“We were starting way too early,” recalls Tina Workman, vice president of accounting and assistant treasurer at Shelter Insurance Companies, as she describes the financial planning and budget process Shelter had lived with for years. “Prior to Tidemark, we set up Excel templates with lots of manual calculations to gather our budget information from about 150 different departments and cost centers.”
This paradigm describes what many organizations are going through as a result of legacy planning technologies. In fact, Insurance Networking News reports the new Towers Watson’s North American P&C Insurance CFO Survey Program’s study shows half of the CFOs polled said, “They plan to deploy capital in analytics, data or technology-related areas over the next year or two.”
Shelter Insurance Companies, which operates in 18 states and collects more than $1.5 billion in premiums annually, realized the advantage they would gain by upgrading to a cloud-based planning software. After considering other vendors in the market, they selected and quickly implemented Tidemark in the midst of Shelter’s preparation of the 2015 budget. After using Tidemark, Shelter now sees the potential of reducing the time it takes to prepare its annual budget by half in the coming year due to Tidemark’s ability to integrate financial and operational data from the various departments, provide real-time collaboration, deep analytics capabilities and actionable visualizations on any device.
Gone are the manual, spreadsheet-based processes. Today’s Shelter is collaborative, analytical and real-time. “With Tidemark, we’re finding we can start a lot later,” says Workman. “That means more time for strategy and other crucial work.”
In the new press release and video, Workman explains why Shelter Insurance chose Tidemark, and why starting later is a very good thing. Check it out below.