In an increasingly competitive global marketplace, how can insurance companies harness agile financial management to ensure resources are allocated strategically?
What we’ll be covering:
Insurance FP&A teams face a unique set of challenges. Not only do you need to create integrated reports factoring in premiums planning, loss ratios, LAE costs and insurance risk factors, but you also have to account for operational processes such as workforce planning, scenario modelling, profitability analysis and more. So how do you quickly and effectively generate clear, actionable insights?
In our new eGuide, we look at how to solve some of the key challenges facing insurance FP&A teams, including:
- Accounting for fluctuating market conditions with scenario planning
- Consolidating financial and actuarial data from disparate sources
- Integrating additional data into reports: calculating gross written premiums, LAE and acquisition costs, applying ceding ratios and more
- Producing reports quickly and efficiently when faced with tight turnaround times
- Long budgeting and forecasting cycles, meaning reports are quickly out of date
Insurance FP&A teams contend with tight turnaround times and constant pressure to provide effective financial reporting.
Automating processes and harnessing financial technology innovations allow you to build flexible, easy-to-use reports that update with real time data.
Having the ability to react quickly to changing circumstances and efficiently integrate critical insurance drivers in reporting is critical to the success of FP&A teams in today’s insurance landscape. Up-to-date data is necessary to provide the in-depth insight required to ensure teams stay informed and agile – and make the right financial decisions for the business.
In ‘Financial Planning and Analysis for the Insurance Sector’, we explore some of the key ways finance teams in the insurance sector can improve performance, including how to:
- Test the strength and flexibility of a strategy under rapidly changing conditions and multiple variables
- Manage uncertainty by modelling scenarios that depart from the current conditions
- Optimise performance by analysing and monitoring key volume, cost and profitability trends across business lines
- Generate actionable reports that analyse volumes, costs and profitability measures across any dimension and immediately drill into the details
- Reduce planning cycle times by quickly modelling and adapting your financial plans with an easy-to-use global driver library
To find out more, download the eGuide.
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