Insurance Success Story

Cognos Enterprise Planning Implementation for Intl. Insurance Brokerage

Business Situation

• The client is an international insurance brokerage and risk management firm, with operations in nine countries and business in more than one hundred countries
• The client asked The Revere Group to utilize its proprietary forecasting and planning delivery methodology to perform a four-month implementation of a new budgeting application that included revenue, salary and operating expense planning, monthly variance reporting and financial analysis functionality

Key Issues

• There was a need to integrate data from three different general ledger applications, Ceridian Payroll, and over 75 agency management systems
• The client had a lack of any IT application support staff and a Finance staff without prior enterprise application development experience
• An extremely short timeline and need for web-based training and education

Outcomes

• The Revere Group guided the client implementation, while providing the client’s business and IT personnel with needed communications, knowledge transfer and training during each project phase
• Revere delivered the implementation on time and on budget, under complicated circumstances. The client’s Revenue planning application allowed them to perform budgeting by producer, account, premium and commission dollars, fees, client niche and business class (i.e. renewal, lost, etc.)
• The salary planning model incorporated producer revenues for compensation and bonus calculations and allowed budgeting by existing employee, employee type, base salary, bonus, annual change, effective date, fringe, and proposed new hires
• The Expense planning application enabled contributors to budget by time and expense, meetings, advertising, selling expenses, training, professional fees, depreciation and other operating expenses
• The profit and loss reports allowed ad hoc analysis and summary operating and income reports that included key management ratio