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.
“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.”
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