Implementation of Planning Analytics Workspace at Allianz
Allianz, a leading insurance company, has been utilizing the TM1 system for nearly two decades to manage its financial data and modelling. Recognizing the need for modernization, Allianz chose to integrate Planning Analytics Workspace with TM1.
The primary challenge was transitioning from the legacy TM1Web interface, which had been in use for 19 years, to a more advanced and user-friendly platform. The goal was to enhance the user experience and improve the accuracy and efficiency of financial modelling, which is crucial in the insurance industry due to the complexities of claims and premiums.
The new interface with Planning Analytics Workspace was initially rolled out to 140 top executives and later expanded to nearly 600 users. The system was designed to provide centralized control over financial data, replacing the inconsistent and error-prone Excel spreadsheets previously used. The new platform offers improved visualizations and a more intuitive user interface, which has been positively received by executives, including the CEO and CFO.
Peter Brady, who has been involved with TM1 since its initial implementation at Allianz, led the transition. His extensive experience and collaboration with Cubewise were instrumental in the successful rollout. The team focused on refining planning processes within TM1, addressing legacy issues, and continuously seeking enhancements.
The response from executives has been overwhelmingly positive, with many expressing satisfaction and excitement about the new system's effectiveness. Planning Analytics Workspace not only improved the user interface but also bolstered the modelling capabilities, ensuring precise calculations essential for financial stability.
Allianz plans to continue transitioning the remaining legacy TM1Web components to the new system. The team is committed to reviewing and enhancing processes after each planning cycle, remaining responsive to evolving needs and opportunities for improvement.
The successful implementation of Planning Analytics Workspace at Allianz highlights the importance of modernization in financial modelling within the insurance sector. The case study demonstrates how a strategic upgrade can lead to improved efficiency, accuracy, and user satisfaction, setting a precedent for future innovations.
