IT major IBM today said Birla Sun Life Insurance (BSLI) has deployed its planning solution 'Cognos TM1' that will help the insurance major to streamline the budgeting process more efficiently.
"IBM Cognos is an industry standard business intelligence solution that has been successfully implemented across various industry verticals," IBM Software Group (India/South Asia) Country Manager (Cognos and Business Analytics) Prashant Tewari said in a statement.
He said BSLI wanted a solution that would streamline its spreadsheet based planning and budgeting process for data coming for more than 600 branches and multiple products.
'Cognos TM1' helped the company to integrate operational and financial planning on demand, which can determine resource requirements and forecast future business performance, he added.
"The solution is easy to use software which our finance team can learn easily with minimal change management or skills upgrade," BSLI CFO and Head (Institutional Sales) Mayank Bathwal said.
The solution has gamut of features that provides accurate balance sheets, information on policyholders' revenue account, shareholders’ P and L account, insight on cost allocation and expenses and a headcount summary among others.