Performance Improvement in the Private Sector
PwC collaborated with specialty insurer Beazley to transform its financial forecasting and budgeting processes by developing a ‘Continuous Integrated Planning’ framework, which enhanced data reliability and accuracy, fostered trust in financial forecasts, and enabled AI-driven predictive capabilities, ultimately supporting Beazley’s growth and inclusion in the FTSE100.
PwC worked with specialty insurer Beazley on its financial forecasts and budgeting processes. The objective of this initiative was to develop a ‘Continuous Integrated Planning’ framework for financial forecasts and pave the way for AI-driven predictive forecasting.
Beazley’s significant growth over the past years resulted in inclusion in the FTSE100 in 2022. To reflect the growing company, it needed to enhance its ability to model the impacts of internal initiatives and external market events across plans, budgets and forecasts.
The required transformation called on PwC to support around finance data and propose significant strategic alterations to its processes. PwC’s approach was defined by a commitment to rapid value delivery, and a collaborative, engaging and inclusive implementation experience where both client and consulting team were part of the journey. Recognising the long-term nature of the Finance Modernisation Programme, PwC took an unconventional approach, prioritising the deployment of FP&A functionality on the Workday platform before the core ERP implementation. This not only delivered early benefits, but also served as a proof-of-concept for a new methodology the firm has since adopted for other complex financial modernisation projects.
From the outset, PwC recommended robust change management strategy, engaging Beazley colleagues through innovative methods such as game-show formats, escape rooms and online quizzes. Simultaneously, the team focused on data quality, processes, control, reporting and laying foundation for the future.
PwC created the collaborative environment using its ‘Winning Teams’ approach, where Beazley staff were engaged in defining the vision for the future and aligning with the new approach. Meanwhile, PwC’s BXT workshops (Business-Experience-Technology) fostered innovation and transparency, and helped in the development of a robust delivery plan and increased BAU adoption.
The approach resulted in a cohesive, collaborative team of Beazley and PwC staff – and the programme’s success was evident in its high user engagement, positive feedback, and strong sense of inclusivity. The project demonstrated the power of a client-centric approach, innovative delivery methods, and a strong focus on data quality and control, to drive transformative change within a complex global organisation. Those complexities included accommodating regional nuances, standardising processes, and managing various regulatory frameworks and cultural variations. Additionally, PwC had to develop contingency plans for external factors, such as uncertainties stemming from the impacts of running alongside the client’s complex global strategic projects relating to corporate structures.
Reliable forecasting is essential for Beazley’s understanding of its long-term strategic direction and its agility. Together with PwC Beazley has implemented an innovative and future-proof framework that transformed the business’ capacity to make real-time decisions based on insights generated within the Finance department. Indeed, the value of this project lies in the ability to better drive sustainable improvement in decision-making, risk management, and overall business performance.
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