Dynamic Planning Framework for Insurance Companies

Dynamic Planning Framework for Insurance Companies

Global Insurance Services

Forensic & Litigation Consulting | Insurance

October 28, 2020

The calamitous events of 2020 have shown that insurance companies must evolve beyond customary long-term planning in order to stay competitive. The ecosystem in which individual insurers operate is changing too rapidly; impacted by traditional and emerging macro forces that are increasing the severity and uncertainty of outcomes.

What is Dynamic Planning?

Dynamic Planning (DP) represents a paradigm shift from traditional business planning. DP is an AI-assisted planning and decision support framework controlled through an easy-to-use dashboard that enables users to:

  • Enter business objectives and plans
  • Leverage Public Cloud Services, and gather risk-based, demographic and other data from data providers
  • Perform and rank forward-looking “what if” scenario analyses comparing various outcomes in rank order
  • Perform DP at different frequencies and time horizons
  • Assess the impact of DP scenarios on financial performance
  • Modify objectives and plans as needed

Implementing DP

  • FTI Consulting’s Global Insurance Services practice can deliver DP as a service through collaboration with clients
  • Perform a high-level review to confirm that business objectives and plans are aligned, and that operational performance metrics are in place
  • Determine what intelligence data is available and required
  • Develop “what if” scenario models based on plans and intelligence on hand and retrieved
  • Execute DP and discuss any adjustments required to the outcome options provided by DP scenarios
  • Review operational performance outcomes with client

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Key Contact

Wendy Shapss

Senior Managing Director, Co-Leader of Insurance Services