Insurers are under constant pressure to plan effectively, balance premiums with claims, improve risk management and keep controlling processes up to date. In this environment profitability can depend on a real-time overview of group planning for individual departments and cost centres.
Executives need to know which policies are under performing – and be able to answer why. Understanding the impact of business decisions quickly on the firm’s P&L, cash position and financial performance has become business critical.
Unit4 Prevero for Insurance offers an integrated Corporate Performance Management and Business Intelligence solution to manage operational and financial performance. Policies can be modelled to optimise premiums. Annual budgets, forecasts and strategic plans can be created and adjusted according to insurance industry standards.
Unit4 prevero’s integrated platform connects company-wide strategic plans with regional and departmental budgeting. As market conditions evolve, different scenarios for gross written premiums, loss ratios, and commissions can be modelled, enabling insurers to adjust business and cost drivers quickly in response to change.
With Unit4 prevero for Insurance, finance executives can …
- Improve cost planning, structure, and workflows
- Collaborate across the enterprise on financial processes such as transfer pricing and intercompany transactions
- Trace and audit data quickly, from strategic planning through to final disclosure