Research from UK financial solutions provider Accountagility has found that 37 per cent of firms in the insurance sector are unhappy with their financial planning tools.
Fifty seven per cent of insurance companies thought their planning tool didn’t have enough features to cope with the volume of datasets produced by the business, while 80 per cent of firms listed expense allocation as their biggest challenge.
According to the results, firms need a planning tool that can accommodate multiple functions and different sets of data, and Accountagility says that insurance firms need planning tools that are agile and can cope with more than one task. However, it found that 51 per cent of the firms surveyed feel their current planning tool is inflexible.
CEO and founder of Accountagility Robert Gothan believes many companies will be feeling the need to consider their options and look for options that are more innovative and automated. “When it comes to planning, there are a large number of businesses still relying on spreadsheets, which are only really suitable for a singular purpose, since they cannot handle multiple users or large amounts of information,” he said. “We are seeing firms wanting to move beyond the status quo and embrace the latest technology in this area, in order to stay one step ahead of the competition.”