Leading Insurers Turn to Anaplan to Simplify Reporting Processes
Anaplan’s planning cloud brings much-needed innovation to the Insurance market
London, UK – May 14, 2015 – A number of the world’s leading insurance companies have turned to Anaplan to help improve their internal syndicate reporting processes. Barbican Insurance Group and Starr Group have both implemented Anaplan’s cloud-based business planning and execution platform in order to increase efficiency and reduce the cost of their reporting methods.
The production of business reports is an extremely time-consuming activity given the vast amounts of data contained and the level of input required from a multitude of departments within the business. Using spreadsheets has typically been considered a labor-intensive process, with no way of ensuring version control meaning that changes are impossible to track – creating difficulties for underwriters should any of the numbers fail to add up.
The move to Anaplan has helped accelerate the process for a number of insurance companies, allowing them to replace manual, spreadsheet-based processes across core business functions with automated, simplified reporting structures.
“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,” commented Ian Stone, Managing Director, UK and Ireland.
Barbican Insurance Group
Barbican implemented Anaplan in 2014 to help further streamline its reserving process. Using Anaplan, the company was able to create one seamless integrated system for the end to end modeling of reserves.
“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.”
Starr Underwriting Agencies
Starr Underwriting also implemented Anaplan to more easily produce accurate plans, reports and forecasts that address the needs of various end-users and stakeholders.
“With Anaplan, we have consolidated our planning process into a single, unified system that allows us to take one set of inputs from the underwriters and turn it into different outputs that satisfy the forecasting needs of three stakeholders: our department’s senior management, Lloyd’s of London and Starr Companies group management, ,” said Steve Blakey, CEO of Starr Underwriting Agencies.
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Anaplan is driving a new age of connected planning. Large and fast-growing organizations use Anaplan’s cloud platform in every business function to make informed decisions and drive faster, more effective planning processes. Anaplan also provides support, training, and planning transformation advisory services. Anaplan is a privately held company based in San Francisco with 16 offices and over 150 expert partners worldwide. To learn more, visit anaplan.com.