Prudential speeds payment processes with cloud financial planning tools

Matthew Finnegan

UK pensions provider Prudential has rolled out a cloud-based financial planning tool from Anaplan to improve its bonus payment processes.

Prudential, which serves seven million customers across the UK, aims to improve the efficiency of its quarterly pension bonus payments through greater automation and better use of analytics,

The cloud-based tools from Anaplan allow Prudential to "significantly shorten" the time taken to calculate bonuses and make payments across Prudential's UK network of intermediaries.

Anaplan's software as a service system (SaaS) is built on an in-memory database, which allows the pensions provider to quickly calculate and produce outputs from large data sets with minimum process activity.

"By switching to Anaplan's platform, which allows us to combine flexibility with automation, we will be able to streamline the process of bonus calculations for our account managers," said Deirdre Flood, commercial finance director at Prudential. "We will also be able to improve our process and output analytics."

Anaplan's financial modelling tools are also being used by insurance provider Aviva, with a cloud forecasting system offering its finance team the capability to build and maintain an "agile enterprise-wide planning solution".