July 3, 2012
By V. Ganesh
Birla Sun Life Insurance has deployed IBM’s Cognos analytics software solution for planning and forecasting its internal business operations.
This would help Birla Sun Life integrate operational and financial planning functions, which would give its internal teams flexibility in business functions and help to determine resource requirements and forecasting of future business performance.
This solution helped in streamlining their spreadsheet-based planning and budgeting process for data associated with more than 600 branches and multiple insurance-related products.
Financial planning
IBM’s Cognos would provide financial planning solutions in areas such as channel-wise projections of revenue, expenses and headcount, actuarial model, capex planning, expense analysis, scenario trend analysis, and data comparisons.
This helped Birla Sun Life Insurance identify the different sales trends across the region and more effectively plan for the coming months.
The Cognos solution also facilitated the BSLI team in doing ‘what if’ and scenario analysis which earlier was not possible due to the time consumed by managing spreadsheets for data collection.
According to IBM officials, the project was completed within 100 days, within the target time and allocated budget.
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