How effective is your insurance industry when it comes to financial planning and forecasting?
In recent years market commentators have noted that burdened by the legacy of outmoded processes/technologies and acquisitions, insurance companies are vulnerable to competition from ‘green field’ entrants and non-traditional insurance brands.
To combat this market disruption, it has been suggested that these firms need to improve their forecasting and planning processes to remain agile, so they are able to capitalise on new opportunities and maximise their investment returns.
With this in mind Post – in association with Anaplan – carried out a wide-ranging survey to assess how successful insurance companies are at mitigating factors that might cause delays and/or a deviation in outcomes during financial planning and forecasting periods.
The survey also investigated how dependent firms are in using traditional offerings such as Excel spreadsheets; what progress they have made in breaking down internal silos; and introducing performance scenario-based planning, that combines both top-down and bottom-up modelling.