Insurance companies financial planning processes are often time-consuming and complex. When a new system is implemented, a thorough review of the processes is therefore required to decide how these complex regulations should be handled, and to be able to streamline the work process.

Using Planacy, one of Sweden’s leading insurance companies have simplified and streamlined their complex planning process and they now have a unified version of the truth – instead of multiple Excel sheets that don’t match. With Planacy, they have achieved major efficiency improvements while at the same time increasing the quality of their work. They also experience an increased ownership over the financial plans.

A big benefit they experienced with Planacy is how easily the platform could be customized for their specific business rules and allocation logic. Another benefit they appreciate is how they, with only a few variables, can get a detailed staff-cost budget. In addition to staff-cost budgeting, they also use Planacy to manage their P&L- budget and forecast, and they also have a customized process solution for revenue, allocation of internal and central costs, investments and depreciations as well as project budgeting.

Before Planacy, this company largely managed their financial forecasts in Excel which, in addition to the problems with data quality and extensive administration, led to a large dependency on certain key people who built files for the complicated revenue calculations.

With the help of Planacy, they are currently working on a strategic multi-year plan which then automatically creates the conditions for the operational forecasts. They have also integrated Planacy with Power BI to get a streamlined and cohesive analysis and follow-up of the financial plans.

”Since Planacy is developed to handle complex regulations, rules and a changing reality, we felt that we could really make a difference for this customer. It’s always a pleasure to hear from the customer that the solution met their expectations and gave them a more efficient and value-crating budget-, forecast- and planning process,” says Mikael Edh, business development manager at Planacy who contributed with best practice and process knowledge during the design phase of the project.

The deal was carried through together with our partner Business Vision.

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