Dynamic Planning Framework for Insurance Companies

Global Insurance Services

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