PWC AND ORACLE
What ’ s more , as a recent PwC survey indicates , CFOs are having to adapt and drive modernisation across the sector . As Bowers puts it : “ Leading organisations are investing in insurance software platforms to digitise front-end policy and claim-administration processes , and that has a direct tie-in with finance . Insurers have been very slow to modernise across their platforms , starting with policy and claim systems but also the finance and actuarial areas .
“ But on the P & C side , we ’ ve seen increased modernisation as it relates to customer engagement , as well as buying patterns such as enabling customers to easily bundle products together .
“ Today , insurance industry CFOs are no longer looking just at the general ledger . The general ledger doesn ’ t have the data necessary to facilitate the insights that CFOs need .
“ In the legacy world of Enterprise Resource Planning ( ERP ), many insurance companies used the ERP as a ‘ catch-all ’ and the centre of their finance architecture . As Oracle has expanded its products , insurers are now selecting multiple components such as domain specific data warehouses , Accounting rules engines , SaaS ERP , SaaS Enterprise Performance Management ( EPM ), and other additional capabilities , such as Human Capital Management ( HCM ) or Configure-Price-Quote ( CPQ ), to enable more holistic end-to-end architectures that provide expansive data capabilities , better data integration , efficiencies and even costreduction opportunities .”
For Oracle ’ s Chopra , the shift to modernisation for CFOs comes as a continuation of overcoming International Financial Reporting Standard 17 ( IFRS- 17 ) insurance contract regulations , which
54 February 2024