2024 SOA ImpACT Conference - Session 4M: Navigating the Future: Transformative Strategies in Life Insurance FP&A 10.29.24 Recording

As companies strive to remain competitive in today's dynamic marketplace, the role of Financial Planning & Analysis (FP&A) has evolved significantly. It has transitioned from a purely operational function to a strategic imperative. This is most apparent in the life insurance sector, where complex regulatory changes and technological advancements are reshaping traditional practices. In this session, we will delve into the critical aspects of modernizing FP&A within the life insurance industry, exploring key challenges, emerging trends, and best practices. Key areas of discussion include: - Navigating Different Regulatory Frameworks: Companies have to navigate different regulatory lenses for various purposes including budgeting, capital management, rating agencies review, etc. The implementation of regulatory frameworks such as IFRS 17, LDTI, and Principles-Based Reserves (PBR), and the recent trend in establishing Bermuda entities has significant implications for financial reporting and capital management in the life insurance sector. We will discuss how companies can explore strategies for compliance and adaptation within the FP&A process. - Strategic Planning and Resource Allocation: Companies are faced with higher expectations to guide both internal and external parties on the financial impact of their plans. A comprehensive exploration enabled by advanced analytics is critical for communicating, prioritizing, and allocating a company's resources on transactions, product development, and capital management. Our panel will explore how strategic planning has advanced in recent years, providing insights into effective approaches for aligning strategic objectives with financial resources. - Technological Advancements: The rapid pace of technological innovation has opened new possibilities for FP&A, offering advanced modeling techniques and data analytics capabilities. However, many organizations face challenges in harnessing these technologies effectively. This session will examine the role of technology in modernizing FP&A and highlight best practices for implementation. Key Learning Outcomes: By attending this session, participants will gain: - Strategies for aligning strategic planning with resource allocation and effectively communicating financial impacts to internal and external stakeholders. - An understanding of the current state of FP&A within the life insurance industry, including emerging trends and challenges. - Insight into the implications of regulatory and technological advancements on FP&A processes and functions. - Best practices for leveraging technology to enhance FP&A capabilities and drive strategic decision-making.