Equity Insurance boosts business with intelligence tool

Firm overhauls system to identify key performance indicators

Equity Insurance has overhauled financial reporting across the company and improved accountability and planning using business intelligence software.

The insurer has installed Applix TM1 to conduct complex business modelling across all areas of the business, to identify key performance indicators, project cash flow and plan for budgetary purposes.

Richard Smith, finance systems manager at Equity Insurance, says in the past reports were produced manually using different parameters.

‘Now standard reports are produced using standard data on a regular basis. Speed of reporting, accuracy, reliability and flexibility have improved,’ he said.

‘By having standard reports people in the business can now look at a report at summary level and drill down into underlying data to understand a variant.’

The tool has an Olap (online analytical processing) engine with a user interface based on Excel, which enables users to simply evaluate information stored in a central database. Data is updated into the TM1 system every five minutes, making it near real-time.

‘The tool allows the company to analyse key statistics. For example, within our broking business we can look at which types of policies are being taken out, the number of policies we are selling, where they are being sold and the penetration of products in certain markets. With all this data at the touch of a button, we can improve planning for customer needs,’ said Smith.

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