Corporate dashboards and management information suites
There is constant pressure on insurers from capital providers, shareholders and stock analysts to deliver better returns despite a soft market and low investment yields. To respond effectively to this challenge, management needs a clear and detailed understanding of the key drivers of financial performance across each functional area, line of business, distribution channel, and business unit/operating company.
However, legacy systems constraints, multiple platforms, heavily siloed functional areas, and failed data warehouse projects are all conspiring to hinder the automated production of consistent, detailed and timely Key Performance Indicators ("KPIs") and Key Risk Indicators ("KRIs"). PwC works with insurers to break this logjam by leveraging our experience delivering effective technology solutions and designing comprehensive and insightful KPI and KRI hierarchies as part of a comprehensive management information ("MI") framework.
- Your underwriting, claims, investment, ceded reinsurance, risk and overall financial performance MI suites are not providing management, various committees, or the Board with the required level of clarity or insight on functional and financial performance and emerging trends.
- You wish to enhance your dealings with external stakeholders through greater transparency of the value drivers of your business.
- Management receives inconsistent information from different sources, due to little or no coordination among reporting groups, and/or unavailability of a "single version of the truth".
- Your MI suite lacks a common vocabulary and taxonomy.
- You are unable to distill what is most important due to a one size fits all MI framework.
How we can help
- Delivery of high quality, technology-driven internal reporting processes that feature data sourced from systems without manual intervention and a hierarchy of reports that meets the needs of each audience through effective use of comparatives, leading indicators, graphics and pithy commentary.
- Integration of your functional MI to promote more holistic management of your business and better decision-making by building strong links between KPIs, KRIs and your strategic objectives.
- Overhaul of all or specific components of your existing MI framework.
- Creation of a single repository of enterprise-wide data for consistent, timely information sharing that is integrated with all core systems and technology platforms.
- Assurance that your existing suite of KPIs and KRIs is complete and effective.
- Design and implementation of corporate dashboards for the C-suite that provide at-a-glance summaries of the value drivers of the business against risk appetite, strategic objectives, and business plan targets.
- Design and implementation of a new MI framework, new MI components, or new data warehouses that meet the current and likely future needs of each part of the business.
- Specification of next generation KRIs and risk-adjusted key KPIs to meet the evolving needs of management and external stakeholders in different functional areas.
- Integration of currently fragmented legacy systems and data marts through cost-effective technology solutions.
- Assessment of your existing systems capabilities and internal reporting framework to identify gaps to industry best practices, and provide recommendations for quick wins and longer term solutions.
- Support to your risk and internal financial reporting functions, including short or long term secondments and the provision of specialist advice.