OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode at the 12th Asian Insurance Chief Financial Officers (CFO) Summit in Hong Kong, CFOs said that a sharper focus by company leaders on compliance, profitability and technology competition has them handling an expanding array of responsibilities. Click on http://www.ambest.com/v.asp?v=hkcfosummit1518 to view the entire program.
“It is a very big challenge for CFOs today,” said David Alexander, chairman, general insurance council, The Hong Kong Federation of Insurers. “You have to cope with all of these structural changes in the market, as well as prepare accounts to quality standards, which require good set-ups. All of these changes are very challenging for the CFOs, who are also under cost pressures.”
Ila Imani, chief executive officer, Expenzing, said she believes that the role of CFOs is becoming more of a business partner. “Before CFOs were just concerned with running a good financial process and ensuring that all reporting was transparent and accurate. However, now, CFOs are becoming more critical to the chief executive officer and his board because the entire organization depends on regulations, as well as the profitability of the entire operation.”
Jef lacson, chief financial officer, AIG Philippines, Guam and Micronesia, also noted the changes that are taking place in the CFOs’ role. “CFOs are now involved in operations and technology, as well as all of the financial aspects of a company,” he said.
Also appearing in this episode:
- Jonathan Zhao, managing partner and Asia Pacific insurance practice leader, EY; and
- Chris Murphy, commercial director, Euler Hermes.
For full video coverage of the Asian CFO summit, including exclusive executive interviews, visit http://www.ambest.tv/cfo18.
Recent episodes of A.M.BestTV include:
- 2017 Disasters Showed Building Code Soft Spots and Modeling Limits, Says Panel: At the Inland Marine Underwriters Association annual conference, insurance representatives said that in the wake of the 2017 catastrophes, they've learned how construction codes in Texas lag those in Florida and how to deploy claims support personnel across expansive loss regions: http://www.ambest.com/v.asp?v=imua2518.
- French Non-Life Insurers See Improving Rates, Says A.M. Best Analyst: Alex Rafferty, senior financial analyst, A.M. Best, discusses the issues shaping France’s non-life insurance sector's stable market outlook: http://www.ambest.com/v.asp?v=frenchnl_english618.
- Changes in Terror Tactics Force Insurers to Adapt, Say A.M. Best Analysts: Angelo Lozano, financial analyst, and David Blades, senior research analyst, A.M. Best, discuss a new Best's Special Report that examines how insurers are using stress testing, limits and reinsurance to address the changing nature of terror risk: http://www.ambest.com/v.asp?v=tripra518.
- Flood Modeling, Mapping Science Continue to Develop: At the RMS Exceedance 2018 conference, modelers and risk experts say current U.S. flood designations do little to distinguish depth of flooding, and maps draw stark, sometimes inaccurate, distinctions between flood and non-flood regions: http://www.ambest.com/v.asp?v=exceedance5518.
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
