Cloud-based planning and analysis platform tailored for insurers with capabilities for financial modeling, forecasting, reporting, and scenario planning. Includes insurance-specific metrics, driver-based modeling, and collaborative budgeting tools.
Applications that support budgeting, forecasting, and financial modeling to help insurers plan for future performance and resource allocation.
More Financial Planning and Analysis Tools
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Multi-Source Data Import Supports importing data from spreadsheets, accounting software, ERPs, CRMs, and claims systems. |
Workday Adaptive Planning supports importing data from spreadsheets, ERPs, and CRMs, as per product documentation for insurance. | |
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Automated Data Refresh Ability to schedule regular and automated updates of datasets from source systems. |
Automated, scheduled data refreshes are a standard feature in Adaptive Planning. | |
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Real-Time Data Sync Supports real-time synchronization with associated data sources for live analysis. |
Real-time data sync is available for connected sheet and live integrations in Workday Adaptive Planning. | |
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Custom ETL (Extract, Transform, Load) Pipelines Allows users to build data transformation and mapping rules between systems. |
Workday enables custom ETL pipelines through integration with Workday Prism and other connector tools. | |
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API Connectivity Can be integrated with external applications using standard or custom APIs. |
API connectivity is confirmed in Workday's integration documentation. | |
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Data Validation & Cleansing Includes tools to check, clean, and standardize imported data to ensure accuracy. |
Data validation and cleansing are standard in Workday Pipelines and data connectors. | |
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Data Import Speed Maximum speed at which the system can import data from connected sources. |
No information available | |
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Historical Data Import Limit The maximum historical data range that can be ingested for trend analysis. |
No information available | |
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Prebuilt Insurance Integrations Includes out-of-the-box integrations with common insurance platforms (e.g., Guidewire, Duck Creek). |
Not as far as we are aware.* No direct prebuilt Guidewire/Duck Creek insurance integrations advertised; integrations possible but not out-of-the-box. | |
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User Access Controls on Data Import Support for role-based access and approval workflows for data importing. |
Role- and workflow-based controls are a core part of Adaptive Planning import processes. |
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Multi-Scenario Budgeting Enables creation and comparison of multiple budget and forecast scenarios. |
Multi-scenario budgeting is prominently featured ('what-if scenarios', multiple budget versions). | |
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Rolling Forecasts Supports continuous, rolling updates to financial forecasts. |
Rolling forecasts are a headline use-case for Adaptive Planning. | |
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Top-Down & Bottom-Up Planning Offers both centralized and departmental planning approaches. |
Both top-down and bottom-up planning supported (department and corporate). | |
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Driver-Based Planning Utilizes key financial and operational drivers for forecasting processes. |
Driver-based planning and modeling are widely advertised for insurance customers. | |
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Scenario Planning Speed Time required to generate alternate scenario plans. |
No information available | |
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Collaboration Tools for Budgeting Enables multiple users to participate in budgeting and forecasting simultaneously. |
Workday supports collaborative budgeting with user roles and real-time commenting. | |
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Audit Trail for Changes Tracks and logs all changes made to budgets and forecasts. |
The system tracks changes and maintains an audit trail for budgets and forecasts. | |
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Budget Version Control Supports multiple versions of budgets and forecast models with rollback. |
Version control and ability to roll back budget/forecast models is a standard feature. | |
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Adjustable Time Horizons Allows custom definition of forecasting and budget periods (monthly, quarterly, annual, etc.). |
Time horizons are configurable (monthly, quarterly, etc.) in the planning setup. | |
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Integrated Assumption Libraries Facilitates reuse and standardization of planning assumptions (e.g., inflation, claims frequency). |
Planning assumptions libraries can be integrated and reused. | |
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Forecast Accuracy Measurement Tracks accuracy of forecasts compared to actuals over time. |
Built-in forecast accuracy tracking features compare actuals to forecast. |
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Customizable Financial Models Allows users to create or modify financial models specific to the insurance business. |
Financial models can be customized for insurance-specific workflows and metrics. | |
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Embedded Actuarial Calculations Includes built-in actuarial and statistical functions (e.g., loss triangles, reserving models). |
No information available | |
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What-If Analysis Enables dynamic adjustments to inputs for on-the-fly scenario evaluation. |
What-if and scenario analysis is a key selling point of Adaptive Planning. | |
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Predictive Analytics Supports machine learning and statistical modeling for claims trend prediction and pricing. |
