Cognos Launches New Book On Proven Practices In Insurance Performance Management
– Latest in Cognos’ business book series provides framework to help insurance companies make better decisions, by function, that drive overall performance and profitability –
2008 ACORD LOMA, Las Vegas, NV May 13, 2008– Cognos, an IBM company and the world leader in business intelligence and performance management solutions, has partnered with industry thought leaders on a new book offering critical insights and proven practices in insurance performance management.
The Performance Manager for Insurance, developedin collaboration withBI International and PMSI Consulting, is based on the concept of information "sweet spots” – or key decision areas – and offers property & casualty (P&C) and life insurance managers and executives an aggregate view of best practices taken from the most thoughtfully designed and successfully deployed insurance performance management initiatives.
Covering important industry topics such as underwriting and claims, sales and relationship management, and product portfolio management, the book reviews typical challenges and business issues applicable to each function within an insurance company, and then provides a solutions framework that is based on proven practices implemented by the world’s leading P&C and life insurance companies. Templates are included to illustrate what information is required, and how each function – and which role within each function – needs to see it.
“Profitability is a fundamental benchmark in the insurance market. The challenge is finding innovative ways to service the customer and meet bottom line targets while also adhering to strict solvency and risk management regulations. Understanding and incorporating industry best practices is a solid first step to building the right business model that can meet these key objectives,” said Mark Schlafman, Business Intelligence Supervisor at Great American Insurance Company.
The Performance Manager for Insurance taps into both the authors’ collective expertise in performance management and Cognos’ extensive footprint in the insurance industry. Critical insights, proof points and recommendations provided in the book reflect many of the successful performance management strategies Cognos has powered for hundreds of insurance customers worldwide, including 9 of the world’s top 10 property & casualty companies, and 8 of the world’s top 10 life & annuities companies.
“Both property & casualty and life insurance companies are undergoing significant changes in the way they do business. They are now focusing on operating to a profit, specifically in their underwriting practices, while maintaining better control over their aggregate exposures to loss. These two very distinct business challenges share a common denominator – the need for complete, accurate, ready-access business information that can help management and executives make timely business decisions to reduce risk exposure, meet regulatory demands, and maximize underwriting to profit,” said Craig Bedell, Global Insurance Industry Director at Cognos. “This book spotlights the critical partnership between key decision-makers across an insurance organization, and the people who provide the necessary information that facilitates better decisions. The book offers a proven framework to help insurers capitalize on business intelligence and performance management best practices to drive success across the organization.”
The Performance Manager for Insuranceis the second industry-specific iteration of The Performance Manager, released in January 2007, and builds on the foundation initiated over 10 years ago when Cognos originally commissioned The Multidimensional Manager - 24 Ways to Impact Your Bottom Line in 90 Days and The Multidimensional Organization: How to Deliver the 24 Ways. Demand led to the printing of more than 400,000 copies, many of which remain in use by organizations worldwide today. Cognos launched The Performance Manager for Banking in September 2007.
Note to Editors:
Cognos will be showcasing its award-winning BI and performance management solutions at the 2008 ACORD LOMA Conference, Booth # 508, Mandalay Bay Resorts, in Las Vegas. IBM Cognos BI was recently named top Analytics solution in both the Life & Health and Property & Casualty categories, as part of IDC Financial Insights’ and Tech Decisions Magazine’s 2008 Insurer’s Choice Awards. For more information: http://www.idc.com/FI/services/Insurer_sChoice2008Supplement.pdf
About the Authors:
The Performance Manager for Insurancewas authored by Roland P. Mosimann, Chief Executive Officer, BI International; Dr. Richard Connelly, Chairman, BI International; Patrick Mosimann, Founding and Joint Managing Director, PMSI Consulting; and Meg Dussault, Associate Vice-President of Corporate Positioning, Cognos, an IBM company; and Craig Bedell, Global Insurance Industry Director, Cognos, an IBM company.
About Business Intelligence International:
BI International is a global expert in providing the frameworks, structures, and analytics that allow businesses to properly manage risk and performance. Since 1995, with The Multidimensional Manager and subsequent DecisionSpeed® framework, BI International has pioneered core principles for aligning information needs with roles, decision-making processes, and cascaded goals to drive performance. In 2004, BI International also launched its AlineT Platform for on-demand Governance, Risk, and Compliance. These Software as a Service (SaaS) solutions seek to 'right size' Fortune 1000 capabilities so they become affordable for small and medium sized companies.
For more than 10 years, BI International has led the development of key business intelligence solutions for companies both large and small across the Financial Services, Manufacturing, Pharmaceutical, and other industries. Beyond its direct customers, BI International has influenced thousands of companies worldwide through its thought leadership, frameworks, workshops, and design tools. For more information, visit the BI International Web site at www.aline4value.com.
About PMSI:
PMSI provides practical and commercial solutions to drive performance with data-driven decision-making using a combination of business consulting skills, data integration, and analytical capability. The design of a successful performance management solution requires the expert understanding of the business decisions and drivers across various responsibilities and functions. PMSI acts as a bridge between the insights needed within a business and the potential IT capability and delivery. The focus is to fully leverage the innovative use of technology and create highly repeatable, business-led solutions while reducing cost of delivery. PMSI's experience ranges across industry sectors and markets; this cumulative business knowledge and flexibility of solution and approach is of particular value to its clients. For more information, visit the PMSI Web site at www.pmsi-consulting.com
About Cognos, an IBM company
Cognos, an IBM company, is the world leader in business intelligence and performance management solutions. It provides world-class enterprise planning and BI software and services to help companies plan, understand and manage financial and operational performance. Cognos was acquired by IBM in January 2008. For more information visit http://www.ibm.com/software/data/ and http://www.cognos.com.
Note to Editors: Copies of previous Cognos press releases and Corporate and product information are available on the Cognos Web site at http://www.cognos.com.
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