Insurance

Function:

Analytics, Scenario Planning

Products:

Workday Adaptive Planning

Business ChallengeChallenge

A nationally recognized health insurance company with more than 550,000 members needed to reinvent its approach to analyzing business performance. This was as a result of sweeping regulations, fluctuating premiums, and other factors. They also wanted to be able to make decisions that would promote corporate growth.
Unfortunately, the insurer was still relying on spreadsheets and lacked an easy-to-use interface through which all stakeholders could understand the company’s financial performance. They also had a complex cost allocations process. Lastly, they needed the capability to analyze markets, products and operations at a more detailed level.

Solution

Workday Adaptive Planning has enabled this health insurance company to move beyond spreadsheets to drill into company and overall market performance data, helping the insurer to make quick adjustments and remain competitive in a fast-moving marketplace.

Results

The company can now do market benchmarking and analysis in minutes instead of weeks. Workday Adaptive Planning has enabled them to transform a top-down FP&A approach to a bottom-up strategy with deeper performance visibility and accountability across the business. Workday Adaptive Planning gives the health insurance company faster strategic decision-making through ‘what-if’ scenarios with automatic updates and rollups to the corporate level.