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"The Flexible Business Intelligence application [developed by SQLiaison] is a data warehouse foundation with financial and statistical reporting. The platform has been built to allow further layers to be added towards an integrated financial and management reporting and decision making BI environment."
Corporate Controller,
Industrial Alliance Group
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3 of the top 5 Canadian Life Insurers trust SQLiaison for their Business Intelligence solutions planning and implementation
The individual life and investment market has changed significantly these past few years. Companies have de-mutualised or consolidated and other players in the financial services industry have chipped away at the traditional customer base that Insurance companies have served for so long.
In order to continue to thrive in an environment marked by growing change and competition, Life Insurance companies need to:
- Aim for the right combination of insurance, annuity and investment products, as well as wealth management products and services to offer through their retail and wholesale distribution channels
- Understand the velocity of adoption in the Product Development stage
- Gain a clear idea of Source of Funds in the Wealth and Investments area
- Understand clearly the expenses associated with the business on the book as they underwrite new risks.
The competition is also developing and implementing programs to manage customer and partner relationships more effectively. This creates a business conjecture in which access to information is the key to success. Easy and timely access to information therefore becomes critical to the diversified insurance company. It is also clear that Business Intelligence enables ease of access to corporate data.
Timely access to information that drives business decisions is more than a laudable goal in today's business context. It is, in fact, a top priority for many insurance companies.
At SQLiaison, we understand the challenges the Life Insurance industry faces. Our work with industry leaders has let us to gain a deep understanding of specific needs. We know how to design and deploy Business Intelligence Reporting and Analytics solutions that are right for you.
Understanding Source of Earnings (SOE)
SQLiaison recently helped a major Life Insurance company create a single view application for the SOE process. The challenge was to report all elements for all subsidiaries.
SQLiaison helped the client's financial and actuarial groups to create a single data and information source to support the SOE process. The benefits were significant and immediate, from the one-stop-reporting capacity, to flawless, security enabled, tactical and analytical reporting.
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