Birla Sun Life Insurance deploys IBM's planning solution
New Delhi, Jul 3 : IBM, a multinational IT giant, today announced that Birla Sun Life Insurance (BSLI) has deployed its planning solution 'Cognos TM1' to help the private insurer to transform the entire planning cycle, from forecasting and analysis processes to budgeting and profitability modeling.
'IBM Cognos is an industry standard business intelligence solution that has been successfully implemented across various industry verticals,' IBM Software Group (India/South Asia) Country Manager (Cognos and Business Analytics) Prashant Tewari said in a statement.
He said BSLI engaged IBM SWG Services as the Implementation Partner to have a single point of contact for the software and services.
The project was planned to be completed within 100 days and was completed well within the target time and allocated budget, he added.
The solution has gamut of features that provides accurate balance sheets, information on policyholders' revenue account, shareholders' P and L account, insight on cost allocation and expenses and a headcount summary among others.
'The solution is easy to use software which our finance team can learn easily with minimal change management or skills upgrade,' BSLI CFO and Head (Institutional Sales) Mayank Bathwal said.
Birla Sun Life Insurance (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc.