PwC Indonesia's first survey of CFOs in the Indonesian Insurance industry highlights the priorities of the CFO and the finance function as we move into the next period of development for the industry. Responses, which came from all parts of the Indonesian insurance market, highlighted a number of key themes which will be of interest to all stakeholders.
The coming years represent a period of change and development for the insurance industry. There are expected to be enhancements to regulations both from the perspective of the OJK and the tax authorities. In addition, the introduction of IFRS 17 as a global standard in reporting is presenting both a welcome opportunity and a challenge. Meanwhile, there is a continuing inflow of capital.
We are also seeing initial steps being taken in the industry to enact greater innovation in the design of products and the methods of distribution.