Insurance

Expert Cloud Application Deployoment services for Insurance Industry

Digital IMS Cloud has migrated number of Insurance companies from a manual MS Excel based budgeting and reporting process to centralized budgeting and forecasting systems. Digital offers pre-built Insurance models allowing customers to jump start.

• Budget and forecast for direct earned premium and net earned premium based on policies in force considering drivers likes quota, conversion rate, new business count, renewed business count, renewal rate, written premium per policy.
• Budget and forecast for re-insurance based on drivers such as reinsurance rate.
• Budget and forecast for loses and calculate ultimate loss + ALAE, ultimate loss + ALAE ratio.
• Budget and forecast for underwriting expenses based on policies in force and direct written premium.
• Prepare statutory budget and automatically calculate the STAT to GAAP adjustments.
• Plan for department salary expenses at the employee level and department capital expenses at the capital item level.
• Allocate overhead expenses.

Benefits

• Proven, tested industry best practices offer the ability to jump start the implementation reducing risk, providing a clear vision how the Oracle Planning and Budgeting Solution can be leveraged for insurance industries.
• Proven, tested industry best practices offer the ability to jump start the implementation reducing risk, providing a clear vision how the Oracle Planning and Budgeting Solution can be leveraged for insurance industries2. Reduce the lead time, 70% reduction in annual planning cycle.
• Reduce the lead time, 70% reduction in annual planning cycle3. Building various scenarios and preparing a baseline, best case, and worst-case version based on prior year run rate, growth targets set by management and by changing the driver assumptions.
• Building various scenarios and preparing a baseline, best case, and worst-case version based on prior year run rate, growth targets set by management and by changing the driver assumptions.4. Integrated management reporting process giving visibility to Actual Vs Budget Vs Forecast variance.
• Integrated management reporting process giving visibility to Actual Vs Budget Vs Forecast variance5. Model all the insurance products in one single platform and gain visibility to key financial metrics.
• Model all the insurance products in one single platform and gain visibility to key financial metrics6. Publish board presentation reports in a timely fashion.
• Publish board presentation reports in a timely fashion.