Set user roles and accessibility
Use the full native capabilities of Excel (e.g. create formulas)
Create and customize visual dashboards and graphs for reports & analysis
Performance Canvas for Financial Insurance Companies
If you are budgeting for policy plans, types, policy holders, Performance Canvas enables you to have real time, accurate, and relevant financial and operational data. With Performance Canvas built-in business rules and formula-free calculations, you can be guaranteed easy and error-free budgeting and planning for insurance companies.
Actionable Data in just Minutes
With Performance Canvas what-if analysis, you are allowed comparison of actuals to budgets throughout the year by changing assumption values. You can also control these assumptions at the parent and some at child level and other criteria e.g. policy plans, holders, types.
These capabilities allow you to see the immediate effect of these assumptions to your revenue, expenses, and cash flow. For example:
- What is the most profitable policy type and plan?
- Will the current cash flow support market expansion plans?
Benefits of Performance Canvas
- Budget and report by policy type, location, or entity
- Comparison and analysis of product offerings and service lines
- Support of budget wages and benefits based on payroll data
- Unlimited forecasting and reforecasting, and what-if scenarios
- Ability to budget payroll in hours, then translate to $
- Analysis and monitoring of revenue and cost drivers that affect the margins in different departments or branches such as premiums, commission ratios, loss ratios
- Support of budget roll-up and allowance of variable budgets
- Ability to control some budget assumptions at the parent and some at the child level and/or other criteria e.g. location
- Ability to compare individual entity budgets side by side
- An integrated platform for reporting and analysis, budgeting , planning, consolidation that gives the medical industry an easily accessible and comprehensive overview of the company financial health
- Creation of next year’s budget based on a copy of previous year
- Consolidation of financials across locations, policy type or policy holder group