Forsia Forsikring G/S supports growth with Jedox and a new dataplatform in Azure

Case: Forsia Forsikring

Forsia Forsikring reduces the amount of manual processes and time-consuming spreadsheets and gains deeper business insight.

Great growth requires a great overview

Forsia Forsikring (previously Sønderjysk Forsikring) is a growing company. During the last five years they have doubled their revenue. And the goal is to do it again with the help of data. Data is crucial for how Forsia Forsikring manages their business. With large growth also comes the need for a better overview and that was clear for Trine Hauge Christensen, CFO of Forsia Forsikring:

“As the amount of data and the complexity of the company has increased, it has become more difficult to keep track of the business.”

In order to maintain an overview, Forsia Forsikring needed a future-proof solution. They decided on a data platform in Azure with Power BI as the reporting platform and the Performance Management solution Jedox as their budgeting platform.

Data platform creates greater security

It was important for Forsia Forsikring to gather all their data in one platform to easier access the same data, at the same time – across the organization. Their data was spread across various Excel sheets, which meant that the finance department had to spend a lot of time manually updating and maintaining all spreadsheets to ensure that no typing error had occurred and that the numbers were reconciled. According to Trine, their new data platform provides greater peace of mind:

“The new solution provides us with even greater confidence that the numbers are handled correctly. Now we know that we always have access to the same data and therefore have a common worldview in Forsia Forsikring. We expect to save 3-4 days a month because we avoid a lot of manual clean-up work. ”

However, it is not only the finance department of Forsia Forsikring that reaps the benefits of the new data platform. They have also saved a great deal of administrative resources at the sales level. Previously, all sales-related work was collected in spreadsheets. Now, instead, they get daily updates in Power BI so they can track sales across the business. As something new, they can follow sales per. sales channel, pr. sales employee and per. product. So by replacing spreadsheets with Power BI the sales department now gets a deeper insight as well as extra time on hand that they can spend on more value-creating things.

Power BI provides greater business insight and collaboration

The new data platform meets, to a much greater extent, the requirements that the company places on data today. In addition, Trine finds that the deeper insight into data has given rise to a lot of creativity across the company:

“The reporting in Power BI gives our end users far greater business insight. And we are also receiving far more inquiries than before because people now know about the value of data. It has given us in economics even more sparring and cooperation, i.a. with salespeople and the claims department because they now have more data to experiment with. It’s nice and it gives us extra energy!”

The organization is longing for more reports. Therefore, they will spend a lot of time on report development in the near future. In the longer term, the goal is to continuously expand the data platform with more data sources and components – and work more on their overall data quality.

Jedox modernizes the budgetary process

Forsia Forsikring has also chosen to modernize their budgetary process with Jedox. And the background for that, according to Trine, is quite simple:

“We were so tired of the spreadsheet model, which consisted of many individual spreadsheets. It was a very heavy process where we lacked an overview – especially continuously in the budgetary process.”

With Jedox, the people in the finance department no longer have to collect countless spreadsheets into one budget sheet. Today, budget managers can enter the numbers into Jedox themselves. Thus, the finance department can maintain focus on controlling tasks rather than heavy, manual work.

“Jedox takes us to the next level where we can do much more than we have been able to before. The system is easily accessible and intuitive to use. We are actually that excited about the system that we use it on an ongoing basis, even though we are done with the budget. It has become much easier to find the correct numbers so we can get our work done faster. We expect that Jedox in the short term will give us a time saving of approx. 20% in the budgetary process,” Trine says.

Furthermore, Trine says that Jedox is well integrated with their own systems. Jedox collects data from their insurance system, their finances and HR. And the budget is also included in the data platform.

Consultants from Kolding generate excitement

Forsia Forsikring and twoday has had good chemistry from the beginning. During the project, twoday has been good at managing the process:

“The collaboration has been very professional. twoday has continuously given us really good follow-ups on time horizon, tasks, resources and finances. It is a pleasure to work with such committed and professionally skilled consultants. And it’s also great to have local consultants from Kolding,” Trine says.

About Forsia Forsikring

Forsia Forsikring is a customer-owned non-life insurance company that dates back more than 160 years. They cover the whole country, both private and business, with insurance solutions that can be customized. They have 170 employees in offices in Aabenraa, Esbjerg, Odense and Copenhagen.