Due Diligence & Forensic Reviews

BIOLAP provides pre-acquisition data due diligence and data analysis services providing valuable insight into data quality and operational exposures. In addition, we also provide data analysis services in insolvency, administration and forensic reviews.

Our toolset allows us to gain rapid access to data, analyse the information and provide key reports to our clients assisting in either determining the facts or formulating new business strategy.

Please contact us for more information: +44 (01952) 456-453 or +44 (07785) 766-829

PowerOLAP Training Courses

PowerOLAP Technical Training (3-5 days)

A comprehensive technical training course covering the following:

  • install PowerOLAP
  • create multi dimensional models (cubes)
  • develop standard and custom reports for analysis, budgeting and forecasting applications
  • handle the configuration and administration of the PowerOLAP MDB Server including security
  • employ Synchronization Server for remote synchronization of PowerOLAP databases through a relational database
  • use OLAP Exchange for custom integrations with relational database applications that provide for dynamic updating of source data straight through to Excel on end-users’ desktops.
PowerOLAP Advanced Training (3 days)

A three-day intensive course that will instruct attendees in the following:

  • how to develop PowerOLAP applications using appropriate multi-cube design and architecture
  • advanced PowerOLAP formulas
  • PowerOLAP functions within the Excel interface.

This course requires strong knowledge of Excel and some practical experience using PowerOLAP.

PowerOLAP Budgeting Training (2 days)

A course that focuses specifically on the features and benefits of PowerOLAP as a budgeting application. Topics include:

  • advanced formulas
  • approaches to budgeting modeling
  • budget reporting
  • using Dependencies to ensure performance.

The methodology to set up a sample budgeting process includes such modules as HR, Expense, Capital Lease, and Revenue.

Please contact us for more information: +44 (01952) 456-463 or +44 (07785) 766-829

Excel Training Courses

Excel Training (1 to 2 days)

Materials Covered: Custom designed courses that focus on obtaining more from Excel.

Topics include Pivot Tables, connecting to external data sources,  report design techniques, graphs and dashboards and automating processes using macros. 

Please contact us for more information: +44 (01952) 456-463 or +44 (07785) 766-829

Balance Sheet Diagnostics for Insurance Intermediaries

 

 

Overview

 

Insurance Intermediaries continuously face the challenges of handling client money and the underlying problems associated with it. An adequate, credible, and scalable reporting framework and capability is critical to allow management to accurately measure the associated business and regulatory risks, ensuring that they are appropriately addressed.

 

Effective management of credit risk exposure is made more difficult due to the perennial challenges arising from unmatched cash, funding and the management of cash flows. In addition, the FSA requires firms to prepare client money calculations on a periodic basis, ensuring that the trust status of client money bank accounts cannot be challenged. The common practice of co-mingling Client and Insurer funds adds to these challenges.

 

In addition to reviewing compliance to the Client Money rules, the FSA is also keen to see the extent of unmatched cash and funding in a firm’s ledgers, and the extent of funds being held onto, and being paid on to, clients and underwriters. They are particularly interested to see evidence that management is measuring these items accurately and consistently, and that processes are in place to ensure positive trends in their clearance.

 

Concurrently, intermediaries are also seeking to understand their business in depth to help identify opportunities for improvements in profitability, capital management and cash-flow. This has been a key driver for much of the work we have successfully undertaken to date.

 

BIOLAP provides clients with expert solutions and experienced resources to ensure that they are effectively handling client money in a compliant, efficient and timely manner and, at the same time, evolving a greater understanding of their business. 

 

Insurance Ledger Diagnostics

 

Although most broking systems provide adequate processing, they often lack the capability to produce critical management information. At BIOLAP, we have developed a data mart solution for broking systems that allows the easy, quick and accurate analysis of funding, unmatched cash, uncollected brokerage and balances held for payment contained within the insurance ledgers. Whilst most broking systems split transactions between client, underwriter and third party ledgers, these balances are reconstituted by the Diagnostic.

 

Greater transparency is gained across the ledgers leading to better managed and reduced credit risk and bad debts, improved cash flows and service to clients and underwriters, earlier recognition of potential exposures and processing errors and a reduction in and quicker resolution of open entries.

 

In contrast to many data warehousing approaches, our proven methodology is specifically designed to deliver results from the outset of the project, implementing a scalable and flexible framework that can be continuously developed to respond to an organisation’s growing appetite for management information once the possibilities are understood.

 

Advisory Services

 

BIOLAP provides experienced resources to assist in the clearance of legacy issues relating to funding and unmatched cash. By utilising specialist resources to assist in the clearance of these items we help to ensure minimal impact on the servicing of ongoing business. In addition, we can help to identify recurring problems and help to design improved processes to prevent their future reoccurrences.

 

Value added

 

Clients using our Insurance Ledger Diagnostic in conjunction with our clean-up methodology have experienced sustainable improvements in their open ledger entry positions over a 12 month period:

 

  • Unmatched Cash (reduction between 44% and 55%)
  • Funded Balances (reduction between 45% and 62%)
  • Uncollected Brokerage (reduction between 12% and 39%, freeing up working capital of £2m).

 

To download the article in PDF format, please click here.

 

Revenue Analysis & Margin Improvement

How can BIOLAP help?

Market conditions, including rates and FX, continue to present real barriers to meaningful top line brokerage growth. This is focusing insurance intermediaries on the critical need to manage costs and profit margins to sustain business growth and development.

Sustainable revenue growth, cost reductions and process improvements can only be achieved where meaningful management information targets the root causes that inhibit profit growth.

At BIOLAP we have developed and proven our approach to implementing management information solutions. These provide an adequate, credible, and scalable reporting framework and capability. This allows management to accurately measure factors impacting margins and to develop sound strategies to improve profit levels.

Our clients have developed a greater depth of understanding of their business and have identified opportunities for improvements in profitability, capital management, cash-flow, and the value of their business.

Revenue Analysis

Although most broking systems provide adequate processing, they often lack the capability to produce critical management information. At Biolap Solutions, we have developed a data mart solution for broking systems that allows the easy, quick and accurate analysis of premiums and associated revenue flows within the insurance ledgers. Whilst most broking systems split transactions between client, underwriter and third party ledgers, these balances are reconstituted by our Revenue Analysis solution.

Greater transparency is gained across the ledgers leading to more accurate understanding of gross commission rates, commissions ceded to clients or introducers of business and income retained by the business. All of these measures are compared against premium flows to insurers.

In contrast to many data warehousing approaches, our proven methodology is specifically designed to deliver results from the outset of the project, by implementing a scalable and flexible framework that can be continuously developed and improved to respond to an organization’s growing appetite for management information once the possibilities are fully understood.

Advisory Services

Equipped with sound decision support systems, management of intermediaries have a number of potential strategies open to them to improve margins:

  • Negotiate more advantageous commission rates with underwriters
  • Negotiate more advantageous commission sharing agreements with business producers
  • Use more appropriate business models for classes of business
  • Improve effectiveness of placing process
  • Improve processing efficiency.

BIOLAP provides experienced resources to assist in the development of appropriate business strategies. In addition, we can help to identify recurring problems and help to design improved processes to prevent their future reoccurrences.

Value added

Clients using our Revenue Analytics in conjunction with our margin improvement methodology have experienced sustainable improvements in their profitability over a 12 month period:

  • Increased commission levels from insurers
  • Increased retention of income
  • Reduced costs due to re-engineering of processes.

To download this article in PDF format, please click here.

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