WEBVTT 1 00:00:08.393 --> 00:00:14.500 'We've talked about the complexity of your requirements and CCH Tagetik have 2 00:00:14.501 --> 00:00:25.179 an analytical performance management platform which I understand is a sort of data staging and analytical area, how did that 3 00:00:25.180 --> 00:00:34.000 particular innovative bit of their software help you with meeting your statutory and regulatory requirements?'. 4 00:00:34.001 --> 00:00:44.912 'This was quite fabulous, because there were other players in the insurance market using APM, but with very different 5 00:00:44.913 --> 00:00:56.000 approaches reasons to what we had as a vision for it. We understood at BUPA that we needed to have a data layer of sorts, 6 00:00:56.001 --> 00:01:04.723 because of our federated model this was going to be inordinately difficult and inordinately expensive to pull together and we had actually 7 00:01:04.724 --> 00:01:13.000 done a lot of work on it, probably about 18 months to 2 years before I joined, it had been a lot of work done on it, papers written, 8 00:01:13.001 --> 00:01:23.000 understanding all the various integrations that would be required, and I was at one of the CCH Tagetik User Days in London and I was actually 9 00:01:23.001 --> 00:01:33.000 chatting to Manuel Vellutini and he mentioned that he thought... when we were talking about this data issue, 10 00:01:33.001 --> 00:01:44.345 that a CCH Tagetik's Analytical Workspace would be a product that we could consider and we literally just grew the vision of using this as our 11 00:01:44.346 --> 00:01:54.251 data repository, almost. We are on a journey with CCH Tagetik's Analytical Workspace, we are using it quite simply to start 12 00:01:54.252 --> 00:02:04.157 and we have a vision for how it would really become, very much more integrated, we're going to use it for extensive 13 00:02:04.158 --> 00:02:14.062 validation and transformation of our data, we also have a situation that we collect an extended data set beyond that, 14 00:02:14.063 --> 00:02:23.968 that is just required for the Solvency II submission, and we use that extended data set to provide our market units and business units 15 00:02:23.969 --> 00:02:33.873 with the level of analytic possibility but also for them to validate against the data sets that they are actually submitting 16 00:02:33.874 --> 00:02:43.779 and that's been one of the most positive feedback that we've had from our market business unit area, they now understand 17 00:02:43.780 --> 00:02:53.684 the data set better because they are able to see it, it's no longer just submitting reams and reams of data into what felt like almost the black hole, 18 00:02:53.685 --> 00:03:03.590 their not understanding what the data set, how it hang together, what value was there, now they can actually look at it and they can understand as an example 19 00:03:03.591 --> 00:03:13.496 the asset data set'. 'You're using CCH Tagetik's Analytical Workspace to gather lots of data, to exert control over that data 20 00:03:13.497 --> 00:03:23.401 and also for analytics... so that's a great description, Kate. 21 00:03:23.402 --> 00:03:33.307 And it sort of brings me on to my next point about cloud capabilities, people being able to share in the data, to being able to see it, which is a point 22 00:03:33.308 --> 00:03:43.212 you bring out strongly, but something I've noticed with the cloud and with newer capabilities of the software is the ability to handle larger volumes of data 23 00:03:43.213 --> 00:03:53.118 very competently, did you ever worry you, that you were trying to hold too much information?'. 'Not at all, because I understood the volumes of data that companies like Generali 24 00:03:53.119 --> 00:04:03.023 are using CCH Tagetik's Analytical Workspace for, so no, I don't have a problem with that, I think one of the other huge benefits, if I just go back a little, is 25 00:04:03.024 --> 00:04:12.929 it provides me with the ability to have one point or source of the truth across all of our reporting requirements and 26 00:04:12.930 --> 00:04:22.834 it brings efficiencies, in terms of we only collect the data set once across all the reporting, so that's great... I don't have a problem with the 27 00:04:22.835 --> 00:04:32.740 volumes that CCH Tagetik's Analytical Workspace will cope with, I think we are only skimming the surface at BUPA and we will look to explore that further 28 00:04:32.741 --> 00:04:42.646 and I am very excited as you know to use the cloud and very excited about the cloud offering: 29 00:04:42.647 --> 00:04:52.551 it's cost-effective and it's great in terms of being able to maintain your estate 30 00:04:52.552 --> 00:05:02.457 relatively simply, you don't have that prospect of every 2 to 3 years having a major upgrade that takes you sometimes months 31 00:05:02.458 --> 00:05:12.362 and months to work through from your first thoughts about how you are going to upgrade right the way through to UAT and regression testing, so I'm excited about it'. 32 00:05:12.363 --> 00:05:22.268 'Kate, what of the main challenges which you say of Solvency II, Pillar 3?'. 'I think it's probably the amount of data 33 00:05:22.269 --> 00:05:33.999 that is required to be gathered and in our case, as I mentioned earlier, to validate against the extended data sets, I think that was quite something... 34 00:05:34.000 --> 00:05:42.079 and of course the ever accelerating reporting time frames, that has been an enormous challenge 35 00:05:42.080 --> 00:05:51.954 for BUPA. We literally have to change all of our processes within our BU's and MU's in order to realize that acceleration'. 36 00:05:53.650 --> 00:06:01.999 'How often CCH Tagetik helped you with this process of getting more business benefit out of it?'. 37 00:06:02.000 --> 00:06:11.970 'I find that they are very engaging and wanting to understand where we see the benefits could be. 38 00:06:11.971 --> 00:06:21.317 They have a very collaborative approach, they were talking to us and then they talked across another leaders in the industry and say 39 00:06:21.318 --> 00:06:32.000 'Where do you see this going, do you see any benefits in this area or that area?', and they say 'Well, this is what we see'. They bring best practice 40 00:06:32.001 --> 00:06:40.011 to the table as well across what they're seeing with all of their other clients, within the insurance sector'. 41 00:06:40.012 --> 00:06:52.000 'How did you partner with CCH Tagetik to get the best out of both sides, to get the best use of your skills within BUPA, 42 00:06:52.001 --> 00:07:01.000 the best skills within their organization, and of course also all the skills transfer, so that at the end of the day, you are independent'. 43 00:07:01.001 --> 00:07:11.000 'Skills transfer is inordinately important to me and so what we did .... we have some CCH Tagetik 44 00:07:11.001 --> 00:07:20.000 consultant resource and also have some independent consultant resource that I have worked with over many years, who understand 45 00:07:20.001 --> 00:07:31.999 not only the consolidation, but more importantly at this stage, the Solvency II arena, and then I have a BAU team. 46 00:07:32.000 --> 00:07:35.000 It's between those three aspects that we have built 47 00:07:35.001 --> 00:07:37.005 the product'.