, 23% of the insured say they are thinking of buying to gain expertise.

Accenture researched 97 insurance professionals from December 2017 to April 2018 and distributed their responses as part of a broader research project in the financial sector on CFOs and digital transformation.

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