Press release
May 8, 2006
Skandia Liv Switches to Prodacapo
Skandia Liv has decided to replace its present system for Activity-Based Costing/ Management (ABC/M) with Prodacapo's. The new system will provide Skandia Liv with improved decision-making information for profitability and cost management.
Skandia Liv is Sweden's leading traditional life insurance company. The company administers SEK 276 billion for 1.2 million customers.
"We are swithing systems beacuse of new requirements and because we want to be able to follow up costs for activities and processes in dimensions other than those we use at present. Prodacapo's system will help us produce teh necessary information. With the system, we can also be more flexible in changing and refining the ABC model as requirements evolve," says Pia Marions, CFO at Skandia Liv.
Skandia Liv will continue to use ABC information in several areas.
"ABC is currently used primarily for allocation of costs and profitability follow-up. This is also where we see the potential to obtain better decision-making information. We will also use it in
tender calculations and as a basis for both external and internal invoicing. Additionally, the ABC infromation provides input for accounting and the legal reports concerning allocation of operating costs," says Jorgen Thuresson, responsible for ABC at Skandia Liv.
Prodacapo's solution complements Skandia Liv's existing business systems and the ABC information will be updated every quarter.
"We are very pleased. This contract means that another company in the Skandia Group has choosen Prodacapo.Skanida Life in England, Skandia Sweden and Skandia Denmark are already Prodacapo customers," says Fredrik Wastenson, CEO at Prodacapo.
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