Planning and budgeting for insurance
Background
Insurance companies must incorporate not only financial results but also risk indicators (such as capital requirements) and ESG impacts into their planning.
New business (premiums, claims, acquisition costs), HR- and other expense cashflows will need to be planned according to local GAAP, IFRS17 & Solvency II.
Understanding the financial impact of insurance operations and planning accordingly is challenging due to the volume of calculations, complex regulations, and involvement of multiple stakeholders.
Typically, each department creates multiple versions of their plans, and controllers manually consolidate the results.
This process often relies on numerous Excel spreadsheets and legacy systems, making it cumbersome, costly, error-prone, and dependent on a small group of key individuals.
While there is a strong need for better, more reliable insights into results and solvency drivers, the planning process must also become far more efficient.
Fortunately, an effective solution exists to address these challenges!
Planning the future with CCH® Tagetik
CCH® Tagetik enables insurance entities to optimize their Finance and Risk planning architecture, ensuring calculations comply with IFRS 17, Solvency II and local GAAP.
The platform simplifies data collection and guarantees consistent assumptions across business lines and departments.
With CCH® Tagetik, it becomes possible to establish a data-driven planning process, providing deeper and more reliable insights into the underlying solvency drivers and financial results.
An automated system streamlines the planning process, freeing up valuable time and resources for analysis.
Key benefits
- Handle the whole planning process from data-collection, cashflow generation, expense allocation, result and solvency calculation, dashboarding and reporting within a single solution
- Decreased amount of manual work and less prone to errors
- Much simpler system architecture with less systems and tools
- Increase number planning versions with different assumptions
- Increased added value for management decisions
- Improved audit-trail, automatization, more reliable planning
How we can help
Our experts combine in-depth actuarial IFRS17 and Solvency II expertise with technical experience implementing CCH® Tagetik for planning purposes.
We have developed a starterkit solution where we have incorporated many best practices giving you a head-start towards optimizing your insurance planning process.
We can support you with:
- Implementing CCH® Tagetik for insurance planning
- Providing functional application management services
