(Image source: SunGard.)
SunGard has released business intelligence (BI) dashboards that the vendor says are designed to help insurance executives readily evaluate the performance and financial health of their organization. The cloud-based and mobile-enabled BI tool provides a visual assessment of key performance indicators, which SunGard says will help executives gain real-time insights that facilitate more timely and reliable business decisions. The dashboards work in conjunction with the vendor’s financial accounting system, EAS.
The new BI tool is aimed at addressing common process inefficiencies characteristic of the way financial professionals work. SunGard conducted a study in 2014 which found that 45 percent of financial and energy company executives said they fulfill reporting needs through manual data extraction, massaging and presentation using tools such as spreadsheets, and less than one in five (17 percent) has timely access to desired reports and analytics. By automating the aggregation and analysis of the data, SunGard’s EAS BI dashboards help remove the human error inherent in manual processes to help improve accuracy and efficiency, the vendor asserts. SunGard’s EAS BI dashboards are designed give financial leaders a comprehensive view of financial accounting performance at a single glance with configurable dashboards that provide immediate visibility into the insurer’s summary of operations, investment income, premiums and balance sheet, according to the vendor.
“As insurers look to compete efficiently, the ability to reuse financial data for strategic planning has become a top priority,” comments Sam Stuckal, research director, CEB TowerGroup. “Leading carriers are ratcheting up business intelligence investments to provide senior leaders with actionable analytics using intuitive dashboards. In reviewing SunGard’s EAS BI dashboards, we saw a quality solution that works regardless of the data source.”
Transforming Raw Data into Actionable Insights
SunGards release of the EAS BI dashboards fits within a larger initiative by the vendor to provide insurers with tools that help transform raw financial data into actionable insights and timely analysis. SunGard has already released investments BI dashboards designed to help chief financial and investment officers drive better business decisions by monitoring and analyzing investment performance, risk, accounting and compliance.
“Insurance executives are being asked to accomplish more in shorter periods of time, and they can no longer wait for reports to be cobbled together from various spreadsheets,” insists John Vercellino, VP, product management, in SunGard’s insurance business. “They need immediate access to information that is accurate and up to date. SunGard’s EAS BI dashboards give executives the ability to focus on interpreting the insights rather than gathering and verifying all of the information. This is especially true as they continue to expand the volume, sources and types of data used in their decision-making processes.”