Insurance
IBM Cognos Performance Blueprints
The IBM Cognos Insurance Product Performance Blueprint enables insurers to create profit and loss statements and balance sheets at the business segment level, by product line, product, and brand. The solution allows business analysts, product managers, and finance executives to report on and analyze profitability, and to plan initiatives to improve business segment results.
New Methods to Address Current Challenges
The tools to understand customer segment performance have existed for years. But institutions have failed to meet their growth and profitability targets because:
- Data exists in disparate systems.
- Customer relationship management (CRM) solutions have been cost-prohibitive and rarely lived up to their promise.
- Initiative planning and tracking has been an afterthought.
Set and monitor targets that improve profitability
Cognos, an IBM company, used insurance industry best practices to create a performance blueprint for Insurance Product Performance. Insurance companies can use it to consolidate customer data, understand customer segments and individual customers, and set and monitor specific targets that improve segment profitability:
- Revenue and expense planning allows you to forecast new and renewal premiums, exposure, cancellations, and lapses. Expenses planning methods capture items such as commissions and net commissions, distribution allowance, total acquisition costs, and total expense ratios.
- Claims planning methods allow insurers to incorporate concepts such as gross and net claims, recoveries, claims handling expense, movements in reserves, gross and net loss ratios, and discount unwind across new and prior year claims.
- Initiative planning helps managers identify the projects to target for product or service initiatives, based on the impact to the financial plans
- Business segment reporting, analysis, dashboards, and scorecards let managers see at-a-glance how the business segment or product is performing across measures such as revenue, claims, and segment profitability
Learn more about the IBM Cognos Insurance Performance Blueprint. Download the:
- The IBM Cognos Insurance Product Profitability Performance Blueprint Business Value Guide
Read how this Blueprint allows business analysts, product managers, and finance executives to report on and analyze profitability, and to plan initiatives to improve business segment results. - IBM Cognos Insurance Product Profitability Performance Blueprint Demo
See for yourself how this Blueprint can help your organization create business segment profit-and-loss statements and balance sheets by product line, product, and brand.
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