2024 ValAct Meeting - Session 1F: Financial Planning & Analysis – Challenges, trends, and looking ahead 8.26.24 Recording

Financial Planning & Analysis ('FP&A') is a critical function for management of an insurance company. As insurers move beyond compliance with regulatory and accounting changes, many have started to shift focus to enhancing strategic functions such as FP&A. Traditionally, complex asset-liability model runs, across baseline and sensitivity scenarios, along with the iterative nature of FP&A, create significant drag on production of plan and forecast results leading enormous time and effort expenditure, as well as results that are stale by the time production is complete. Many insurers have expressed desire for major improvements to methodology and processes to enable faster, top-down, 'what if' analysis, but most have yet to identify a clear and executable path forward. This session will consist of an interactive panel discussion bringing together FP&A leads across the industry to discuss: 1. Operating model for the FP&A function 2. Metrics, objectives, and use 3. Process, approach, and methodology 4. Pain points and future state goals By attending the session, you will learn: - Different perspectives around what FP&A is used for (e.g., strategic planning, performance measurement, management compensation, liquidity management, etc.) and why - Challenges leaders have faced and how they are being addressing - How recent regulatory, accounting, and technological change has impacted the FP&A function - Objectives for various organizations around both new analytics for business management, efficient production of forecast results, and potential for faster 'top down' forecasting