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The process of downloading huge amounts of data in order to get the information that was needed was unsatisfactory and outdated.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.