Zurich Insurance Budget Planning Application

Faster and more transparent budget planning with the Oracle hyperion Planning Budget application, implemented with assistance from Innova.

Zurich Insurance is a leading player in the provision of cover against losses due to fire, accident and other risks in the fields of transport, health provision, law, finance and engineering. Until a few years ago the company had been setting its targets and strategies based on the budget plans it establishes at the beginning of the year. Unfortunately, the fact that budget planning was a process that took around three months to complete meant that it was not possible for all areas of the business to meet their financial targets. The solution to this problem came when the company implemented the ‘Oracle Hyperion Planning Budget’ project, with assistance from Innova.

Centralised budget infrastructure was established and improvements made to budget planning and monitoring processes so that budget plans can now be prepared in only three weeks, enabling all relevant personnel to follow them. Also budget revisions can now be performed in only one week, a great improvement from the 20 days this took in the past. Moreover, changes can be applied much more easily and accurately, and budgets can be laid out in much greater detail. All personnel can now follow the budget and targets, while regional and agency targets can also be monitored and controlled within a single central system.