Predictive analytics is available, including machine learning-powered forecasts. | |
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Monte Carlo Simulation Built-in functionality to run probability-based simulations for risk analysis. |
No information available | |
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Sensitivity Analysis Ability to test and visualize the impact of changing key input variables. |
Sensitivity analysis (changing drivers and inputs to see impact) is a documented feature. | |
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Model Calculation Speed Average time required to run a complex model. |
No information available | |
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Model Library Provides a library of prebuilt models for insurance (e.g., cash flow, solvency, premium projection). |
Model library for insurance, with common prebuilt models, is advertised. | |
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Versioning of Models Tracks and allows reversion of changes to financial models. |
Tracks and allows reversion of model changes, enabling versioning. | |
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Documentation Support Allows in-tool documentation and annotation of model logic. |
In-tool documentation and comments are available in Adaptive Planning. | |
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Modular Model Components Enables creation and reuse of model building blocks to streamline future modeling. |
No information available |
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Customizable Dashboards Users can build and personalize dashboards with charts, graphs, and KPI widgets. |
Customizable dashboards with charts and KPIs are core to reporting tools. | |
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Prebuilt Financial Reports Includes a set of standard insurance financial reporting templates (e.g., statutory, regulatory). |
Prebuilt financial reports for insurance provided out-of-the-box. | |
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Ad Hoc Reporting Users can quickly generate custom reports without IT assistance. |
Ad hoc reporting is a standard feature in Workday Adaptive Planning. | |
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Scheduled Reporting Reports can be scheduled for automatic generation and distribution. |
Scheduled report generation and delivery confirmed in documentation. | |
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Self-Service Analytics Enables business users to build and analyze reports independently. |
Self-service analytics is a key advantage of the Workday user interface. | |
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Data Export Formats Supported number of export formats (e.g., PDF, Excel, CSV, XML). |
No information available | |
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Interactive Visualization Tools Includes tools for interactive data exploration (e.g., drilldowns, filters). |
Interactive visualization tools (drilldowns, dynamic filters) are standard in dashboards. | |
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Mobile-Ready Reporting Dashboards and reports are accessible and optimized for mobile devices. |
Workday Adaptive Planning is web-based and mobile-optimized for reporting. | |
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Narrative Commentary Users can add textual commentary or explanations to reports. |
Users can add commentary and narrative directly in reports. | |
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Role-Based Report Access Controls who can view, edit, or share reports based on user roles. |
Role-based visibility and access to reports is built-in. | |
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Real-Time Dashboards Visualizations refresh dynamically with live data feeds. |
Dashboards can display real-time information for connected live sources. |
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In-Platform Messaging Facilitates direct communication among users within the application. |
No information available | |
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Task Assignment & Tracking Enables tracking and delegation of tasks involved in planning and analysis cycles. |
Task assignment/tracking is included as part of workflow and budgeting cycles. | |
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Approval Workflows Configurable multi-step approval processes for budgets and forecasts. |
Workday Adaptive Planning supports multi-step approval workflows. | |
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Change Notifications Automated alerts and updates for key events or submissions. |
Change notifications and email alerts are offered as standard. | |
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Concurrent Editing Multiple users can edit budgeting or forecasting documents at the same time. |
Multiple users can edit, update, and interact with data simultaneously. | |
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Commenting & Annotations Users can comment on specific cells, reports, or model assumptions. |
Commenting and annotation capabilities are included for budgets, scenarios, and reports. | |
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Collaboration Audit Log Tracks all user actions and collaboration events. |
User action logs are maintained for collaboration and compliance. | |
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Workflow Template Library A set of prebuilt workflow templates for insurance FP&A processes. |
No information available | |
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User Activity Dashboard Provides a summary of current user assignments, approvals, and tasks. |
User activity dashboards are available for managers and admins. | |
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Time to Approve Workflow Step Average time it takes for approval workflows to be completed. |
. | No information available |
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Data Encryption All data is encrypted both at rest and in transit. |
Workday encrypts data both at rest and in transit as part of their security compliance. | |
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Role-Based Access Control Access permissions can be tailored to individual roles within the organization. |
Role-based access control is fundamental to the Workday platform. | |
