July 15-17, 2025, 12:00-4:00pm ET
This course introduces, defines, and discusses the financial planning and forecasting process. Participants will review a generic financial planning and forecasting model and learn basic concepts of planning and forecasting premiums, losses, and expenses based on an understanding of each key driver. A template of the model will be provided.
Who Should Attend: Individuals responsible for accounting, reporting, and analysis of monthly results: financial analysts within business operational areas such as marketing, claims, and operations; also management level positions seeking to introduce or improve the existing financial reporting, planning, forecasting, and analysis process
Prerequisites and Advance Preparation: No advance preparation is required. This seminar is presented assuming a basic understanding of the P&C business and its financial reporting. We suggest that those who need this knowledge attend the one-day Overview of Statutory Financial Reporting seminar or, for a more thorough discussion, the Accounting and Financial Reporting seminar.
Program Level: Intermediate
Field of Study: Accounting
NASBA Revision Date: March 2024
- Identify the key components and steps in the financial planning and analysis process
- List the components and drivers of written and earned premium, losses incurred, and expenses
- Develop a premium plan and forecast using policy counts and average premium
- Develop a losses incurred plan and forecast using claim counts and average claim amounts
- Develop an expense plan and forecast using fixed and variable expenses and departmental expenses by type
- Identify key financial planning process considerations and use these to develop or improve a financial planning process
- Recognize organizational considerations that may impact the effectiveness of the financial planning process
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