INSURANCE

Insurance Industry ERP EPM Starter Package

Insurance Industry Challenges

As the Insurance companies prepare themselves for remain competitive, they are discovering:

  • Disconnected legacy Insurance platforms are not scalable

  • Lack of process integration leads to expensive delays and introduces audit risks which can be very costly.

  • Manual, time consuming, error prone process affects overall decision making and it takes away agility of the institution to adjust to market conditions.

  • Lack of connected tools affects the ability of the Insurance companies to align strategic 5-year plan with annual plan costing millions of dollars on missed forecast.

Market Direction

Insurance companies are at the cross road where they need to innovate to remain competitive. In fact, 67% of insurance companies CEO respondents to PwC’s 2017 CEO Survey see creativity and innovation as very important to their organizations.  The PWC survey says area they would most like to strengthen in order to capitalize on growth opportunities is digital and technological capabilities, followed by customer experience.

  • CFOs are constantly in search of finding tools that will help them innovate faster, reduce operating cost, improve efficiency.

  • Industry is more and more gravitating towards cloud-based applications due to low capex, reduced risks of infrastructure failures and availability of latest technological innovation without upgrade cost.

  • Companies are looking for ways to enable faster customer acquisition, predict consumer behavior and maximize profitability.

  • Integrated enterprise resource planning (ERP) & EPM cloud solution to improve efficiency, gain greater insight into its business, improve strategic decisions and build the foundation for future expansion.

What We Offer (How we can help)

​Digital IMS Cloud has helped Insurance companies to transform their disparate financial systems using modern cloud based financial system.  Digital brings core competencies in the areas of:

✔︎ Scalable Chart-of-Account design to meet STAT and GAAP Reporting needs.

✔︎ Financial consolidation, automatic inter-company accounting, and accelerated financial close

✔︎ Flexible, configurable and robust invoice approval, journal approval, and purchase order approval via email and          mobile devices (Android or IOS)

✔︎ Automated data integration to push all the financial activities from core Insurance platform (Claims, refunds,              commissions processing system, Premium collection systems) into Oracle Financials GL

✔︎ Automated reconciliation of bank statements, portfolio balances, and customer accounts

Digital IMS Cloud has migrated a number of Insurance companies from a manual MS Excel based budgeting and reporting process to centralized budgeting and forecasting systems. Digital offers pre-built Insurance models allowing customers to jump start.

  1. Budget and forecast for direct earned premium and net earned premium based on policies in force considering drivers likes quota, conversion rate, new business count, renewed business count, renewal rate, written premium per policy

  2. Budget and forecast for re-insurance based on drivers such as reinsurance rate

  3. Budget and forecast for loses and calculate ultimate loss + ALAE, ultimate loss + ALAE ratio,

  4. Budget and forecast for underwriting expenses based on policies in force and direct written premium

  5. Prepare statutory budget and automatically calculate the STAT to GAAP adjustments

  6. Plan for department salary expenses at the employee level and department capital expenses at the capital item level

  7. Allocate the overhead expenses

Benefits

  1. Proven, tested industry best practices offer the ability to jump start the implementation reducing risk, providing a clear vision how the Oracle Planning and Budgeting Solution can be leveraged for insurance industries

  2. Reduce the lead time, 70% reduction in annual planning cycle

  3. Building various scenarios and preparing a baseline, best case, and worst-case version based on prior year run rate, growth targets set by management and by changing the driver assumptions.

  4. Integrated management reporting process giving visibility to Actual Vs Budget Vs Forecast variance

  5. Model all the insurance products in one single platform and gain visibility to key financial metrics

  6. Publish board presentation reports in a timely fashion

Solution Foot Print: Oracle Financials Cloud, Oracle Expense Cloud, Procurement Cloud, Planning and Budgeting Cloud Service

Need more details? Contact us

We are here to assist. Contact us by phone, email or via our Social Media channels.

© 2019 Digital IMS Cloud. All Rights Reserved.

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