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Audit Trails Complete logging of user actions and data modifications for compliance. |
Audit trails/logs are available for all critical processes. | |
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Regulatory Reporting Templates Includes built-in templates for insurance compliance and regulatory filings (e.g., IFRS 17, Solvency II). |
Regulatory reporting templates including IFRS 17 and Solvency II are listed for insurers. | |
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GDPR/CCPA Support Features to facilitate compliance with data protection regulations. |
Privacy and compliance with GDPR/CCPA are part of vendor commitments and technical features. | |
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Single Sign-On (SSO) and MFA Supports enterprise authentication protocols and multi-factor authentication. |
Single Sign-On and MFA are part of enterprise security features. | |
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Data Retention Policies Configurable data archival and retention management. |
Data retention policy configurability is supported for regulated industries. | |
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Penetration Testing Frequency How often the system undergoes security penetration testing. |
No information available | |
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User Session Timeout Controls Customizable inactivity timeouts for user sessions. |
Admins can set session timeouts, fulfilling user session timeout controls. | |
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Incident Response Procedures Documented procedures for managing security breaches. |
Workday publishes dedicated incident response documentation and processes. | |
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Data Residency Options Ability to select data storage in specific geographic regions. |
Workday offers regional data centers and lets clients select storage region for compliance. |
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Claims Forecasting Tools for projecting future insurance claims based on trends and actuarial data. |
Claims forecasting functionality is offered in insurance-specific solutions. | |
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Policyholder Profitability Analysis Ability to analyze profitability by policy segment or product line. |
Policyholder profitability analysis (by segment, product, etc.) is part of insurance dashboards. | |
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Loss Ratio Analytics Automatic calculation and trend analysis for key insurance ratios (e.g., loss, expense, combined). |
Loss ratio analytics and KPI tracking are highlighted as insurance features. | |
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Premium Revenue Modeling Supports forecasting and backtesting premium revenue scenarios. |
Premium revenue modeling and forecasting are covered in insurance use-case materials. | |
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Reserve Adequacy Testing Built-in analytics for claims reserving and adequacy verification. |
Reserve adequacy analysis is part of insurance-specific analytics modules. | |
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Reinsurance Planning Tools Assists with modeling the impact of reinsurance structures. |
No information available | |
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Compliance with Insurance Accounting Standards Includes logic for accounting under statutory frameworks. |
Statutory accounting logic for insurance (including IFRS/Solvency) available. | |
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Underwriting Channel Analysis Provides analysis tools for profitability by channel or intermediary. |
Profitability reporting by channel/intermediary is supported. | |
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Policy Lifecycle Modeling Models full policy life from quote to claim, renewal, or lapse. |
Policy lifecycle modeling (from quote to claim, renewal/lapse) is supported in insurance templates. | |
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Integration with Actuarial Tools Can be connected to external actuarial systems (e.g., Moody's Analytics, Milliman). |
Integration with actuarial tools such as Moody’s and Milliman can be accomplished via APIs/connectors. |
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Intuitive User Interface Designed for easy navigation, with consistent layouts and terminology. |
User interface is designed for business users with a focus on ease of use and insurance workflows. | |
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Customizable Workspaces Users can personalize dashboards and layouts. |
Users can personalize dashboards/workspaces. | |
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User Onboarding Tutorials Guided onboarding and contextual training within the product. |
Guided onboarding/tutorials for new users are included. | |
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Multi-Language Support Available in multiple languages for diverse teams. |
No information available | |
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Accessibility Compliance Complies with common accessibility standards (e.g., WCAG 2.1). |
Workday invests in accessibility with ongoing improvements and publishes WCAG compliance. | |
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In-Tool Help & Documentation Comprehensive, searchable help resources available within the application. |
Comprehensive help and documentation is available within the application interface. | |
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Average User Task Speed Mean time required to complete common tasks (e.g., running a forecast). |
No information available | |
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Error Message Clarity Clear, actionable feedback when issues occur. |
Error messages are designed to be user-friendly and actionable. | |
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Bulk Data Update Tools Efficient interfaces for updating large datasets. |
Bulk update and import functions are built into data management modules. | |
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Keyboard Shortcuts Keyboard-based navigation and command options. |
No information available |
