Business Intelligence for Insurance : Financial Analytics - FellowDSS

	Insurance-specific financial analytics platform For many insurance companies, financial reporting and analysis is a significant, and growing, challenge. Financial analytics are extremely difficult when it comes to corporate consolidations and mergers and acquisitions. The problem is further exacerbated by a need for a higher frequency of analysis (to analyse financial results before month end), a desire to test financial corrections on the final results before publications, and the requirement to consolidate sometimes hundreds of General Ledger (GL) accounts to make sense of it all. Working in conjunction with a large Life Insurance and Wealth Management carrier in Canada, we have successfully developed a Financial Analytics application that meets these needs. What is FellowDSS Financial Analytics? FellowDSS Financial Analytics is a Financial Analytics application that is built on the most comprehensive Business Intelligence Platform for Insurance, FellowDSS Foundation. As such, FellowDSS Financial Analytics benefits from the robustness and data integration capabilities inherent to FellowDSS Foundation. The application comes with pre-built, insurance contents which allow finance users and senior management to obtain up to the minute financial reports, as well as to perform complex analytics on consolidated financial data. Corporate Accounting can also apply financial corrections to the consolidated "in stream" data and view/analyse the results in near real time. Details on any GL postings can be obtained on a consolidated or operating company basis. Benefits include: Direct access to consolidated corporate financial statements; Rapid verification of financial corrections; On-demand operating statements; Immediate reduction of the efforts required by accounting functions to update financial / operating reports; Accelerated financial management; Making restated financial information available online and immediately allowing finance teams to become more proactive in their approach to the running of the business; On-demand Corporate-wide financial views; Comprehensive consolidated reports are now available at the user's fingertips, making sharing of financial information much more effective and precise; Daily reconciliations; The company can position itself for daily financial closing as it is no longer hampered in this approach by the latency of the former reporting process; Fully compliant with all relevant regulatory requirements currently in force and fully capable of supporting the scrutiny of verification/audit processes. How does FellowDSS Financial Analytics deliver these benefits? FellowDSS Financial Analytics includes a framework of pre-built contents and processes that effectively address the complex multiple GL consolidations and ad-hoc financial analysis. By leveraging the latest data integration techniques and tools, FellowDSS Financial Analytics can pull multiple GLs into a set of Common Financial Reporting Elements on a daily basis. As with all our enterprise-ready insurance solutions, FellowDSS Financial Analytics also logs all financial and non-financial corrections for a clear audit trail and provides a sophisticated and flexible reporting and analysis interface, as well as supporting data manipulation or analysis within Excel. For more information on FellowDSS Financial Analytics, please contact us. Also see FellowDSS Financial Analytics Brochure (PDF) FellowDSS Foundation Product Brief (PDF)