The uncertainty created by the Covid-19 crisis has created a unique set of challenges for insurance companies. These circumstances weren’t foreseen or planned for, including a massive disruption in expected new business, reduced interest rates and investment performance, increase in claims cost, changes in customer outlook, focus shifting towards cutting cost, and consolidating assets.
The severe disruption has rendered even the effective budgets and operating plans obsolete. There has been extreme pressure on financial planning functions to come up with a new approach towards financial planning and performance management.
Budgeting and planning processes have never been an easy task, with lack of critical business insights, inefficient processes, inadequate technological and analytical enhancement, spread of the pandemic had made planning process even more difficult with a sudden and severe disruption to the business environment.
This content focuses on why insurers need to transform their FP&A functions and how this can be achieved.
• Why the role of FP&A is more critical than ever for effective decision making.
• Redefining the focus of the financial planning & analysis function.
• FP&A maturity curve.
• Dimensions of FP&A.
• FP&A outlook for the future.