Cognos, the provider of business intelligence and performance management solutions, has launched a new performance management solution designed to help insurance companies optimise forecasting and reporting of business segment and insurance product profitability.
Co-developed with Suncorp, one of Australia's largest general insurance groups, the Cognos Insurance Product Performance Blueprint enables insurers to create income statements and balance sheets at the business segment level, by product line, product and brand, enabling business analysts, product managers and finance executives to report and analyse profitability, and effectively plan initiatives to improve business segment results.
"The Cognos Insurance Product Performance Blueprint offers a strong performance management platform that enables insurers to optimise its product mix and continuously drive profitability through both historical reporting and analysis and long-term initiative planning and forecasting," said John Herrmann, manager of group budgeting and forecasting at Suncorp. "We are pleased that other insurers globally will be able to benefit from the combined value-add that both Suncorp and Cognos have to offer."
"In the insurance industry, it is critical to drive product performance for both individual products and the product portfolio as a whole. However, that demands high levels of participation and coordination between product and brand managers close to the target segments, together with finance, actuaries and senior management," said Laurence Trigwell, senior director of financial services at Cognos. "The Cognos Insurance Product Performance Blueprint offers an industry-validated, best practices vision of what forecast and profitability models should look like, providing insurers a valuable place to start their Cognos performance management journey."
The blueprint is 'anchored' on Cognos 8 Planning and Cognos 8 BI
