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User Spotlight: Tysers & Co Ltd

Gaining a Competitive Edge with Automated Financial Reporting, Flexibility, Real-Time Analysis and Accuracy
Tysers Insurance Business Intelligence Project

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Tysers—a leading independent international Lloyd’s broker based in London—transformed their manual reporting system to create a fully automated financial reporting solution with PowerOLAP. The dynamism, flexibility and collaboration gained with PowerOLAP aligns with Tysers outstanding services and continuing growth.

“WE WOULD BE PRETTY LOST WITHOUT POWEROLAP” 
~Kat Breading, Financial Director. Tysers & Co Ltd.

User Story: Tysers Gaining a Competitive Edge with PowerOLAP.

Tysers—a leading independent international Lloyd’s broker based in London—transformed their manual reporting system to create a fully automated financial reporting solution with PowerOLAP. The dynamism, flexibility and collaboration gained with PowerOLAP aligns with Tysers outstanding services and continuing growth.

PowerOLAP equips users with the ability to be self-sufficient, enjoy flexibility, security and control. An extended regulatory solvency calculation process for Tysers has been reduced from a week to a day with PowerOLAP.

 

Lengthy, Manual Spreadsheets Preparation and Inaccuracy

Tysers provides insurance and reinsurance services to a wide variety of sectors including: marine, energy, aviation, global construction, international property & casualty, among others. Before implementing PowerOLAP, the firm endured manual reporting, consolidation, and data distribution processes, all of which were subject to inaccuracies. “Creating a report was a long manual process. There was no guarantee that two people would follow the same process,” said Kat Breading, Group Financial Director at Tysers. This non-automated system at the organization led to management accounts and regulatory reporting that required a manual compilation process, which simply could not satisfy the growing organization’s needs or match the requirements for a heavily regulated market. The process of downloading huge amounts of data in order to get the information that was needed was unsatisfactory and outdated.

“CREATING A REPORT WAS A LONG MANUAL PROCESS. THERE WAS NO GUARANTEE THAT TWO PEOPLE WOULD FOLLOW THE SAME PROCESS”

Automated Reports, Security and Speed Creates a Competitive Advantage

Since implementing PowerOLAP, Tysers enjoys automated financial reporting that ensures accuracy and promotes collaboration across the entire organization. “With PowerOLAP, there is always ‘One Version of the Truth’,” noted Kat Breading. The additional security features of PowerOLAP gives Tysers the flexibility to regulate how data is distributed by giving different levels of access to users as needed.  “It is easy to create a single report with one data set and add a security layer,” said Ed Slade, Chief Information Officer at Tysers. “We can now create reports on the fly; saving us lots of time and enabling us to utilize our resources better,” Kat Breading, Financial Director, Tysers. Monthly management accounts as well as complicated client money calculations now take mere seconds—users just refresh on a report template.

PowerOLAP has empowered Tysers to gain real-time access to financial data that allows instant analysis, forecasting, discoveries that lead to growth and far less data reconciliation— all of which give Tysers a competitive edge in the insurance and reinsurance industry. 

“WE CAN NOW CREATE REPORTS ON THE FLY; SAVING US LOTS OF TIME AND ENABLING US TO UTILIZE OUR RESOURCES BETTER” 

Speedy Implementation, Reporting Flexibility in Spreadsheets

PowerOLAP provides business intelligence for all manner of financial reporting, end-credit risk management, and revenue analysis for all products and markets while ensuring easy integration for spreadsheets—all done while reducing data clerking time. “PowerOLAP using Excel as an end-user reporting tool is great because the finance department is really comfortable with using Excel,” commented Breading.

Multidimensional Data Views and Quick Trend Analysis

With Tysers’s previous reporting and data analysis system, the organization found it difficult to quickly manipulate data and see the whole picture. “We used to have a flat level of reporting which was very two dimensional,” Breading reported.  With PowerOLAP, Tysers staff can quickly drill through data with the simple click of a button, drag and drop to see different business dimensions, and consolidate data that would otherwise exist into thousands of spreadsheets.“We are able to analyze insurance ledgers and discover trends with PowerOLAP.” Kat Breading

Tysers is not only able to capture trends and analyze them effectively, but the fast-growing company can also plan and budget ahead of time swiftly with PowerOLAP.  As a software solution that is extraordinarily “Excel-user friendly,” PowerOLAP gives users such as Breading the ability to make changes to forecasting models when required with little maintenance from the IT department. “PowerOLAP is very different from everything that I have seen,” says Ed Slade, CIO, Tysers.

“WE ARE ABLE TO ANALYZE INSURANCE LEDGERS AND DISCOVER TRENDS WITH PowerOLAP”

A Future of PowerOLAP Super Users

As Tysers continues to achieve growth success through the provision of relevant information to a variety of stakeholders and acquisition in the future, it hopes to continue expanding its base of PowerOLAP users. “PowerOLAP is instrumental in achieving the goals that we have as a company,” says CIO Slade.

The organization hopes to have more PowerOLAP ‘super users’ who can continuously contribute to the business productivity and future growth. Publishing data sets using Web browsers will be a convenient factor when dealing with multi corporations at different locations” said, Ed Slade. 

“PowerOLAP IS INSTRUMENTAL IN ACHIEVING THE GOALS THAT WE HAVE AS A COMPANY.”

Tysers is now powered with automatic reporting and analysis features to stay ahead of their competition. The 80% decrease in solvency calculation process has left more time for strategic decision making and analysis.

 

Quick Facts

Company Information

Print  Name: Tysers & Co Ltd

 Location: London, UK Print

 Industry: Insurance and Reinsurance Brokers Print

Print Sectors: Marine, Energy, Aviation, North American & International Speciality, International Property & Casualty, War & Terrorism,                             Political Risks, Global Construction, Treaty Reinsurance, UK Corporate Risks, Professional Risks

 Revenue: GBP40m ~USD 61m Print

 Employees: 220 Print 

Print Website: www.tysers.com

 

Objectives

Print Eliminate manual financial reporting process

Print Gain access to accurate information across the organization

Print  Make better business decisions with up-to-date information

Print  Reduce time and cost for financial reporting

Print  Quick integration to existing Excel spreadsheets

PARIS Solutions and Services

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Implementation

Highlights

Instant Integration with existing spreadsheets in Excel Print

Print Easy data sharing and collaboration

Print  Automated Management Accounts

Implementation Partner

Print  Name: BIOLAP Limited

Print  Website: www.biolap.com

Why PARIS

Print Quick installation and implementation process

Print Easy integration with Microsoft Excel for reporting.

 
Benefits

With PowerOLAP, Tysers has automated financial reporting to ensure accuracy and promote collaboration across the entire organization.

Print The ability to create reports using a single source of accurate and reliable financial information

Print Reporting flexibility directly through Excel spreadsheets from one secure database

Print Monthly management accounts and complicated client money calculations that take seconds

Print Ability to easily ensure data security and integrity throughout the organization with “one version of the truth”

Print Quick and easy creation of forecasting models

Print Enhanced communication and teamwork with the same distributed data set

Print Real-time financial analysis leading to a competitive advantage in the insurance industry

Print Reduction of lengthy regulatory solvency calculation process from a week to a day

Print Easy collaboration for teams in different locations through Web browser publishing

Existing Environment

Print Timely, error-prone, manual reporting and consolidation process

Third Party Integration

Print Database: Microsoft SQL Server 2008

Print Operating System: Windows Server 2008

Print Analysis/Reporting: Microsoft Excel