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Workday Adaptive Planning for Insurance from Workday
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.
Product analysis by function
Financial Planning and Analysis Tools for Finance and Accounting
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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Data Integration & Import
(7 Yes /8 Known /10 Possible features)
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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. |
Budgeting & Forecasting
(10 Yes /10 Known /11 Possible features)
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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. |
Financial Modeling & Analytics
(7 Yes /7 Known /11 Possible features)
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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 |
Reporting & Visualization
(10 Yes /10 Known /11 Possible features)
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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. |
Collaboration & Workflow
(7 Yes /7 Known /10 Possible features)
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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 |
Security & Compliance
(10 Yes /10 Known /11 Possible features)
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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. |
Insurance-Specific Functionality
(9 Yes /9 Known /10 Possible features)
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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. |
Usability & User Experience
(7 Yes /7 Known /10 Possible features)
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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 |
Deployment & Scalability
(8 Yes /9 Known /10 Possible features)
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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. |
Integration & Extensibility
(6 Yes /6 Known /10 Possible features)
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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 |
Support & Vendor Services
(9 Yes /9 Known /10 Possible features)
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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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