New Cognos Insurance Product Performance Blueprint enables insurers to
analyse profitability and adapt quickly to meet changing market conditions
BURLINGTON, MASS., March 26 /CNW/ - Cognos (Nasdaq: COGN; TSX: CSN), the
world leader in business intelligence and performance management solutions,
today launched a new performance management solution designed to help
insurance companies optimize forecasting and reporting of business segment and
insurance product profitability.
Co-developed with Suncorp, one of Australia's largest general insurance
groups, the Cognos Insurance Product Performance Blueprint enables insurers to
create income statements and balance sheets at the business segment level, by
product line, product and brand, enabling business analysts, product managers
and finance executives to report and analyse profitability, and effectively
plan initiatives to improve business segment results.
"Insurers' revenue growth and profitability depend on offering good
products that are priced according to exposure and distributed efficiently.
Insurers should invest in new solutions and modify their processes to optimize
revenue and gross written premiums," said Kimberly Harris-Ferrante, research
vice president at Gartner.
Anchored on Cognos 8 Planning and Cognos 8 BI and based on insurance
industry best practices, the Cognos Insurance Product Performance Blueprint
offers insurers a significant head-start in business segment and product
profitability planning and reporting. Specifically, insurers can benefit from:
-- Full business segment-level rolling income statements and balance
sheets based on multiple scenarios (from 'business-as-usual' to the impact of
a strategic investment) to determine the best course of action and enable
rapid adjustments as market conditions change.
-- Forecasts that encompass insurance premium revenues, such as new
policies and renewals, expenses (for example, commissions) and claims,
providing business analysts with the data they need to improve decision-making
and business results.
-- Managed and ad hoc reports and intuitive dashboards that provide
comprehensive insight at every level of the business segment and product line
The Blueprint also capitalizes on Suncorp's general insurance forecasting
methodologies and expertise. Suncorp recently standardized on Cognos as its
performance management platform, and benefited from the best practices
contained within several of Cognos' financial performance Blueprints -
including Expense Planning and Control, Workforce Planning, and Capital
Project Planning - to accelerate corporate-wide rollout of enterprise planning
capabilities. Fueled by this success, Suncorp worked with Cognos in developing
an insurance-specific Blueprint, contributing subject matter expertise
including techniques on how to simplify revenue phasing and claims
"The Cognos Insurance Product Performance Blueprint offers a strong
performance management platform that enables insurers to optimise its product
mix and continuously drive profitability through both historical reporting and
analysis and long-term initiative planning and forecasting," said John
Herrmann, manager of group budgeting and forecasting at Suncorp. "We are
pleased that other insurers globally will be able to benefit from the combined
value-add that both Suncorp and Cognos have to offer."
Available immediately to customers, the Cognos Insurance Product
Performance Blueprint is the third financial services industry-specific
solution launched by Cognos in the past year, joining the Cognos Branch
Performance Blueprint and the Cognos Customer Segment Performance Blueprint,
which is offered in two versions - one for Corporate Banking, and the other
designed specifically for Retail Banks.
"In the insurance industry, it is critical to drive product performance
for both individual products and the product portfolio as a whole. However,
that demands high levels of participation and coordination between product and
brand managers close to the target segments, together with finance, actuaries
and senior management," said Laurence Trigwell, senior director of financial
services at Cognos. "The Cognos Insurance Product Performance Blueprint offers
an industry-validated, best practices vision of what forecast and
profitability models should look like, providing insurers a valuable place to
start their Cognos performance management journey."
Cognos is a recognized leader in delivering performance management
solutions for the insurance industry. Over 1,000 financial services
institutions worldwide use Cognos, including 4 of the top 5 global insurance
companies. Insurance customers include AAA Life, AIG, Canadian Imperial Bank
of Commerce (CIBC) - Insurance division, Chubb Insurance Company of Europe,
and Prudential UK. For more information about Cognos solutions for the
insurance industry, please visit
insurance.html. (Due to the length of this URL, it may be necessary to copy
and paste it into your Internet browser's URL address field. You may also need
to remove an extra space in the URL if one exists.)
ABOUT COGNOS PERFORMANCE BLUEPRINTS:
Cognos offers a full suite of Performance Blueprints to address planning
and performance management process areas that directly impact an
organisation's ability to create business value. Both functional and
industry-specific process areas can now be automated, streamlined and
transformed to help organisations quickly create more business value.
Developed by the Cognos Innovation Center for Performance Management, the
Cognos Performance Blueprints are a key component within the Cognos
Performance Management System, which combines technology, best practices,
analytical applications and solutions, and a broad network of partners into a
single performance management solution. For further information on the Cognos
Performance Blueprints see
Suncorp is one of Australia and New Zealand's leading diversified
financial services companies, offering banking, insurance, and wealth
management products to around 8 million customers. For more information, visit
Cognos, the world leader in business intelligence and performance
management solutions, provides world-class enterprise planning and BI software
and services to help companies plan, understand and manage financial and
Cognos brings together technology, analytical applications, best
practices, and a broad network of partners to give customers a complete
performance system. The Cognos performance system is an open and adaptive
solution that leverages an organisation's ERP, packaged applications, and
database investments. It gives customers the ability to answer the questions
-- How are we doing? Why are we on or off track? What should we do about it? -
and enables them to understand and monitor current performance while planning
future business strategies.
Cognos serves more than 23,000 customers in more than 135 countries, and
its top 100 enterprise customers consistently outperform market indexes.
Cognos performance management solutions and services are also available from
more than 3,000 worldwide partners and resellers. For more information, visit
the Cognos Web site at http://www.cognos.com
Cognos and the Cognos logo are trademarks or registered trademarks of
Cognos Incorporated in the United States and/or other countries. All other
names are trademarks or registered trademarks of their respective companies.
Note to Editors: Copies of previous Cognos press releases and Corporate and
product information are available on the Cognos Web site at www.cognos.com.
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