A.M. BestTV: Emerging Demands Reshaping Insurance Chief Financial Officer’s Role, Says IASA Panel

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OLDWICK - JUNE 11, 2018 03:09 PM (EDT)
In this ^A.M.BestTV episode from the Insurance Accounting & Systems Association Conference (IASA) in Nashville, TN, a panel of finance experts said insurance chief financial officers’ (CFO) responsibilities are expanding into areas formerly considered outside their scope. Click on http://www.ambest.com/v.asp?v=iasa3618 to view the entire program.

“I think today there are so many more non-financial demands on CFOs than ever before,” said Marcia Jerding, audit partner, Johnson Lambert. “These demands come from a variety of reasons, since there is increasing stress in the insurance industry. Some of these constant stresses are the speed of technological change, the changing demands of customers and their expectations or the ever-changing landscape and regulatory compliance. CFOs are really challenged now to have a very different skill set.”

Tom Wheeland, partner, BKD, said he believes one of the biggest challenges CFOs face today is responding appropriately to tax reform.

“All of that data will be an advantage to the company that can better understand, process and convert that data to either better products or use it for quicker response time for policyholders,” said Wheeland. “Some of the changes in investment taxation really are causing CFOs and investment officers to look at their portfolio mix and try to determine how to use those tax reform changes to make modifications to their portfolios so as to enhance yield.”

For full video coverage of the IASA Conference, including exclusive executive interviews, visit http://www.ambest.tv/iasa18 .

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