Insurance companies are facing an increasingly wide range of market opportunities and challenges, driven by global economic conditions and the acceleration of technology-driven change. In response, Financial Planning and Analysis (FP&A) teams can provide a crucially important role in enabling competitive advantage for their companies through:
• Improving the quality and speed of planning and decision-making across the business.
• Driving consistency in business planning across functions, lines of business and legal entities.
• Modelling ad hoc scenarios.
• Providing rapid communication of key insights to the right people.
But creating a group-wide financial view of actuals, forecasts and plans is complex and, combined with the rapidly increasing regulatory reporting demands facing the sector, places huge pressure on the finance team. As a result, today’s Insurance FP&A teams may spend up to 80% of their time on manual processes.
This product guide provides information on the Metapraxis Empower platform which is now available with MPX Insur. The solution provides a fully integrated financial analytics platform for planning, forecasting, analysis, and reporting in the insurance industry.