Finance officials at a growing number of insurance companies have been expanding their traditional role and capabilities beyond basic balance sheet stewardship and compliance responsibilities to provide broader strategic decision-making support and advice.
Indeed, the finance function in general is evolving into more of an internal business partnering role to facilitate the development of new products and markets, cost-reduction initiatives, and efforts to achieve appropriate risk-adjusted returns, according to Deloitte's CFO Signals survey.
Business partnering in this context can be defined as the role that finance will assume to both support and challenge insurer initiatives. It is a shift from stewardship to strategic thinking, with finance looking to create value by improving the quality of business decisions while helping realize the highest financial value for a particular initiative at what is considered to be an acceptable level of risk.
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