Cost analytics helps $5B property and casualty insurance firm reduce planning cycle time by 50%

Business Challenge

  • Strategic Shift – Company was experiencing high period of growth within it’s FP&A organization.
  • Inadequate Top-Line Modeling Loss and Analysis – Segmented internal and external reporting was not meeting needs
  • Inefficiencies and Inaccuracies – Excessive effort was required to maintain multiple systems, home-grown model, and Excel models
  • Lacked Visibility into True Drivers – Expense Allocations were overly complex and detailed

Impact

  • Increased Efficiency and Accuracy – Leveraged enabling technology to increase efficiency and accuracy around financial and expense report planning while designing and delivering improved capabilities
  • Streamlined Allocations – Reduced 16 use cases to 2 use cases and simplified 50+ methodologies to ~20
  • Provided Data Accuracy and Consistency – Architected a solution with five integrated models inclusive of a data sync layer
  • Enhanced Driver Based Methodologies – Created ability for company to use key business drivers to model new strategies to drive top line growth

Solution

  • Improved efficiency and development time for Segment P&L by 50%
  • Reduced planning cycle time by 50%
  • Increased Planning and Forecasting accuracy to within +/- 5%
  • Provided visibility and transparency into key business information to management
  • Empowered the FP&A team to leverage the enabling technology for their business functions.
  • 100% Adoption enabled rollout to large set of users