SIR Webinar: Using Scenario Planning for the Insurance Industry
February 18, 2021
1 pm - 2 pm EST
Using Scenario Planning for the Insurance Industry: The entire insurance industry is in a new and dynamic state of change. Emerging technologies to assess risk, engage customers, process claims, and provide service have forced carriers to evaluate strategies and adjust. Covid-19 has triggered an acceleration in the rate of change as the entire insurance ecosystem has been forced develop new operating procedures and business models. When the rate of change and level of uncertainty calls for new approaches, scenario planning offers a tool to test out new strategies and predict competitor moves.
Scenario Planning is a powerful strategy development tool used to anticipate change. As a decision support tool, scenario planning extrapolates current trends to describe future market conditions. The process generates future states that are based on a best case, a worst case, a normative case, and a disruptive case. Strategies are then developed for each case and components of strategic plans that work across all scenarios are identified and used to build a more robust strategy.
This webinar will introduce the concepts behind scenario planning, when to use it, the key tools used to develop scenarios, and how to build strategies based on the scenarios. With the insurance industry as a test case, we will explore current trends using the STEEP tool, build strategies using the five forces and four corners tools, explore how to incorporate competitors into the planning, and present how to use a probability impact matrix to build monitoring programs.
At the end of the webinar, participants will have a basic background on the scenario planning toolset and how it applies to strategic planning and competitive research.
Erik Glitman, Chief Executive Officer, Fletcher/CSI
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