Dynamic Planning Framework for Insurance Companies
Global Insurance Services
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October 28, 2020
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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
Related Insights
Related Information
Published
October 28, 2020
Key Contacts
Senior Managing Director, Co-Leader of Insurance Services