Finance

Planning, Budgeting, and Forecasting for Insurance

Anaplan
Insurance companies need flexibility and agility in the planning process to keep up with changing regulations and operating models. Anaplan’s Planning, Budgeting, and Forecasting for Insurance app allows you to quickly create, model, and adjust driver-based budgets and simulations for an underwriting P&L.

Information

Business Function
FinancePlanning, Budgeting and ForecastingPremium Modeling
Industry
Insurance
App Last Updated
Size
906 MB
Language
English
Terms & Conditions

App stats

Modules
68
Roles
3
Formulas
435
Reports
28
Complexity
Advanced

Why Anaplan for Planning, Budgeting, and Forecasting for Insurance?

Plan across the entire P&L underwriting, from premiums, claims, commissions, reinsurance, and other expenses, all the way to the underwriting result. Pre-configured driver-based modeling and calculations, dashboards, charts, and analyses are provided to help you get started faster.
Driver-based planning and forecasting of P&L underwriting, leveraging agile ways to calculate using seasonality, profiles, or trends from historical data and flexible modeling across entity structures, lines of business, products, and distribution channels.
Anaplan’s platform updates data in real time, speeding up the planning, budgeting, and forecasting process, and allowing you to connect your financial planning model with other insurance models while providing a high degree of collaboration between entities and lines of business.

Features

What's new
Top-down and bottom-up planning
  • Dynamically cascade targets by key dimensions to align plan, budget, and forecast
  • Improve collaboration and reduce iterations with bottom-up forecasts while viewing targets
Premium modeling and forecasting
  • Use premium modeling to separate new business revenues from renewal revenues
  • Driver-based forecasting of the premium revenues, net of reinsurance
Claims, commissions, and expenses forecasting
  • Automated claims modeling, leveraging actuarial loss assumptions by loss types and inflation assumptions
  • Automated calculation of commissions, net of reinsurance, based on trading assumptions
  • Expense planning segregating expense types, based on historical trends
  • Automated calculation of deferred acquisition costs based on a categorization of expenses and historical trends
Versions and scenarios
  • Centralized control to ensure forecast versions are consistent company-wide, with the ability to view multiple versions for comparison
  • Create unlimited scenarios for proactive, comparative insight and better choices
Flexible, user-owned business rules
  • Simple, real-language formula creation—no coding required
  • Drag and drop for different hierarchy rollups, add new currencies, change chart of accounts, update business rules with no dependence or burden on IT
Simulations and “what-ifs”
  • Easily create “what-if” scenarios on-the-fly—for example, moving a product from one line of business hierarchy to another
  • Compare two versions of data on-the-fly with multiple versions of forecasts
Audit trail
  • Track and review history of versions, scenarios, and user activity
Reporting and dashboards
  • Entity-level reports that feature the underwriting P&L by lines of business and products
  • Use variance analysis reports to compare top-down targets versus bottom-up forecasts, two versions of a forecast, or actuals versus forecasts
  • View group-level and group summary reports that feature the underwriting P&L by entities, lines of business, and products
Microsoft Office integration
  • Microsoft Office add-ins for seamless plan and report export to Excel® workbooks, and PowerPoint® presentations
  • Enter budget offline via Excel add-in, accurately and automatically pushing back into Anaplan with one click
Integrated business planning
  • Integrate planning on one common platform across Finance, Risk, Actuarial, Sales, Operations, and HR

What's new

October 7, 2016
  • Target settings features:
  • Long-range premium revenue and underwriting result targets (e.g., one, three, five years), cascaded across entities and products for top-down alignment
  • Target plans can be compared with bottom-up forecasts and variance can be analyzed

  • Planning and forecasting features:
  • Premium modeling segregating new business and renewal revenues, supporting a driver-based forecasting process of premium revenues, net of reinsurance
  • Automated claims modeling, leveraging actuarial loss assumptions by loss types and inflation assumptions
  • Automated calculations of commissions and their reinsured part, based on trending assumptions
  • Expenses planning segregating expense types, based on historical trends
  • Automated calculation of deferred acquisition costs, based on a categorization of expenses and historical trends

