I am responsible for guiding Acorn’s financial strategy and operations. I try to be quite a commercial CFO, focusing on strategic growth rather than just crunching numbers.
We provide top-tier motor and home insurance to customers often overlooked by mainstream providers. This was the vision of the group CEO, Alan Keating, a brilliant entrepreneur who built a fast-growing business focused on providing insurance to those who might otherwise struggle to obtain it.
One of my proudest achievements has been building the finance function. I was the first qualified accountant to join the business, and six years on our turnover is now approaching £1bn.
It’s crucial for accountants to ensure they don’t spread themselves too thin
We have been experiencing impressive organic growth, averaging about 50% year on year for the past 18-24 months. Managing the increased business has been a welcome challenge. We’ve developed a finance function that’s fit for a business of this size, filled with experienced and intelligent professionals. Watching this team grow and knowing I’ve played a significant role in its development is incredibly fulfilling.
The expanding role of the finance professional is one of the biggest challenges facing us today. Many accountants are now expected to be well versed not only in financials but also in IT, HR, ESG, compliance, internal audit – and more. I do wonder just how far this broadening of responsibilities can go. It can be overwhelming and poses a significant challenge in maintaining deep expertise across such diverse areas. It’s crucial for accountants to continue evolving and adapting, but also to ensure they don’t spread themselves too thin.
Financial services are at the forefront of innovation. Consumers’ needs are evolving, and there is a strong push to ensure they receive genuine value from their financial products. Developments in artificial intelligence, blockchain and fintech will enable consumers to unlock more value from their financial products and allow the providers to introduce innovative, personalised offerings. We’re only just scratching the surface of what’s possible.
Being able to bridge the gap between financial insight and business operations is a key skill
For those starting out in the sector, I’d say immerse yourself in the business as well as the numbers. There are few people who understand both and how one impacts the other. Being able to bridge the gap between financial insight and business operations is a key skill that will set you apart.
As chair of ACCA’s Financial Services Panel, my goal is to harness our extensive, collective knowledge and expertise to contribute to ACCA’s strategy, policy and objectives. Joining the panel was a way for me to give back and contribute my insights from the insurance industry.
