A.M. BestTV: Asia Insurance CFOs Role Expands to Meet Regulatory, Technology and Cost Pressures

Business Wire

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.

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^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.