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Cloud-Based Deployment Offered as a fully managed SaaS solution. |
Adaptive Planning is only offered as a cloud-based SaaS solution. | |
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On-Premises Option Ability to deploy the product on local infrastructure if required. |
Not as far as we are aware.* No on-premises edition is available. | |
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Multi-Tenancy Can securely host multiple business units or legal entities within a single platform. |
Workday supports secure multi-tenancy for business units/entities. | |
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Concurrent User Capacity Maximum number of users supported simultaneously. |
No information available | |
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Geographic Data Centers Number of global data center locations for redundancy and compliance. |
undefined Workday has multiple geographic data centers for redundancy and compliance. |
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High Availability Uptime Service level guarantee for platform uptime. |
undefined Workday provides a 99.7% uptime SLA for Adaptive Planning. |
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Disaster Recovery Features Tools for automatic failover and data recovery. |
Disaster recovery and failover features are explained in the security documentation. | |
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Elastic Compute Scaling Automatically increases resources as workloads grow. |
Elastic compute scaling is a fundamental advantage of the cloud platform. | |
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Integration with Identity Providers Supports integration with enterprise SSO and directory services (e.g., Active Directory, Okta). |
Integration with identity providers (SSO/AD/Okta) is standard. | |
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Mobile & Tablet Compatibility Works fully on mobile and tablet devices for remote or field staff. |
Web interface is fully compatible with mobile and tablet devices. |
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Open API Availability Comprehensive, documented APIs for extending or integrating the platform. |
Open APIs for data, workflows, and external integration are available. | |
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Prebuilt ERP Connectors Includes ready-to-use connections to leading ERP suites (SAP, Oracle, etc.). |
Some prebuilt ERP connectors (SAP, Oracle, Workday) are available. | |
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Plug-In Framework Supports custom plug-ins for bespoke functionality. |
Adaptive platform supports plug-ins/framework extensions for bespoke needs. | |
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Integration Monitoring Dashboard Monitors and reports on the status of all integrations. |
Integration monitoring dashboards are available for admins. | |
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Custom Scripting/Logic Support Allows users to write custom scripts for data transformation or business logic. |
Custom scripting/logic is supported for data and business process transformation. | |
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Webhook Support Can trigger and respond to webhooks for event-based integration. |
No information available | |
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Marketplace for Add-Ons Access to a library of certified extensions or partner apps. |
No information available | |
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Integration Throughput Maximum supported transactions between systems per minute. |
No information available | |
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Legacy System Support Can connect and synchronize with older on-premises or mainframe systems. |
Legacy on-premises integration is supported through custom connectors and APIs. | |
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Custom Notification Channels Allows integration with external messaging or notification platforms (e.g., Slack, Teams, email). |
No information available |
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24/7 Support Availability Round-the-clock technical and user support access. |
24/7 support is available as part of standard Workday Adaptive Planning contracts. | |
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Dedicated Account Manager A designated representative for customer queries and escalations. |
Dedicated account managers are provided to enterprise/insurance accounts. | |
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Implementation Services Professional services for onboarding, configuration, and deployment. |
Implementation services by Workday and certified partners are offered. | |
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Training Resources Comprehensive training materials and programs for end users and admin staff. |
Comprehensive training resources (including self-serve, instructor-led) are available. | |
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Community Forums Access to online user communities for peer support. |
User community forums are available for peer support. | |
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Service Level Agreements (SLAs) Guaranteed response and resolution times for support issues. |
SLAs are included in enterprise-level contracts and service documentation. | |
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Supported Languages Number of available support languages. |
No information available | |
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User Conference & Webinars Periodic conferences and webinars for product updates and best practices. |
Regular webinars and user conferences are held by Workday. | |
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Feedback & Enhancement Channels Structured method for users to submit product feedback or feature requests. |
Product feedback and enhancement requests are systematically gathered through customer success programs. | |
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Vendor-Managed Upgrades Regular updates and upgrades are managed by the vendor. |
Vendor-managed upgrades are a fundamental property of the SaaS offering. |
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