Deliver More Accurate Forecasts, Budgets and Reports With Oracle Planning and Budgeting Cloud Service

Accurate forecasting and timely financial reporting directly impact insurance company ratings. Ratings depend on numerous metrics such as:

  • The expected future liabilities of a company and when they come due
  • The reliability of cash flow from premiums
  • The safety, stability, and liquidity of the insurance company’s pool of reserves
  • The quality of underwriting and whether the pool of insured for a particular company is substantially higher risk than normal
  • The amount of reinsurance in place

Yet, collecting metrics and accurately budgeting is painful using MS Excel-based manual processes. Infovity delivers insurance industry-specific, pre-packaged solutions using Oracle Planning and Budgeting Cloud Service as a platform, which you can leverage to budget and forecast:

  • Direct earned premiums and net earned premiums based on policies in force
  • Re-insurance based on drivers such as reinsurance rate
  • Loses and calculate ultimate loss + ALAE, ultimate loss + ALAE ratio
  • Underwriting expenses based on policies in force and direct written premiums

A sample view of our Premium Dashboard

In addition, you can:

  • Prepare statutory budgets and automatically calculate the STAT to GAAP adjustments
  • Plan for salary expenses at the employee level and department capital expenses at the capital item level
  • Allocate the overhead expenses

Benefits Include:

  1. Proven, tested industry best practices that jump-start implementation, reduce risk, and provide a clear vision of how insurance companies can leverage the solution
  2. Reduced lead time and as much as a 70% reduction in the annual planning cycle
  3. Evaluating 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 for visibility into Actual vs. Budget vs. Forecast variance
  5. Model all products in one single platform and gain visibility into key financial metrics
  6. Publish executive presentations and reports in a timely fashion

Learn More About What We Can Do

Cloud Implementation Services
Infovity Managed Services
Cloud Integration Services
EBS to Oracle Cloud