Insurance Company in Norway Reduces Use of Manual Financial Spreadsheets to Save Time and Improve Reporting

Situation

The NTHF (Norsk Tannhelseforsikring – Norwegian Dental Health Insurance) operates in a complex industry where it is crucial to keep full control of premium income, outstanding premium, premium reserves, payment of claims, and reservation of claims.

Specifically, they need to keep track on several time-consuming challenges on a regular basis: reporting to the Board of Directors, Investors, Financial Supervisory Authority (FSA), Financial Complaints Authority (FSA), Taxation Authorities, and most importantly, the Insurance providers.

With such strict requirements, the lack of satisfying reporting can result in a risk of losing financial authorization. Furthermore, there is a risk that the insurance providers could terminate the contract as a result of lack of internal control. Therefore, it is crucial to have full control over the reporting process.

Solution

The NTHF began using BizView Reporting and Dashboard and added Budget and Forecasting in late 2019. The current solution has provided the organization with very satisfactory results.

Results

Hans M. Kristiansen, Executive Director at NTHF, comments on the results of implementing BizView in the organization: “The direct impact in our daily work is represented by significant time savings of manual use of financial spreadsheet and reporting, and the fact that we at least have saved two positions handling finance and accounting.”​

Thanks to Bizview’s modern technology and powerful visualization features, the NTHF also has experienced some unexpected benefits.

“It is easy combine numbers and presentation of our book of business to all our business partners,” Kristiansen continued. ”It is quite impressive that we are considered as the most innovative player in our market by applying new and modern technology in our daily work to such an extent. Especially when presenting our solution overseas, it is a pleasure to demonstrate all combinations available of how we analyze our portfolio and our performance degree.”