Cognos has rolled out another Performance Blueprint aimed at the insurance sector, its third for the financial services industry over the past year.
The Insurance Product Performance Blueprint lets insurers forecast and report on various business segments and analyze product profitability.
Cognos, which is headquartered in Ottawa, Canada, has partnered closely with Australian insurance firm Suncorp to co-develop the Blueprint. It incorporates Suncorp’s forecasting methodologies and subject matter expertise in areas like revenue phasing and claims projections.
Suncorp which is one of the biggest insurance firms in Australia and New Zealand, recently standardized on Cognos for enterprise planning using other Cognos’ financial Blueprints like Expense Planning and Control, Workforce Planning and Capital Project Planning.
Cognos’ Blueprints – that combine technology, analytic models and metrics geared towards a particular business area – are built on the Cognos 8 Business Intelligence platform by Cognos’ Innovation Center which was set up three years ago to infuse best practices into the Cognos performance management suite.
Over 1,000 financial services companies are Cognos customers including four of the top five global insurance firms Cognos also has industry-specific Blueprints for manufacturing, retail and banking and horizontally focused ones for risk analysis, allocations, sales compensation, sales forecasting and expense planning.