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2 min Demo: Insurance Planning

Learn how CCH Tagetik Planning can be tailored to suit the needs of the Insurance Industry across any level of dimensionality including by Product, Department and Location.


Insurance planning with CCH Tagetik.

This video will show planning from the perspective of the insurance industry: you'll see how to cover new business, reinsurance and claims planning across products and customers, needing to work forecast and analytics that are truly relevant to an insurance company.

We will first start with target setting which typically will be done at head office.

We'll do this by planning across drivers, premiums, loss ratios and expense ratios, using prior year actuals and a percentage or absolute value increase.

We will be able to then see a pro forma income statement at the group as well as at the regional levels.

Now, assuming that our corporate strategic plan is calling for growth, our European region is going to fall short , so let's change that, we can do this quickly and easily, let's increase the premiums by 1%, let's change the increase to expense ratios to 27%.

As you make the changes appear you will immediately see their impact down here, next we'll press save.

The act of saving will then take these targets and break them down across all the various regional offices.

The next step is then for these offices to go in and do their own planning against these targets.

They'll start off by planning for new business average premiums and retention rates, which will of course derive their gross rate and premiums.

Next we'll move on to planning for reinsurance, both assumed and seated, this will then allow them to review their earned premiums report, next we'll move on to planning for acquisition costs, costs of claims as well as the creation of new initiatives.

All the while, CCH Tagetik will handle all the moving parts, this allowing them to have an income statement report that they could also review.

But prior to doing this, they could also take advantage of CCH Tagetik's built-in snapshot capabilities.

This will allow them to then review all the impacts and changes that they are making to their plan, by comparing their current scenario at the line-item detail level, the one they're planning on, against that snapshot.

They'll also be able to review how this current plan aligns with the corporate targets that were given to them and to let them understand how they're achieving those corporate strategic plans and goals.

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