In addition to the challenges faced by Finance departments in other industries, insurance companies face some unique challenges. These challenges result from tracking business over time, understanding reserves and reporting earnings under a range of regulatory requirements and for various slices of the business. BI systems designed to support a range of industries will simply not meet these requirements, not only does Insight Enterprise addresses these issues, but it also supports specialist applications required by other departments improving consistency of reporting, collaboration and teamwork.

Insight Enterprise brings together reported earnings with the detailed valuation, operational data and future projected earnings. This supports profiling and trending of earnings with slicing and dicing by earnings and policy attributes. Integration with the salesforce structure can take analysis further and provide income statements by agent and the sales office. The system comes with a number of standard management ratios, additional ratios and Key performance indicators can be added by users through Excel and the web interface. Integrated system functionality provides drill-through to individual records to support audit requirements and detailed reporting that may be required by some regulators.

Finally, Insight Enterprise is the only system to provide source of earnings analysis directly against GL data. This application provides detailed analysis of the sources of earnings both as cash-flows in a standard P/L format and in a ‘gain’ format, which replaces change in reserves with sources linked to underlying policy behavior.

Insight Enterprise’s Financial Management applications will be of particular interest to the Finance Department.