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EPM for Insurance
Navigate risk, streamline claims, and optimize capital management with Enterprise Performance Management (EPM), empowering insurers to enhance performance and meet evolving regulatory demands.
What is EPM for the Insurance Industry?
Enterprise Performance Management (EPM) in the insurance industry integrates financial and operational data to support risk management, claims processing, and capital optimization. EPM allows insurers to streamline regulatory reporting, enhance underwriting accuracy, and optimize investment portfolios. With EPM, insurers can manage complex risk exposures, ensure compliance, and align assets with long-term liabilities while driving profitable growth.
What are the Business Challenges in the Insurance Industry?
Risk Management
Risk Management
Accurately assessing and pricing risks while managing underwriting exposures is essential but increasingly complex.
Claims Management
Claims Management
Efficient claims processing and cost control are critical for profitability, but high volumes and fraud add complexity.
Regulatory Compliance
Regulatory Compliance
Stringent regulatory frameworks require insurers to deliver precise, timely financial and operational reports.
Capital Management and Solvency
Capital Management and Solvency
Ensuring sufficient capital to meet solvency requirements while managing investment portfolios is challenging.
Product Development and Pricing
Product Development and Pricing
Competitive insurance products must be accurately priced to balance risk and profitability.
Customer Experience
Customer Experience
Delivering a seamless claims experience and fast, accurate responses is key to retaining policyholders.
Operational Efficiency
Operational Efficiency
Rising administrative costs and regulatory demands are straining insurers’ operational efficiency.
Asset Management
Asset Management
Managing substantial investment portfolios to meet long-term liabilities while optimizing returns is complex.
What's Getting in the Way for the Insurance Industry?
- Data Integration and Quality Challenges
Disparate risk, claims, and investment data make it difficult to assess performance and manage risks holistically.
- Timely and Accurate Forecast Completion
Spreadsheet-based forecasts struggle to keep pace with rapidly changing market conditions and regulatory demands.
- Regulatory Compliance
Manually managing increasingly complex regulatory reporting is time-consuming and error-prone.
- Inefficient Spreadsheet-Driven Processes
Over-reliance on spreadsheets limits scalability, creates inefficiencies, and increases operational risks.
What are the Key Use Cases for EPM in the Insurance Industry?
Risk and Underwriting Management
EPM integrates risk data with financial forecasts to enhance risk assessment and optimize underwriting strategies.
Claims Performance and Cost Control
EPM tracks claims data in real time, enabling insurers to reduce claims costs and optimize claims management processes.
Capital and Solvency Management
EPM helps insurers manage capital effectively by providing real-time insights into solvency requirements and investment performance.
Regulatory Compliance Reporting
EPM automates regulatory reporting, ensuring timely submissions and reducing the administrative burden.
Investment and Asset Management
EPM optimizes portfolio management by aligning investment strategies with long-term liabilities and regulatory requirements.
Technology Solutions
Our Team
Mitch Max
Senior Partner, Head of EPM Practice, North America
Paul Petersen
Partner, Head of EPM Practice, Australia
Michelle Sutherland
Senior Partner, Head of EPM Practice, EMEA
Kushal Gulati
Partner, EPM Sales Performance Management, North America
Steve Blemker
Partner, EPM Insurance and FP&A, North America
Connect with us
Let’s talk about your next project.
