FINANCE LEADERSHIP BEST PRACTICES: HOW INSURERS ACHIEVE COMPETITIVE ADVANTAGE BY MIGRATING THE BACK OFFICE TO THE CLOUD

Sponsored by Workday
DATE: TUESDAY, MARCH 10, 2020
TIME: 2:00 PM ET
DURATION: 1 HOUR

Webinar Summary

Even as insurers introduce mobile apps so that customers can stay current on the status of claims, many insurance companies' finance and back-office departments still manage their own data with outdated software and systems.

Rather than relying exclusively on internal colleagues to evaluate alternatives, finance leaders at insurance companies are seeking outside expertise from third-party services firms. Besides determining whether to augment or replace software, finance leaders are working closely with services firms to give finance and back-office departments access to software and data through the cloud. Like their counterparts in other departments such as human resources, finance leaders have come to recognize that compared to on-premise systems, cloud-based software offers greater portability, ease of access, and security. 

For insurers in particular, cloud-based software is especially valuable in enabling finance teams to manage payments of claims and refunds to customers as easily as customers can view claims on their phones. An insurance company that can expedite payments and refunds electronically has a significant advantage over competitors that continue to require customers to incur the risks of awaiting checks in the mail.

During this webinar, we will provide a roadmap for finance leaders at insurers that are looking to migrate back-office systems to the cloud. We will discuss:

  • Why insurers, after years of deploying on-premise, back-office systems, are now pursuing cloud-based alternatives,
  • Which key criteria finance leaders, in consultation with internal colleagues and external services firms, should consider as they determine whether to replace or augment back-office systems,
  • What organizational and technological obstacles finance leaders at insurers need to overcome to ensure a smooth transition of back-office systems to the cloud, and
  • How moving back-office systems to the cloud enables insurers to improve customer satisfaction and achieve competitive advantage by streamlining accounts payable and other essential finance processes.

About the Speakers

Samantha Chow, Senior Analyst, Aite Group
 

Samantha Chow, a senior analyst with Aite Group, specializes in the life and annuities industry. She has more than 15 years of experience with primary and secondary market research, product development, pricing strategies, competitive intelligence, project management, process improvement, and change management in financial services.
Greg Donaldson, Senior Analyst, Aite Group
 

Greg Donaldson is a senior analyst with Aite Group's property and casualty (P&C) insurance practice. He has more than 25 years of experience working with property claims, injury claims, underwriting, sales, training, and analytics in the P&C and life insurance industry. With a focus on the relationship between technology and the P&C insurance industry, Greg examines topics that include the role of telematics in the commercial insurance market and the impact of blockchain methods within the insurance industry.
Jay Sarzen, Senior Analyst, Aite Group
 

Jay Sarzen is a senior analyst with Aite Group's P&C insurance practice. Has has more than 15 years of experience with delivering strategic advice to a wide variety of clients, primarily in financial services. He focuses on innovations in the P&C insurance value chain by examining topics such as how new entrants are disrupting traditional distribution channels and how technology is altering underwriting and claims operations.
Michael Trilli, Research Director, Aite Group
 

Michael Trilli is the research director for Aite Group's insurance practice, which encompasses P&C, life, and health insurance. Michael specializes in commercial and consumer healthcare payment innovations for the employer benefits industry, as well as providers and payers. He has 15 years of experience with product management, strategic partnerships, market research, and business strategy in the financial services and payments industries.
Jim Gahagan, Principal Product Marketing Manager, Financial Services, Workday
 
Jim Gahagan serves as principal product marketing manager for financial services for Workday, where he has global responsibility for the company's marketing strategy for financial services. With more than 30 years of managerial and consulting experience in the management of financial and information systems, Jim is skilled in the effective use of information technology to solve complex business problems, particularly within large financial services organizations.

About the Moderator

Joe Fleischer, Editorial Director, Finance Channel, Argyle Executive Forum
 
In his role as finance channel editorial director with Argyle Executive Forum, Joe Fleischer focuses on developing webinars on topics that reflect the primary concerns and priorities of senior finance executives. He is based in New York.
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Fields of Study: Information Technology
Level: Intermediate
Prerequisite: None
Advance Preparation: None required
Delivery Method: Group Internet-based
Recommended CPE Credit(s): 1

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