Cognos has launched a new performance management system designed to help insurance companies optimize forecasting and reporting of business segment and insurance product profitability.
Co-developed with Suncorp, an Australian general insurance group, 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 analyze profitability, and effectively plan initiatives to improve business segment results.
Anchored on Cognos 8 Planning and Cognos 8 BI and based on insurance industry best practices, the Cognos Blueprint platform provides full business segment-level rolling income statements and balance sheets based on multiple scenarios (from ‘business-as-usual’ to the impact of a strategic investment), to determine the best course of action and enable rapid adjustments as market conditions change. It also provides forecasts that encompass insurance premium revenues, such as new policies and renewals, expenses (for example, commissions) and claims.
The Cognos Blueprint offers a performance management platform that enables insurers to optimize 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.