XPS Group has launched a financial dashboard for insurers to provide a “real-time” overview of their financial position.
The consultancy said its dashboard – XPS Orbital – would combine investment, liquidity, capital, and earnings data into a single solution, providing them with analytics, projections, and scenario modelling to drive insights and enable insurers to make quicker, more informed decisions.
The firm said insurers continue to face challenges to managing their financial data across several systems, thereby hindering their ability to have a real-time view of their financial performance or respond swiftly to economic conditions. This means traditional reporting processes are "fragmented". Consequently, XPS said since insights take a long time to be compiled, this leaves decision makers without the insight to take the appropriate action in a swift manner.
XPS added that its solution, developed by its insurance consulting team, would combine its data engineering expertise to provide insurers with the insight and speed required to make more informed decisions.
XPS Group head of insurance consulting David Honour said: "XPS Orbital gives insurers the real-time visibility and control they've been missing. By bringing key financial data into one place and making it instantly usable, it helps our clients move from backward-looking reporting to proactive, insight-led decision making. This is the future of finance analytics and reflects our commitment to investing in practical innovation that directly addresses the challenges our clients face."
