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Solutions
INSURANCE
For most industries the period between the products or services sale and subsequent payments by the consumer and delivery by the vendor is relatively short. However, in the insurance industry this is not the case. An Insurance policy can be sold with premiums being due and payable for decades after the contract becomes effective, and benefits receivable from owning the policy can takes decades to be determined and subsequently settled.
Accounting for insurance must take the unique aspects of the insurance industry into consideration via accrual accounting methodology. Isidore CPM provides a planning and forecasting solution that does this and models the;
- Policy Acquisition Costs,
- Premium Income, and
- Claims and Benefits Payable.
For your organization this means that you work with people who understand the complexities of the insurance industry and this guarantees Isidore’s promise to deliver a complete solution. This includes:
- Insurance Policy Planning – will calculate the; Gross Premium Written, Acquisition Costs, Reinsurance Ceded and Commission Income, Technical Reserves (Unearned Premiums, OSLR, IBNR and DAC) and, post the relevant entries to the Profit Loss, Balance Sheet and Cash Flow Statements.
- Scenario Analysis – driver based so that variable parameters such as claims ratio and premium movements can be quickly entered and instantly re-calculate forecasts;
- Instant Consolidation – entire insurance operations can be planned and reported instantly, from a single system in real time with no delays for cube re-builds;
- Collaboration – incorporates every aspect of an insurance business model, meaning there are no silos of data stored in one off spreadsheets, planning, reporting and analysis is catered for every department;
- Financial statements – Profit and Loss, Balance Sheet and Cash flow;
- ERP Integration – integrate seamlessly with source systems to extract, transform and load data into Isidore;
- Driver-based modeling – model costs using schedule quantity, equipment utilization or a labor number;
- Foreign Currency translations – model consumable prices in a foreign currency;
Isidore’s Insurance solutions deliver what others cannot – systems and a platform that is tailored specifically to your needs. Our solutions benefit the insurance sector by offering access to:
- People who are knowledgeable and highly experienced in corporate performance management, to guide you in strengthening systems and optimizing operations;
- Budgeting, variance, cash-flow and forecasting solutions that centralize and streamline the planning process, and allow you to make credible decisions instantly;
- Reports and dashboards that are easy to use and give you immediate access to unlimited intelligence about your business and consumers;
- Cutting-edge technology that connects you instantly to information stored across applications, systems, organizations and locations;
- Intuitive technology that allows you to see connections, patterns and relationships across a broad range of data;
- Enterprise-wide collaborative planning tools;
- Financial planning and business modeling, which allow you to focus on planning your growth.
For more information on how Isidore can help your enterprise contact us via email info@isidore.com or give us a call on 1800 737 474 (Australia only) or +61 2 6243 3618 (for overseas callers). |
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