RAC Insurance Software Purchases and Digital Transformation Initiatives

Discover the latest software purchases and digital transformation initiatives being undertaken by RAC Insurance and its business and technology executives. Each quarter our research team identifies on-prem and cloud applications that are being used by the 1400 RAC Insurance employees from the public (Press Releases, Customer References, Testimonials, Case Studies and Success Stories) and proprietary sources.

During our research, we have identified that RAC Insurance has purchased the following applications: IBM Planning Analytics for EPM in 2018, IBM Cognos Business Intelligence for Analytics and BI in 2013, AscenderPay for Payroll in 2016 and the related IT decision-makers and key stakeholders.

Our database provides customer insight and contextual information on which enterprise applications and software systems RAC Insurance is running and its propensity to invest more and deepen its relationship with IBM , Ascender , Microsoft or identify new suppliers as part of their overall Digital and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

We have been analyzing RAC Insurance revenues, which have grown to $930.0 million in 2023, plus its IT budget and roadmap, cloud software purchases, aggregating massive amounts of data points that form the basis of our forecast assumptions for RAC Insurance intention to invest in emerging technologies such as AI, Machine Learning, IoT, Blockchain, Autonomous Database or in cloud-based ERP, HCM, CRM, EPM, Procurement or Treasury applications.

About the Customer

RAC has been a part of the West Australian community since 1905. They are a unique organization, built by members for members. RAC is different because it is a mutual organization, which means they can give back their profits for the benefit of their members and the WA community for the better.

Scope and Challenges

RAC Insurance saw an opportunity to modernize its financial planning and analytics processes by replacing its manual, spreadsheet-based approach with a more integrated, automated platform.

RAC Insurance chooses IBM® Planning Analytics on Cloud to build a comprehensive financial performance management platform in six months.

Outcome and Implications

For many years back, RAC Insurance’s main budgeting and forecasting processes had depended on a complex process involving more than a hundred linked spreadsheets and they need improvement in financial planning and analytics.

Using IBM® Planning Analytics, RAC Insurance extends insight to a wider audience, improving accountability and decision-making, 20% estimated increase in productivity by reducing budgeting work for the finance team, also accelerates reporting and unlocks new scenario planning and stress testing capabilities.

Quotes

“IBM Planning Analytics on Cloud helps us build flexible plans for both the immediate and the longer-term future, and to prepare for any contingency.” – said Alex Houvardas, Chief Financial Officer at RAC Insurance.

“We wanted to reduce the amount of time and effort our actuarial team spent on budgeting and forecasting, while also making the process more transparent so that the rest of the business could participate,” – said Houvardas. “If we could automate parts of the process, we would be able to unlock much more powerful capabilities, such as rolling forecasts, scenario modeling, stress-testing, and predictive modeling.”