PricewaterhouseCoopers (PwC) undertook two finance-driven surveys designed to better understand the challenges facing insurance-company CFOs in corporate decision making and strategy. The surveys found that top-performing insurance companies were the ones that found ways to successfully align their key performance indicators (KPIs) with their critical business activities, internal accountability and employee compensation.
Still, many insurers struggle to develop the right set of KPIs and find themselves handcuffed by poor information technology management that cannot cope with increasing volumes of financial and non-financial information. As a result, these insurers cannot come to grips with effective KPI data governance in order to take a more holistic approach to corporate performance management.
This issue of Insurance Review discusses the results of the surveys and offers suggestions on selecting the most appropriate and pertinent KPIs. It also provides information on the conversion to International Financial Reporting Standards (IFRS) as it pertains to the insurance industry, as well as an update on GST developments.