Insurance companies are making tremendous efforts to comply with Solvency II, but to date their responses have been more mechanical than strategic. To recast Solvency II as a source of value rather than simply a driver of costs, insurers need to look beyond mere models and metrics. They must capitalize on the new rules by revisiting their business strategies, product portfolios, distribution approaches, and risk management practices. Some insurers may need to chart an entirely new course for their businesses.
Is scenario planning too cumbersome to be relevant in our turbulent world? A new approach to scenario planning rapidly melds the knowledge of senior managers with data on critical megatrends, delivering the core benefits of scenario analysis—enhanced strategic creativity and preparedness—much more quickly, while increasing executive engagement.