Wesfarmers Insurance Case Study

Increasing trust with a single enterprise-wide budgeting and forecasting model

The various businesses within Wesfarmers Insurace Australian Underwriting Division used a number of different planning systems and processes. Creating consolidated group budgets and forecasts was a complex, labour-intensive task.

Working with Cornerstone, Wesfarmers Insurance implemented an enterprise planning and forecasting capability using IBM Cognos TM1 software, enabling consistent planning and budgeting processes across the group.

Solution benefits:

  • Saves four weeks of manual work during budgeting cycles
  • Cuts time taken to make changes to the budget model by 50%
  • Delivers an estimated 20% annual return on investment
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"What we have loved about this project is the way it has changed the company's perception of financial planning. There's now a genuine enthusiasm within the business to harness the solution and expand and enhance its capabilities."

- Rachel McVitty, Acting Chief Financial Officer of the Australian Underwriting Business, Wesfarmers Insurance