Chief financial officers at insurance companies struggle with data quality and want more automation in order to speed up the process of closing books, according to EY’s annual survey of these professionals.
Financial, risk and actuarial data currently are siloed at many insurance companies, making it difficult for finance leaders to get a “single version of the truth,” according to survey respondents. More than half of the 58 CFOs that responded to EY’s survey said that the complexity of legacy technology environments is their biggest barrier in realizing their goals for fast, accurate financial reporting. The next-most cited barriers are:
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