Tryg forecasting cycle reduction

Customer Case
– Gains significant forecasting cycle reduction with Jedox
Customer
Tryg
Region
Nordic: Denmark, Norway and Sweden
Department
Finance
Jedox Solution
Budgeting, Planning and Forecasting
Executive Summary
For Tryg, one of the largest non-life insurance companies across the Nordic region, preparing business forecasts using its traditional Excel models was taking too long to collect and prepare. Now with the Jedox Enterprise Performance Management system providing an automated rolling forecast solution, the Tryg Finance team has been able to secure significant reductions in its forecasting cycle time.

The Organisation

Tryg is one of the largest non-life insurance companies in the Nordic region, with more than four million customers across Denmark, Norway and Sweden. The company provides private insurance products – covering car, home, accident, travel, motorcycle, pet and health. Tryg’s commercial insurance services for small and medium-sized businesses include vehicles, property, liability, workers’ compensation, travel and health products, while it also offers group life cover to corporate customers.
The insurer focuses on claims excellence, digital empowerment, product and service innovation and distribution efficiency, and the result is a fast-moving business that demands rapid insight into its business performance across its different business areas and regions.
Office folders
red green and blue arrows of wooden toy building blocks

Traditional forecasting proved time-consuming and resource-intensive

For a number of years Tryg’s Finance team relied on complex models based on Microsoft Excel to enable the creation of forecasts for the business. However, collecting data for these models involved multiple manual processes, and it was taking Tryg around six weeks of activity to collect and prepare forecasts.
“Using our Excel models was simply taking too much time, making it hard for the Finance team to produce forecasts each quarter and very difficult to generate rolling forecasts for the current year as well as three years ahead,” explained Christina Ljungman, a Financial Partner at Tryg Group.
The Tryg team also found that their models had become increasingly large and complex over years of use. This, combined with a reliance on key personnel to drive the process, difficulties in keeping track of forecasts and challenges in terms of consolidating Excel sheets and models meant that it was always time-consuming to check and validate data for each quarterly forecast.

Transitioning to a digital forecasting solution with Jedox

Frustrations with this approach meant that Tryg began looking for an Enterprise Performance Management solution to replace its current spreadsheet-based system. In Autumn 2016 Tryg selected Jedox and began working with its partner Qbit to optimise its planning and forecasting processes.
Jedox gives Tryg the flexibility to build financial forecasting models exactly how they want, ensuring a stronger link between the finance function and the rest of the business. And because Jedox offers an integrated data foundation across all its planning and forecasting activity, Tryg also benefits from greater consistency and transparency of data.
With Jedox in place, all Tryg’s key FP&A forecast data was collected and consolidated within the seamless Jedox digital platform. This has helped to improve efficiency across the Finance function and simplify collaboration across the rest of the Tryg business.
Laptop And Red Text
Metal analogue barometer isolated

Accelerating the forecasting process

After migrating their Excel data to Jedox, Tryg was able to move quickly to a much more integrated and dynamic enterprise planning approach. Deploying Jedox enabled Tryg to evolve from its previous lengthy forecasting cycle to a situation where it can now produce rolling forecasts and time-independent forecasts much more quickly. The fact that Jedox optimises the process thanks to automated data integration and validation, as well as the real-time consolidation of all reports, frees the Tryg Finance team to focus on more value-added activities.
Using Jedox, all key data and processes are digitised so that the solution drives communication with the business. All inputs in terms of changes to forecasts and any associated explanations are all automatically collected and consolidated. So, instead of managing bulky spreadsheets with many sub-sheets, the Tryg business is now able to accelerate key processes, such as forecasting, that previously required the integration of a wide range of data from multiple sources across the business.

Providing Tryg users with a simple and easy-to-use solution

“Because our Jedox solution is cloud-based we can now present our forecasting data in a standard web browser, making it simpler and quicker for Tryg users to access the latest information,” explained Christina Ljungman. “This makes the whole process much easier and more efficient for the Finance team – accelerating reporting to Group Finance and allowing us to focus more on analysis rather than data preparation.”
After a rapid deployment, thanks to the flexibility and scalability of the Jedox Cloud solution, the Tryg Finance team has continued to introduce new capabilities. “Because we’ve got all our key data – such as cost allocations, values and business performance – in one place that’s now become business as usual. However, this also allows us to introduce new ideas and quickly make changes to our models,” added Christina Ljungman. “We’re currently focused on introducing a sales forecasting model, while we have also worked with our partner Qbit this year to gain a greater understanding of the impact of the Covid-19 pandemic on our business.
Tryg’s Finance team will continue to work on optimising the performance of its Jedox enterprise performance management solution, and is currently investigating how AI could support its activities. Looking at Jedox AIssistedTM Planning is on Tryg’s roadmap, particularly how the technology could support the forecasting process by picking up on any trends across the business and recommending changes.

Type of users

Benefits/ROI

Why Jedox?

“Working with Jedox we have been able to significantly reduce the time taken to complete our forecasting cycle, while at the same time providing our executive team with much more reliable forecasts.”

Christina Ljungman
Financial Partner
Tryg Group

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