Dashboards
You wouldn’t drive your car without a dashboard so don’t drive your business without one.
When you are driving your car, at a glance you can assess the position in terms of fuel, speed, rev counter, temperature and you know if you need to do anything to keep it running smoothly. In the same way, the corporate dashboard provides a highly visual reporting and analytic environment for quick assessment and better understanding of the status of the business.
With mountains of management information from different sources in different formats, it’s not an easy task to know how business is performing right across the organisation. Gone are the days when dashboards were only used by chief executives or top layer management. Dashboards can now be available company wide, providing instant tools for effective decision making.
- Do you know how well your organisation is performing right now?
- Is it easy for your employees to align their daily work activities with key organisational objectives?
In order to make decisions that focus on delivering the same goals, you need to be able to provide users with the right information. By presenting key performance indicators using simple visual graphics including tables, charts and scorecards, comparisons of business data have become intuitive. Using the latest dashboard technology, we will work with your existing infrastructure to implement an easy-to-use dashboard interface tailored to include unique metrics required for each user and task.
The dashboard will create a single, consistent view of multiple sources of business data, delivering high level summaries while still providing the ability to drill down deeper into a report. At a glance you can see areas of profitability, sales performance, geographical variances, financial results and the overall state of the business.
Performance at a glance
Based on the "balanced scorecard" methodology made famous by Kaplan & Norton, performance scorecards provide business users with an intuitive way to align business goals to personalised objectives and report on business performance in an "at a glance" fashion.
Scorecards are about objective setting and goal alignment, they enable companies to link business strategy with KPIs at the divisional, departmental, and employee level, and communicate them across the enterprise.
Key scorecard features include:
- centralised KPI management
- real-time status indicators
- flexibility and customisation
- web-based access
- scorecards are "cross-functional" in nature, taking into account both financial and operational measures of performance which means they can be used right across the entire organisation.
Our scorecard solutions enable drill-down and drill-through from the scorecard to any level of underlying detail, ideal for understanding and analysing performance variances.
The business benefits of scorecards include:
- increased accountability
- better prioritisation
- more effective communication and collaboration
- tighter corporate alignment
- easily identifiable results – via traffic lights and up/down arrows
- eliminate need for mountains of spreadsheets.
Key performance indicators & alerts
Insurance organisations can mitigate business risk by monitoring KPIs. KPIs inform the business of performance against targets and can include alerts, exception reporting and diary events. These KPIs measure both quantitative and qualitative performance and could include loss ratios, claims notification, budget performance, staff turnover and customer loyalty. Moore Stephens has developed over 100 key KPIs specific to the needs of the insurance sector.
Examples of typical KPIs include:
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- Claims forecast vs actual
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- Worst broker for settlement
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- Best broker for settlement
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- Brokerage forecast vs actual
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- Ration new business to RNR/NT
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- Insured satisfaction rating
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- Underwriter satisfaction rating
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Alerts are implemented to notify the user when the actual value for a KPI is outside the expected range. They monitor business performance against objectives defined by KPIs. Information from the data warehouse is used to monitor change, generate alerts and send them to appropriate users.