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Accurate costing and easier decision making with Prodacapo ABM
About
Länsforsäkringar Liv is the largest life insurance company in Sweden with a yearly premium income of approx. USD 1.2 billions and 280 employees.
Challenge
When Länsförsäkringar Liv started to work with activity based costing and management they started by using MS Excel. But very soon they realized working with Excel became quite difficult. Updating the model became very time consuming and Länsförsäkringar Liv needed better reports and analyzes. Länsförsäkringar Liv wanted a tool that could simplify the ABC-work and secure a higher quality.
Länsforsäkringar needed more detailed cost and profitability information to improve their decision making, to reduce the operation costs and for legal accounting purposes.
When Länsförsäkringar Liv decided to extend their activity based costing/management they started to look for a system that could meet their needs.
Results
Today Länsförsäkringar Liv uses Prodacapo ABM as a basis for their decisions making and closure.
Prodacapo ABM enables Länsförsäkringar Liv to:
- Make more accurate cost and profitability analysis per product. This facilitates the decision making regarding pricing, strategies and product development.
- Track and analyze costs at process levels to make operations more efficient and to follow up process improvements.
- Base internal charging on more accurate costs.
- Calculate correct cost data for accounting purposes and to meet legal requirements. This also includes identification of acquisition costs for capitalization, as well as identification of claims expenses.
More information
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