Life Insurance Forecasting Process
This Life Insurer, in collaboration with Practicus, has been able to satisfy the new financial forecasting requirements mandated by its parent company.
Following its acquisition, this Life Insurer needed to adopt its parent company’s requirement for long-term forecasting. Existing forecasting processes and excel-based models were not reliant or consistent enough to accurately forecast 10 years in to the future. They were also labour intensive with excessive manual interventions, handoffs and multiple transfers of data. To overcome the challenge, Practicus supported the design and delivery of new forecasting processes and systems.
Practicus defined the scope and advised on appropriate project governance. Using its knowledge of the client as well as best practice methods, Practicus inputted to project phases including:
- Conceptual Design phase including design principles and high level objectives
- High Level Business Requirements phase including functional and non-function requirements for the new forecasting process and system. A high level solution design was also crafted
- Detailed Requirements phase delivering technical requirements that would inform the detailed solution and Development phase of the project
Through the delivery of the comprehensive Detailed Requirements Document and solution design, our client is on track to develop and roll out a fully integrated, robust and well controlled forecasting model. The system has been designed to fulfil our client’s requirements for fast, accurate and reliable planning, and ultimately its parent company’s requirements for consistent forecasting ability across its group.