Insurance Companies use Anaplan to Automate and Improve Reporting Processes
Insurance companies often face the challenge of having to deal with lots of calculations of varying complexity across different departments. Many insurers have found that Anaplan helps them manage the challenges that comes with large, complex and business critical calculations, coupled with their need to provide internal reporting of results. Barbican Insurance Group has implemented Anaplan’s cloud-based business planning and execution platform bringing more control to their business planning and less labour-intensive reporting.
Collecting data and user inputs from many different departments can make reporting a slow and time-consuming activity. Using spreadsheets brings problems around tracking changes and having multiple people working from the same spreadsheet. If the calculations are found to be wrong, finding the error responsible can be difficult.
A number of insurance companies have found that automated simplified reporting structures accelerate the process so things can be done that wouldn’t have been possible with spreadsheets.
“The insurance sector is one of the world’s most heavily regulated industries and if a business can find a way to not only streamline the reporting process, but also make it more accurate, this represents a crucial competitive advantage. The Anaplan platform can offer such an advantage – our analysis function could be central to the growth of organizations in this sector.”
Barbican Insurance Group
Mentat Technology supported Barbican with their initial Anaplan implementation. Barbican’s objective was to use Anaplan to help with their reserving process, allowing them to calculate how much money should be held to meet all future claims. Anaplan now handles all of their reserving calculations and Barbican have expanded their use of Anaplan to include Financial Planning and Analysis.
“With Anaplan we can now aggregate up from the most granular level. This gives us greater analytical capabilities which facilitate more informed decision-making,”
said Alastair Lauder, Syndicate Actuary for Barbican Insurance.
“Our actuarial modelling process is now much quicker in terms of processing time, and as a result we are able to spend more time on the analysis itself. Reporting both externally and internally is now far easier.”
Following their successful implementation, members of the project team at Barbican have continued to recommend Mentat Technology as an implementation partner to other insurers who have wanted to start using Anaplan.
About Mentat Technology
Mentat Technology have been working with Anaplan since 2013 and are accredited as a Bronze Partner. As one of the earliest Partner Consultancies in the UK, Mentat Technology has a highly experienced and skilled team of consultants who specialise in a range of industries and use cases.