Customer Success Story | TRYG
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- About Qbit
Customer Success Story | TRYG
Denmark, Norway, Sweden
Financial reporting, KPIs, Budget & Planning, driver-based Costing
MS Excel, MS Access database
Tryg is one of the largest non-life insurance companies in the Nordic region with activities in Denmark, Norway and Sweden. Tryg chose Jedox to optimize their corporate reporting processes and to better organize financial budgeting and planning. Tryg can now anticipate short and long-term in business developements and align financial strategies more presicisely and effectively thanks to the integrated Jedox platform.
Supports driver-based financial planning and reporting
Transparent processes for planning and budgeting
Tryg is the biggest insurance company in Denmark and the second biggest in Northern Europe with 3,200 employees taking care of 2,55 million private persons and 140,000 companies (listed on Nasdaq OMX Copenhagen). Tryg‘s insurances include workers‘ compensation, motor, building, contents, transport, house, personal accident and health care. They mainly offer insurances through own sales and service channels and through business partners such as Nordea and Axa Corporate Solutions.
Tryg group puts emphasis on recognizing and comprehending business development processes across a broad and diverse range of areas. To ensure that, Tryg builds and constantly improves advanced planning and reporting models in Microsoft Excel and Access.
The challenge was to meet the models’ requirements by performing complex manual processes. It took more than 6 weeks of intensive work to collect and prepare all necessary forecast data, and was further complicated by technical di culties when trying to display current and future forecasts from three years ahead.
The deficits of Excel regarding budgeting and spreadsheet consolidation contained several risks that led to a bigger work load. Higher error ratio, inconsistent reports, non- transparent version tracking as well as missing accounts and audit trails profoundly complicated the enterprise planning process at Tryg. The spreadsheet-based system needed to be replaced with a professional software solution for planning, reporting, and analytics. In fall 2016, Tryg chose Jedox as their new enterprise planning platform to replace existing Excel/Access models. With the help of Jedox partner Qbit, they migrated all their data to the Jedox database.
Thanks to Jedox, Tryg now benefits from integrated and dynamic enterprise planning, including rolling forecasts and time-independent forecasts, automated data integration and validation, as well as real-time consolidation of all reports.
Due to the variety of different insurance clients and cases, there is a multitude of different scenarios Tryg needs to be able to adjust their business to. For example, what needs to be done when there is an increase of burglary? What measures does Tryg need to take – initiating measures to reduce the number of burglaries or adjust the pricing? Anticipating the economic impact of those strategic decision on the business is crucial.
The new Jedox system helps Tryg to forecast group performance by aligning management reporting with short and long-term business development and future- oriented strategic planning. This facilitates dialogue on the management level, supports confidence in the Group’s efforts and finally brings Tryg on the optimal path. Tryg’s planning and forecasting is measured using different KPI that are calculated and consolidated. The resulting unified forecast is fed by areas such as:
Qbit is a specialized BI consultancy company in Herlev (Copenhagen), with high skilled knowledge in financial activity and planning management. Qbit offers a highly competitive, user-friendly and modern solution for financial management.
Qbit aims to make both private and public companies more efficient and competitive using modern IT standard systems, such as budget management. Building trustworthy partnerships ist the goal to ensure success in cooperations and deliveries, focusing on delivering on time and within the agreed budget.
Qbit‘s expertise is especially strong in private and public management, with more than 15 years of experience in digitizing and streamlining financial management, used to deliver industry-standard and individual solutions.