Optimise your insurance workflows with highly capable and efficient FP&A
There are few industries that require the level of data precision and accuracy that insurance does. Insurance providers rely on highly sophisticated planning and analysis to manage various risk profiles and still maintain the margins they need to be sustainable. The only way to achieve this over the long term is to utilise a powerful Financial Planning & Analysis (FP&A) solution that can harness the complexity of your client base and tie it into your strategic planning.
That’s what we do here at Cubewise. We’re ready and willing to help.
Common challenges
Cash flow planning
In insurance, cash flow planning is exceedingly complex and prone to miscalculations if planning capabilities are lacking.
Accrual complexities
Insurance companies are always managing the balance between accruals and cash flow in an attempt to manage their risk profile while still operating their business. This can be extremely complex and can have profound consequences if done wrong. Without the right tools to assist, this complexity can be overwhelming.
Phasing issues
When complexity isn’t managed effectively, you run into phasing problems where the recognition of premiums and any outbound commissions don’t align. This can cause a cash flow crunch that necessitates further borrowing, or a situation in which a conservative asset management approach stymies growth. Insurance companies need to be across the detail if they’re to move the needle.
Powerful planning
Cubewise and IBM Planning Analytics / TM1 offer a fully comprehensive FP&A suite that can be completely customised for your insurance needs. Bring all your data into one place and benefit from a unified planning methodology that can assess things from a variety of perspectives. These insights are invaluable for planning where the business is going and for managing risk appropriately.
Claims calculations
Regulatory reporting
Accrual complexities
Insurance companies are always managing the balance between accruals and cash flow in an attempt to manage their risk profile while still operating their business. This can be extremely complex and can have profound consequences if done wrong. Without the right tools to assist, this complexity can be overwhelming.
Phasing issues
When complexity isn’t managed effectively, you run into phasing problems where the recognition of premiums and any outbound commissions don’t align. This can cause a cash flow crunch that necessitates further borrowing, or a situation in which a conservative asset management approach stymies growth. Insurance companies need to be across the detail if they’re to move the needle.
Powerful planning
Cubewise and IBM Planning Analytics / TM1 offer a fully comprehensive FP&A suite that can be completely customised for your insurance needs. Bring all your data into one place and benefit from a unified planning methodology that can assess things from a variety of perspectives. These insights are invaluable for planning where the business is going and for managing risk appropriately.
Supercharge your insurance data’s precision and accuracy
Insurance providers must be on top of their data if they’re to make smart and insightful decisions. Here at Cubewise, we help insurance companies leverage the power of IBM Planning Analytics / TM1 to build a sophisticated and nuanced FP&A system that can not only handle the complexities of reporting but provide insurers with the planning functionality they need to make truly data-backed decisions.
Amazon Web Services case study
We came up with a solution for Amazon Web Services that allows them to plan more efficiently.
Talk to us today and let’s overcome the challenge together.
When a system is unable to adapt to changing business circumstances, it can be tremendously frustrating for all who work with it. Things must go on, of course, and so users will resort to building tedious workarounds, simplifications and shortcuts that only serve to kick the can down the road.
Don’t accept that your business processes are incapable of adapting to fast-moving market changes. Contact us to find out how easy it can be to implement efficient and practical planning, reporting and forecasting workflows.
