Infinity Property & Casualty streamlines financial planning with SAS®
SAS Financial Management reduces budget cycles by 50 percent, improves allocation efficiency
CARY, NC (Dec. 06, 2011) – In the highly specialized nonstandard auto insurance industry, Infinity Property & Casualty Insurance is using SAS® Financial Management to speed planning and boost results. Using SAS, from the leader in business analytics software and services, Infinity has reduced its budget planning cycle by 50 percent, increased accuracy and speeded business decisions through quicker information delivery.
"SAS helps us shorten the budgetary process while improving the results," said Gena Woodfield, Assistant Vice President of Management Reporting at Infinity. "The ROI from productivity improvement is strong enough. But it really grows when you factor in softer components: earlier access to financial data that enables smarter and faster decisions. It's clear that SAS is a key business advantage as we continue to grow."
Infinity is the nation's fourth-largest writer of nonstandard automobile insurance through independent agents. As it grew, Infinity needed smarter, faster ways to prepare its annual financial plan, including more than 1,500 expense allocations.
"To manage increasing data volumes, we looked for a solution to strengthen data access and manipulation, as well as aggregation, modeling, reporting and distribution," said Woodfield. "We recognized the importance and relevance of data mining. But with different people in different locations, things were disjointed. We had to manually gather and consolidate data from dozens of spreadsheets and enter it into the legacy system."
For Vijay Chennur, Pricing Manager at Infinity, the challenge was efficiently contributing to the planning process. "Before, we submitted data in a series of Excel spreadsheets, a time-consuming and error-prone process," he said. "That data was then passed to the management reporting team for roll-up in the centralized system.
“We believed we could achieve additional revenue growth with qualitative data handling and analysis backed by smarter pricing strategies. Solving these challenges was a top priority for our management teams.”
Through SAS Financial Management – a comprehensive solution for enterprise planning, budgeting, consolidation and reporting – Infinity gained a faster, more efficient and more accurate planning cycle. With a proprietary calculation engine and accounting logic, SAS Financial Management consolidates planning or historical information, ensuring that the latest information is always available for decision makers.
"Last year, we cut our annual planning cycle by two months," said Woodfield, "and we are confident we can beat last year's record. We plan to utilize SAS to reforecast our expenses to keep our business on course."
"We now create a truly bottom-up, detailed business plan that reflects all expenses and efficiently rolls up into a unified budget," said Chennur. "With more granular information, our users create more accurate forecasts. And we're doing it faster, so executives can make decisions sooner."
About Infinity Property and Casualty Corporation
Infinity Property and Casualty Corporation (NASDAQ: IPCC) is a national provider of personal automobile insurance with a concentration on nonstandard auto insurance. Its products are offered through a network of approximately 12,500 independent agencies and brokers. Infinity receives an A “Excellent” Financial Strength Rating from A.M. Best and an "A Strong" from Standard and Poor's. For more information about Infinity, please visit www.InfinityAuto.com.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 50,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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