Company Name Prophix Story

The Baltimore Life Companies – Prophix project summary

The Baltimore Life Companies– Prophix project summary

Background of client business

Basic characteristics

Company background

• Who is the company and what do they do?

With corporate offices located in Owings Mills, Maryland, Baltimore Life operates in 49 states and the District of Columbia. They deliver products and services to over 300,000 individuals, families and businesses in communities all across America, that provide financial protection to the middle-income segment of the U.S. population.

Revenue sources

• What are the company’s main sources of revenues?

Premiums and Annuity consideration for life and accident and health contracts

Key expenses

• What are the company’s largest expenses?

Personnel

Important facts

• Unique elements: e.g., do they have a complex organizational structure with many subsidiaries? Do they deal with multiple currencies or face strict government regulations?

Baltimore Life Companies operates with multiple Line of business, budget center and 3rd party admin. They follow strict Federal Insurance policy when it comes to creating reports that needs to be approved by the District of Colombia

Business issues / pain points

• How did the customer hear about Prophix?

• Which other CPM vendors did the customer evaluate?

Oracle (there are others, but I can’t remember)

• What were the customer’s primary reasons for selecting Prophix?

Low Cost

Good references from other Insurance Company

Really enjoyed the demo done by Tracy

• What were the business problems that led the customer to evaluate CPM and adopt Prophix?

Excel and Forecaster replacement for budgeting down to the product level, Financial reporting, board reporting packages and forecasting. Replaced a manual process using 30 spreadsheets. Opex budgeting and revenue including driver based calculations (kilowatt hours, different bands) as well a personnel planning at the headcount level.

Benefit realized

Unique solutions

• How has using software from Prophix helped to address the customer’s business challenges, specific to their industry)? Relate this functionality to the capabilities on the grid below.
• Enable driver-based calculations and Infoflex process for cost allocations by Policies-In-Force and Premium Amounts.
• Integration with Baltimore Life’s data from SunGard EAS for a nightly data imports
• Drill-Across capability to transactional data from SunGard EAS
• Budgeting template across all departments for department managers
• Heavily rely on Line Item Details to complete budget template
• Workflow to automate, manage and have visibility into budget process. Reducing time for forecasting to facilitate quarterly updates to the business plan.
• Prophix Mobile across the executive team for board reporting.

• What can they do now that they could not accomplish previously?
• Drill – Across was nearly impossible in Forecaster. Drilling down layers by layers take at least 20 – 30 minutes. With Prophix, they’re able to get to the transactional level with a click of a button
• Allocations (InfoFlex) – Previous allocation process took approx. 3-5 days. With Prophix, they’re able to complete all allocations process within 1 day.
• Workflow tasks to automate budget process.

• Describe custom designs, items of interests to other architects, and solutions to unique requirements
• Baltimore Life model consists of 3 cubes; Income Statement Cube, Balance Sheet Cube and BCBL Cube (which was built by client). ODBC connection were created for both cube to pull in updated data from SunGard EAS nightly.
• Income Statement Cube highly leverage Alternate Hierarchy in creating reports with different roll up structure.
• Baltimore Life perform over 50+ allocations using InfoFlex.

Capabilities at a glance

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