  • “What-if“ scenario features:
  • Unlimited “what-if” scenarios for proactive insight and better choices for immediate and longer-term impact
  • Rolling forecasts and ability to handle multiple versions of forecasts, using “copy version” that allows comparison of two data scenarios on-the-fly
  • Simulation scenarios reflecting data model changes (moving a product from one line of business hierarchy to another) with real-time impact reporting

  • Reporting and Dashboard features:
  • Entity-level reports featuring the underwriting P&L by lines of business and products
  • Variance analysis reports at entity level comparing targets (top-down) versus forecasts (bottom-up), two versions of the forecast, or the actuals versus forecasts
  • Group-level reports featuring the underwriting P&L by entity, line of business, and products, as well as a group summary report

Terms and conditions

Anaplan

Application Terms and Conditions: BY CLICKING TO PROCEED WITH DOWNLOAD OF THE APPLICATION, YOU ACKNOWLEDGE THAT THE TERMS BELOW SHALL GOVERN YOUR ACCESS AND USE OF THE APPLICATION. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS, DO NOT CLICK TO PROCEED. THIS APPLICATION IS NOT PROVIDED BY ANAPLAN, INC. AND THESE TERMS ARE NOT OFFERED BY ANAPLAN UNLESS ANAPLAN IS NAMED AS THE PROVIDER ON THE DOWNLOAD PAGE. USE OF THIS APPLICATION REQUIRES A VALID SUBSCRIPTION TO THE ANAPLAN HOSTED SERVICE, WHICH IS ONLY AVAILABLE THROUGH A SEPARATE AGREEMENT BETWEEN YOU AND ANAPLAN. Application Provider. The application named on the download page of the Anaplan App Hub (the “Application”) is provided by the party named on the download page (the “Application Provider”). Anaplan, Inc. (“Anaplan”) is not the Application Provider unless named as such on the download page. Terms and Conditions. This agreement (the “Terms”) contains the terms and conditions governing your use of the Application unless you have separately agreed to other terms with the Application Provider. These Terms are entered into solely between you and the Application Provider and shall become effective upon your download, access or use of the Application. Anaplan is not a party to these Terms unless it is the Application Provider. Grant of Rights; Anaplan Agreement. The Application Provider hereby grants you the nonexclusive, nontransferrable, nonsublicensable right to use the Application solely in connection with your authorized use of the Anaplan hosted service (the “Anaplan Service”). Your right to use the Application does not include the right to use the Anaplan Service, which requires a separate agreement between you and Anaplan (an “Anaplan Agreement”). You are not permitted to copy or redistribute the Application, but you may load the Application into your instance of the Anaplan Service and modify the Application in connection with your permitted use of the Anaplan Service. Evaluation and Production Use. Your right to access and use the Application is provided on a temporary basis and is limited to evaluation use for a thirty (30) day period beginning on the date of download (“Evaluation Period”). If your subscription under the Anaplan Agreement includes the right to use the Anaplan Service for the use cases covered by the Application, then you may use the Application for production purposes after the Evaluation Period, or earlier if the Application Provider agrees. If you do not have an Anaplan Agreement that includes your right to use the Anaplan Service for the use cases covered by the Application, then your right to access and use the Application will automatically terminate at the end of the Evaluation Period without notice from the Application Provider or Anaplan. Reservation of Rights. The Application contains valuable intellectual property rights of the Application Provider and you are not permitted to use or exploit such intellectual property rights except as explicitly permitted in these Terms. The Application Provider reserves all right, title and interest in the Application except for the rights explicitly granted to you in these Terms. Your right to use the Application will terminate immediately upon any breach of these Terms by you, or upon the termination or expiration of your Anaplan Agreement. Either party may terminate these Terms at any time in its discretion by providing the other party with notice, at which time your right to access and use the Application will terminate immediately.

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