The insurance industry has experienced tremendous change in the last decade. The need to operate efficiently, comply with new regulations, and meet competitive pressures have all created challenges for the industry. If insurance companies don’t adapt to new technologies, they risk becoming vulnerable to competition from non-traditional insurance brands. One way they can stay ahead is by improving their planning and forecasting process. Replacing outdated systems and traditional planning methods, such as Excel spreadsheets, can help insurance companies stay agile enough to capitalize on new opportunities and maximize their return on investment.
Understanding this challenging landscape facing the insurance industry piqued our curiosity. How effective is the insurance industry when it comes to financial planning and forecasting? To find out, we partnered with Post to survey fifty people from successful insurance companies around the world, and the answers we found proved to be interesting. A few of the highlights:
In response to the question “How satisfied are you with the accuracy of your company’s financial planning, forecasting, and modeling process?” 66% of those surveyed replied neutral, dissatisfied, or not satisfied at all.
79% of those surveyed said that forecasting technology is used to model business plans and workforce some of the time or not at all.
For more insight into the insurance industry’s planning and forecasting processes, check out our Insurance Sector Survey.
To learn more about Anaplan’s work in the insurance sector check out our customer case study and video with Aviva, a multi-national insurer with 31 million customers across 16 countries.