Addressing the issue of high operating costs in the insurance and financial services fields often comes down to how technology is being deployed to cut expenses. In a recent report, “The Finance Function in Financial Services,” the management and technology consulting firm BearingPoint surveyed chief financial officers on their views on how to drive transformation within their organizations.

Gil Mermelstein, managing director in BearingPoint's management consulting practice, relates the overhaul of legacy systems and systems for the core operations of the company are viewed as critical factors by the finance side.

“Financial services organizations must continue to find ways to improve performance and reduce costs,” says Mermelstein. “[Companies] are looking to their CFOs for leadership in gaining and maintaining competitive advantage. Legacy systems are obstacles to change.”

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