In order to stay competitive insurance companies must have visibility into every facet of their business. In order to maximize profitability and returns they need a comprehensive view across claims, customer service, the workforce and performance management in order to make the right decisions fast.
To maintain profitability in the face of escalating risks, insurers also need to be able to manage conflicting priorities, tackle compliance issues quickly, maximize operational efficiency, growth and product offerings, and serve customers more effectively than the competition. They need this kind of visibility, but in an environment of legacy systems, inter-related processes and large-scale operations, good decisions can be elusive. That's why leading insurers trust IBM Cognos software to provide:
The right technology and solutions
IBM Cognos integrated performance management software and services deliver value to the world's largest insurance companies. By helping them bring together all of their data assets across the organization via reports, analysis, scorecards, plans, budgets and more, IBM Cognos software enables them to:
- Manage captive and independent agents to improve performance by aligning decisions with strategy and data by combining strategic planning, timely monitoring and deep analytical capabilities. With IBM Cognos software, insurance companies can also communicate priorities enterprise-wide with cascading scorecards, engage front-line sales and service managers with the planning process and get everyone operating from a single version of the truth.
- Manage risk and compliance more effectively by efficiently managing multiple reporting and consolidation standards such as IAS and U.S.-based GAAP, inter-company elimination and reconciliation, multicurrency translation, complex ownership calculations and financial consolidation rules.
- Care for customers. By allowing more transparency or visibility into the claims process, insurers are able to provide better customer service and see where they are missing service targets.
- Reduce costs and increase efficiency by creating a self-service reporting platform that reduces the demand on IT while enabling insurers to make more timely decisions on claims, quickly analyze sales agent performance and serve customers more efficiently.
- Make planning easier by augmenting or replacing cumbersome spreadsheet-based systems with flexible, connected planning software that reduces consolidation, close and reporting cycles by days or weeks.
The fastest methods
Insurance organizations have no time to waste in implementing software to achieve maximum value and ROI. IBM Cognos Performance Blueprints address planning and performance management process areas that directly impact your organization's ability to create business value. Blueprints consist of targeted, pre-built data, process and policy models based on proven best practices in insurance planning, budgeting and forecasting.
The requisite experience
Many of the leading players in insurance already choose IBM Cognos software, including:
- Six of the top 10 insurance companies in the world.
- Seven of the top 10 insurance companies in the U.S.
In addition, IBM Cognos software was recently recognized by Insurance Networking News and IDC Financial Insights with awards in the category of "Keeping Insurers Informed Through Analytics." In this ranking, insurers were asked to name the technology firms that truly assist their varied operations across nine different application or business categories, and they put IBM Cognos software at the top of the list.
