New book helps insurance companies manage risk, improve operational efficiency, and increase profitability
June, 2008 – Property & casualty (P&C) and life insurance companies are undergoing significant changes in the way they do business. They are now focusing on operating to a profit, specifically in their underwriting practices, while maintaining better control over their aggregate exposures to loss. These two very distinct business challenges share a common denominator – the need for complete, accurate, ready-access business information that can help management and executives make timely business decisions to manage risk exposure, meet regulatory demands, and maximize underwriting to profit.
Good decisions in these areas are the building blocks of great business performance. That’s why Cognos, an IBM company and world leader in business intelligence and performance management solutions, has partnered with industry thought leaders on a new book offering critical insights and proven practices in insurance performance management with a prime focus on property & casualty carriers.
The Performance Manager for Insurance, developed in collaboration with BI International and PMSI Consulting, is based on the concept of information “sweet spots” – and focused on the unique concerns of P&C organizations. These key decision areas offer property & casualty insurance managers and executives an aggregate view of best practices taken from the most thoughtfully designed and successfully deployed insurance performance management initiatives.
The book helps insurance companies answer the following fundamental business questions:
- How are we doing? With advice on measuring and monitoring performance with scorecards and dashboards to track your key metrics.
- Why? With guidance on reporting and analysis techniques that let you see data, gain context, understand trends, and spot anomalies.
- What should we be doing? Including best practices for planning, budgets, and forecasts that let you set and share a reliable view of the future.
Covering important industry topics such as underwriting and claims, sales and relationship management, and product portfolio management, the book reviews typical challenges and business issues applicable to each function within an insurance company. It then provides a solutions framework that is based on proven practices implemented by the world’s leading P&C companies. Templates are included to illustrate what information is required, and how each function – and which role within each function – needs to see it.
The Performance Manager for Insurance taps into the wealth of experience Cognos has accumulated by working with hundreds of insurance customers worldwide, including nine of the world’s top 10 property & casualty companies, and eight of the world’s top 10 life & annuities companies.
Cognos, an IBM company, is the world leader in business intelligence (BI) and performance management solutions. We provide world-class enterprise BI, planning and consolidation software and services to help companies plan, understand and manage financial and operational performance. More information at www.cognos.com.Tags: business intelligence, IBM