Exclusive portal designed for our Customers and Partners

Log in

Request for Access

logo
logo
countries flags

Risk proofing the risk business

Jan. 13 2021 by Leslie Cant, Product Marketing Director - CCH Tagetik

Budgeting & Planning

The unknown, aka “risk”, is the raison d’être for insurance. Less obvious is how well insurance companies manage their own risk when it comes to planning.

We have clocked the known challenges, including compliance and regulation (Solvency II, IFRS 9, IFRS 16/ASC 842, IFRS 17, LDTI…). We’re aware of customers being potentially more risk inclined in the pandemic era’s new normal. But what about the unknowns? That includes what we know we don’t know, and things we haven’t even thought about.

One thing we do know about, is the accelerated Digital transformation caused by Covid-19 and the measures that have been taken in its wake. On the positive side, the speed with which new technologies, such as artificial intelligence and machine learning, have altered the way of working with customers, brokers and employees is contributing to operational excellence, productivity and cost control. The red flag is that it requires insurance companies to know how to deploy the right technology, or they risk being left behind. The potential cost of “do nothing”, and reliance on legacy systems, has never been higher.

Using CCH Tagetik Budgeting, Planning and Forecasting for Insurance, a unified platform on premises or on Cloud, is how planners in the insurance sector can reduce risk, improve performance and increase profitability. But how does this agile planning environment really make a difference?

Through a holistic approach, insurance businesses can scale the mountain of regulatory compliance, while also forecasting meaningfully and meeting the need for detailed, accurate and faster reporting and analysis. The same data needed for compliance, when enriched with more dimensionality, can be used for forecasting and profitability management. Through the CCH Tagetik Analytic Information Hub, Finance can manage and access the data to meet reporting needs while planning for tomorrow’s business needs.

Here are six reasons why users of CCH Tagetik Budgeting, Planning and Forecasting for Insurance can rely on forward-looking insight into profitability, and put the Office of Finance in pole position to provide the right data to manage compliance and risk. And to thrive as a business.

  1. Align finance and operations with unified planning. CCH Tagetik aligns strategic, financial and operational planning for the 360˚view, enterprise-wide.
  2. Agile, driver-based plans. With CCH Tagetik, project gross written premiums, loss ratios and commissions, and automatically calculate resulting premiums and expenses by product, division etc.
  3. Create flexible models, scenarios and forecasts. Custom dashboards in CCH Tagetik allow slicing, dicing and drilling into data to discover how deductibles, individual claims, premiums, and losses incurred impact results.
  4. Maximize profitability by understanding costs. With CCH Tagetik, plan based on underwriting profits, losses and premiums, claims and insurance. Identify which products are generating or consuming resources.
  5. Allocate resources intelligently. While preserving currencies and exchange rates, CCH Tagetik allows insurance companies to drive allocations across multiple dimensions to align costs and planning drivers. See true costs and profiles at any level and strategize accordingly.
  6. Reduce planning cycle time. CCH Tagetik’s single unified source for all planning, financial and non-financial data, shaves weeks, days, even months off the planning cycle and addresses bottlenecks before they happen.

At CCH Tagetik, our close cooperation with thought-leaders in insurance-centred finance manifests itself in these key benefits, helping create a roadmap for evolutionary CPM planning in the sector:

  • Cut planning cycle time by days and more
  • Optimize use of resources
  • Align Finance & Operations
  • Allow constant finance technology modernization
  • Increase accuracy, efficiency and control
  • Reduce risk
  • Reduce TCO

Insurance users report that the system is easy to use and administer, which in itself improves efficiency within the Office of Finance. CCH Tagetik’s ability to automate budgeting and forecasting processes as well as financial reporting, has been a key reason for its selection in this industry, not to mention the industry-specific drivers and templates. Dynamic, user-friendly visualizations help too!

Many companies have already started their modernization journey with CCH Tagetik. We asked ARC Europe Group what is making the difference in daily business life while using CCH Tagetik and here is what we heard from them:

“We now have a unique data source and a unique repository of all the group’s financial data, the main benefit of which is, first of all, the security of this data. Having a Cloud solution enables us to have constant support and we can benefit quickly from innovation in the systems.”

Check out the full capabilities and features of CCH Tagetik’s Planning for Insurance here.

CCH Tagetik B&P

Share this post!