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Beyond Solvency II, CCH Tagetik provides Bupa a One-stop Data shop!


Kate Forbe's chose CCH Tagetik as the solution for their strategic reporting future with Solvency II Pillar 3, and one- stop data shop with data analytics. Learn More!

Transcript


We found at Bupa… with the current level of regulatory reporting required, thatit had a big impact on our business … we were battling to understand the data sets that were required, and battlingto gather the information from all the disparate sources, and it becomes sometimes quite a challenge to actually gather that information in a cohesive manner.It created a big performance problem for us at our Centre where we had the requirement, and that was really the burning platform that we were tryingto deal with at the moment, so … yes, it had a big impact.Prior to CCH Tagetik we had a very tactical solution that we put in place and it involved using three or four disparate systems at theCentre to gather the information that should come in from numerous sources across the globe, and thesystem was very cumbersome, it involved collecting the various data sets, moving them through to a furthest software and …enriching the data, transforming it … a lot of manual intervention, Excel spreadsheeting, high risk, low data quality…It was a really, really difficult place for us to be.The other thing is that within our business units and market units there wasa limited understanding of what the data sets were all about and what we needed them for, and … little understanding within their business … so, even just through a UAT process, we've had very, very positive feedback that our businesses and market units now understandthe data set, because it's in a more structured scenario and it's enabling them to analyze, within their own area, the data … because they have it in a complete set, giving them a deeper understanding.

As an exampletheir asset data … they have never thought to view it in that way, and now they are saying to us this is actually reallytransformed how they look at analyzing their asset data … so it's great.

CCH Tagetik, in all honesty, was the onlyproduct that was available at the time and, I think still is, that offers a properly structuredand supported Solvency II - Pillar 3 reporting solution.But I wanted a solution that was going to enable us to have a strategic reporting future.

So, we looked at an integrated platform where we couldhave a One-stop shop in terms of our data … collect the data once and populate all the various reportings, it ensures the integrity of data, enablesour businesses to reconcile simply all of those sources, I really wanted something that looked beyond just Pillar 3, but alsooffered me a very, very robust, secure platform and I just saw everything I assure about CCH Tagetik was very positive and it was just being embracedin too many places for it to fail.What I thought was fantastic … we arranged such that we get the data in from all the disparate areas, we have it in a structured data model and we can move thatdata from there and so it becomes our One-stop data shop, our data staging area on level and we then use that data to populate the various reportings, it may go into a CPM applicationor into the PPS or it may just be used for reporting purposes, so we have then developed a level of BI reportingand we pull data from the various other areas and APM into our Analytics, so it's really what we required.It also offers us controls ….

people unable to change the data without having a structured processes,it gives us visibility … we are able to see where business units and market units are actually battling with the quality of the data … it's really given us something fabulous to work with.The application does what it says on the box … and, I've made the pointwe mustn't customize this, we mustn't stretch it or anything, it is what it is and it makes our lives a lot simpler if we keep itin that format for every time there is an update, and I think our businesses are starting to understand that the PRA and EIOPA have regular updatesand this is something that we just couldn't possibly cope with ourselves and having CCH Tagetik there to support and maintain is an enormous win for us.So, for me CCH Tagetik's energy,from a resource perspective and from the desire to collaborate and to ensure thatthe customer really is happy … we have access to some of the best brands here at CCH Tagetik andit impresses me no end ….

we have workshops and we have the product owners who attend the workshops … and they understand what our vision is,they understand our challenges and we workshop together to come up with solutions, and I always find that so Iabsolutely embrace collaborating, I have always done it and the fact that CCH Tagetik does it as well, bring everybody to the tableand we get to the best place … and it's a win-win.

I would absolutely recommend CCH Tagetik to anybody else and in fact I do …I very often do.

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