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The Benefits of Business Intelligence for Accounting

By January 21, 2022September 26th, 2023No Comments

Insurance accounting oversees the cross hairs on profitability across an insurance company. Accounting managers play a major role in setting goals for the business, including generating standard regulatory reports, reviewing incoming revenue and setting loss reserves. This job role calls for the right Business Intelligence solution to compile a range of data from multiple sources into a meaningful format, clearly determining the profitability of products and giving direction for the future of the business.

Insurance accounting managers are expected to fulfill many duties, including the following:

  • Calculate ultimate claim costs
  • Set loss reserves
  • Exposure analysis
  • Perform Actuarial Analysis, such as Incurred But Not Reported (IBNR) reports
  • Regulatory reporting

Insurance accounting managers pull data from across the company and present findings to company stakeholders. Business Intelligence benefits this role with simplified access to pre-built standard reports as well as ad hoc reports and scenario modeling. Visualizing the company’s financial data allows stakeholders and decision-makers to see the big picture on the company’s performance and saves the accounting manager valuable time while providing insightful and powerful reporting.

Top 3 Benefits of Accounting Business Intelligence

1. Simplified Reports and Dashboards

To run the business effectively, insurance accounting managers are responsible for a range of standard regulatory reports and periodic financial reports, such as monthly close and statement preparations. WaterStreet Business Intelligence greatly improves efficiencies while generating meaningful reports, providing many out-of-the-box reports with an extensive library, built to meet the unique challenges of P&C insurance at its core. Insurance accounting managers are able to modify these reports for company-specific needs and are provided the tools to access dashboards and reports with efficiency never before realized. Accounting managers are able to conduct loss triangle analysis and premium and loss analytics, enhancing the job function of accounting managers and better supporting financial discussions. Both roles are able to share on the fly, enhancing internal discussion and aligning to discover and prioritize for the company’s bottom line performance.

2. Non-Siloed Data

In many insurance businesses today, information is siloed between departments. This causes significant slow downs when compiling information for financial reporting. With Business Intelligence, accounting managers have a simplified connection to all departments and can gain a direct view into financial data. Accounting managers can use Question and Answer functions to explore data and easily run snapshot reports, build unique development-free dashboards to monitor company KPIs, and access 67 standard insurance operations reports, all highly optimized to drill down into the lowest level of granularity for visibility into policy and claims information.

3. Predictive Models

With the complete picture of the company’s financial data, insurance accounting managers are able to make more accurate predictions on where the data is headed. This gives accounting managers insight into improving profitability when determining products, pricing, coverage options, risk, and claim settlements. These models aid with exposure analysis, supporting recommended changes to reinsurance programs and more areas for profitability across the business.

WaterStreet Company Business Intelligence

The Waterstreet Business Intelligence Platform improves accounting capabilities through a collection of tools that work together to turn your data into clean, coherent, interactive visuals.

We know the challenges that carriers face in managing business because we come from the insurance industry.

Ready to Take Action?

Reach out to WaterStreet Company today to request a consultation and demo of our solutions.

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