Cognos has launched a new performance management product designed to help insurance companies optimize forecasting and reporting of business segment and insurance product profitability.

Co-developed with Suncorp, one of Australia’s largest general insurance groups, the Cognos Insurance Product Performance Blueprint enables insurers to create income statements and balance sheets at the business segment level, by product line, product and brand, enabling business analysts, product managers and finance executives to report and analyze profitability, and effectively plan initiatives to improve business segment results.

The new software is anchored on Cognos 8 Planning and Cognos 8 BI and based on insurance industry best practices. Its creators claim that insurers using the technology will find a number of benefits, including full business segment-level rolling income statements and balance sheets based on multiple scenarios to determine the best course of action and enable rapid adjustments as market conditions change.

Another highlighted benefit is forecasts that encompass insurance premium revenues, such as new policies and renewals, expenses and claims, providing business analysts with the data they need to improve decision-making and business results.

In addition, the companies said, managed and ad hoc reports and intuitive dashboards can provide comprehensive insight at every level of the business segment and product line hierarchy.

The Cognos Insurance Product Performance Blueprint is the third financial services industry-specific solution launched by Cognos in the past year, joining the Cognos Branch Performance Blueprint and the Cognos Customer Segment Performance Blueprint, which is offered in two versions – one for corporate banking, and the other designed specifically for retail banks.