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Integrated Business Planning for Insurance companies
Financial planning in an uncertain World:
- Future Finance
- Planning / Forecast
- Rolling Forecast
- Financial Consolidation
- Cost Allocation
- Predictive Analytics / AI
Future Finance starts here! Meet a selection of our insurance clients:
Receive a free customized demo using your own data now
Integrated business planning empowers Finance to work efficiently across the organization and drive value
Traditional FP&A
- Annual planning/quarterly forecasting
- High-level financial plan
- Data siloes and disparate systems
- Top-down/bottom-up
- Dependent on the expertise of planners
Integrated Business Planning (IBP)
- Continuous, real-time planning and forecasting
- Granular operational models and solutions
- Platform for strategic, financial and operational planning
- Driver-based scenario planning
- Augmented with AI-based predictive forecasting
The Benefits
- Reduce budget cycles from weeks to days
- Establish data consistency across ERP, CRM, SCM, HCM, etc.
- Eliminate spreadsheet clutter and risk
- Experience a low learning curve and high user satisfaction
- Automate time-consuming tasks and validate with AI
To stay competitive insurance companies must adapt to global market disruptions instantly
- COVID-19 slashed the Global economy by $8.5 T and affected the insurance industry with a 15.5% cost increase.
- The war in Ukraine significantly affected cargo and maritime premiums and the risk profile for insurers.
- The inflation and rising prices contributed to an approximately $30 Bn increase in loss costs.
- Market demand for a customer-centric and omnichannel approach calls for rapid digital transformation to stay competitive.
Case storys
Reduction of forecasting cycle by 85% and high user satisfaction
Tryg is the largest provider of general
insurance services in the Nordic countries.
Tryg developed a complex set of Excel and
Access models to support business planning.
The forecast process took six weeks and
involved a high risk of errors and
inconsistencies.
The solution was integrated with rolling and
dynamic forecasts, automated data load,
validation, and direct consolidation of output
reports. All data was digitized to ensure
changes to forecasts and proposals were
automatically collected and promptly
consolidated. The new integrated business
model allows Group Finance to produce
forecasts in days, providing strategic insights
to senior management’s decision-making.
Automation and AI improve strategic decision-making
N2G Worldwide Insurance Services LLC
offers commercial auto, property, general
liability, and agriculture insurance and
financial services. N2G wanted to replace an
aging budgeting and forecasting system with
an agile, AI-enabled system that could help
identify areas for growth and analyze claims
data, loss ratios, and risk assessments.
After testing a demo independently, the
budget and forecasting solution that
included multiple data sources was
implemented in a few weeks. Complete Excel
integration made user transition seamless.
The solution significantly improved N2G’s
ability to measure and manage performance
at various levels and geographies, leading to
better strategic decision-making and
enhanced productivity.
Faster and higher-quality planning in less than six weeks
Standard Life, a life assurance, pensions, and
long-term savings company, wanted to
streamline budget planning and reporting. Its
current Excel-based solution was slow,
lacked version control, and exposed the
organization to compliance risk.
The solution integrated upstream data from
Oracle and SAP, and stringent user
permissions were set up. After rolling out
budgeting, the finance team developed
monthly actual and plan cost center
reporting, forecasting adjustments, exception
reporting, instant consolidations, ad hoc
queries, and scenario planning. Return on
investment in terms of greater efficiency and
higher data quality was imminent. The
internal analysis also revealed greater
accuracy and delivery time in forecasts.
Qbit is an international Future Finance advisory and Jedox Partner located in the US, Canada, Denmark, and Latvia
40 specialized management consultants
High level and specialized
management consultants and best
practice implementations.
Self-service made for finance by specialists
High business value, fast time
to market, modern self-service – made
for Finance.
20 years of experience with EPM Systems Worldwide
Jedox Shared Service Center,
Preferred Jedox implementation
partner, Jedox Diamond Partner.
Qbit has developed and
implemented Jedox
solutions worldwide.
Qbit holds the highest
possible accreditation
Diamond Partner and
Preferred Partner
Why Qbit together with 3000 enterprise companies use the EPM suite from Jedox
Excel similarity and Excel Add-in
Increase adoption and finance
autonomy through a common
language. Enable secure and
seamless collaboration with
stakeholders inside and outside the
Finance Office.
Most adaptable planning and performance management platform
Supports any business requirement
with AIssisted™, no-code planning,
forecasting, budgeting, analysis and
reporting in a disrupted world.
Self-service, no-code data integration from any system
Harmonize bi-directional data
flows to create a consistent,
manageable digital twin of the
organization to plan the entire
value chain.
Shortest time to value and highest project success
Achieve value faster and ensure
project success with adaptable best
practice accelerators (including ESG
Planning). These models provide
investment security amid business
change.
BARC rates Jedox #1 for project success rates
The BARC planning survey is an evaluation from
independent analyst BARC which gathered
feedback from 1,321 respondents across 33 criteria.
Thousands of companies have already chosen Jedox!
We offer the opportunity to try Jedox for free – Our consultants are always ready with instructions for using the Jedox software or ready to answer any question you might have.
2024
Diamond Partner
Qbit is appointed as Diamond Partner at Jedox
Contact me to discuss how your finance organization can implement best practices, clean up Excel clutter, and embrace AI-driven automation.
Best regards
Jesper Wind,
Country Manager, USA
"We want to be the CFO's closest ally"
- Lyskaer 8A, 2730 Herlev, Denmark
- Workspace Campen Viborgvej 159A, 8210 Aarhus, Danmark
- Vienības gatve 109, Rīga, Latvija LV-1058
- 166 Geary St. STE 1500 #2087, San Francisco, CA 94108 United States
- Consulate General of Denmark 2 Bloor Street West, Suite 2120 Toronto Ontario M4W3E2 Canada
- Lyskaer 8A, 2730 Herlev, Denmark
- Workspace Campen Viborgvej 159A, 8210 Aarhus, Danmark
- Vienības gatve 109, Rīga, Latvija LV-1058
- 166 Geary St. STE 1500 #2087, San Francisco, CA 94108 United States
- Consulate General of Denmark 2 Bloor Street West, Suite 2120 Toronto Ontario M4W3E2 Canada
