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Activity Based Costing for Strategic Decisions Support

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Decreasing margins and increasing cost of acquiring new customers are forcing insurance companies to take a re-look at their actual costs of business. Traditional cost accounting methods have not helped the insurance companies in this effort. Here, the absorption costing techniques are put to use, whereby over heads are “allocated” to every customer/product/cost center based on some unrealistic parameters which does not give the true picture of the cost. Activity Based Costing provides the tool with which to go beyond gross margin and penetrate the real economics of all aspects of cost and profitability, including that of servicing customers. The analyses provided by activity based costing can provide solutions to many of the critical business issues facing the insurance industry. This whitpaper explains how.
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Activity Based Costing for Strategic
Decisions Support

WHITE PAPER
Authors : Deepak Mohan & Hemantkumar Patil
Decreasing margins and increasing cost of acquiring new customers are forcing insurance compa-
nies to take a re-look at their actual costs of business. Traditional cost accounting methods have
not helped the insurance companies in this effort. Here, the absorption costing techniques are put
to use, whereby over heads are “allocated” to every customer/product/cost center based on some
unrealistic parameters which does not give the true picture of the cost.
Activity Based Costing provides the tool with which to go beyond gross margin and penetrate the
real economics of all aspects of cost and profitability, including that of servicing customers. The
analyses provided by activity based costing can provide solutions to many of the critical business
issues facing the insurance industry. This whitpaper explains how.
Wipro Technologies
I n n o v a t i v e S o l u t i o n s , Q u a l i t y L e a d e r s h i p

WHITE PAPER
Activity Based Costing for Strategic Decisions Support
Table of Contents
INTRODUCTION .................................................................................................... 3
LIMITATIONS OF TRADITIONAL COST ANALYSES ............................................ 3
ACTIVITY BASED COSTING ................................................................................. 5
RESOURCE DRIVERS ............................................................................ 6
ACTIVITY DRIVERS ............................................................................... 6
REVENUE DRIVERS ............................................................................... 6
WHY ACTIVITY BASED COSTING ....................................................................... 7
IMPLEMENTATION OF ABC – ISSUES AND A ROAD MAP ................................. 8
IDENTIFY KEY ACTIVITIES ................................................................... 9
ESTIMATE RESOURCE COST DRIVERS ............................................... 9
ACTIVITY COSTING .............................................................................. 9
MIGRATION TO ABC MODEL .............................................................. 10
ACTIVITY BASED MANAGEMENT ....................................................... 10
ACTIVITY BASED COSTING – BUSINESS BENEFITS ....................................... 10
ACTIVITY ANALYSIS ........................................................................... 11
BENCHMARKING ................................................................................. 11
VALUE-ADDED ANALYSIS .................................................................. 11
“S-CURVE” ANALYSIS ........................................................................ 11
CUSTOMER SEGMENTATION ANALYSIS ........................................... 11
BUSINESS PROCESS RE-ENGINEERING ........................................... 12
“INSOURCE” VERSUS “OUTSOURCE” DECISIONS ......................... 12
CONCLUSION ..................................................................................................... 12
REFERENCES ..................................................................................................... 14
ABOUT THE AUTHORS ...................................................................................... 13
ABOUT WIPRO TECHNOLOGIES ....................................................................... 14
WIPRO IN INSURANCE ..................................................................................... 15
T Page :
able of Contents

WHITE PAPER
Activity Based Costing for Strategic Decisions Support
Introduction
The pace of change in today’s business area has taken on a particular force in the insurance
industry due to increased competition, government intervention on pricing, and the advent of
new technologies and distribution channels. And if this was not enough, customers are
now gaining more knowledge (the Internet has been a great accelerator in this!) and doing
more research about personal finances – sufficient to challenge an IFA’s advice and even
source products directly or through an aggregator on the Net. Insurance companies are
looking to new ways to help them cope with the resulting obstacles and opportunities of
changing markets1 .
Across the insurance industry, management is under pressure to deliver the twin and linked
objectives of Cost Reduction and Profitability. Generally there is a lack of information in the
financial and management systems to properly inform and to target opportunities for improved
costs. The traditional ways of cost accounting – geared towards traditional models of
business – do not provide help in this matter. The complex business models, including
issues around multi-channel and multi-product are not being supported by the traditional
cost accounting.
Finance is now expected to play a vital role in assessing organizational efficiency, drawing
on a much wider base of financial and operational measures in order to propel the company
in appropriate strategic directions. Value creation as an underpinning dimension is
increasingly prevalent and principles of value based management (balanced scorecard,
embedded value analysis and activity based costing) are seen as essential tools in
maintaining competitive advantage.
Limitations of Traditional Cost Analyses
In typical cost accounting scenarios people believe that as long as the revenue of an
incremental sale exceeds the marginal cost, it makes a contribution to fixed cost and
overheads. With standard costing, incremental
sales volume yields favorable overhead
Traditional Cost Analysis
recoveries and positive variances. If the sale
is incremental, most management would
perceive it as found money, because that is
what the accounting numbers report. This is
Indirect
Direct
only true if fixed costs are really fixed, but most
Costs
Costs
people who have ever thought about them
know that they are not. People have tended to
ignore the actual composition of “fixed cost.”
If asked, they would say that fixed cost refers
Cost
to rent and depreciation. However, as much
Direct Cost
allocation
as 70 per cent of fixed cost is related to human
Estimates
beings. Accounts consist of salaries, benefits,
factors
and facilities costs, cost of maintaining legacy
systems, poor or inconsistent processes and,
Products
often, incomplete integration following
mergers. To refer to these costs as being
fixed is misleading and their value in providing
management information for making
operational business decisions is highly questionable.
© Wipro Technologies
Page : 03 of 15

WHITE PAPER
Activity Based Costing for Strategic Decisions Support
Typically, the financial services industry has determined customer profitability through allocated
costing, which divides costs by total transactions and therefore assigns a cost per transaction.
Allocated costing cannot account for excess resources; nor for under-utilized resources
because it does not know the difference. The traditional cost accounting (TCA) method
arbitrarily allots overhead to “cost objects”. Product line profitability reports are produced
using various allocation algorithms for overheads and other fixed costs. These allocations
are always decided on intuition or educated guessing. While such a method can work in a
manufacturing scenario, in a service industry with fairly long customer lifecycle (life insurance,
for example), the cost of maintaining a customer is never factored in. Let us look at an
example to understand this.
There are two customers A and B. Both of these have bought an auto-insurance product for
$100,000. Now let’s look at the profitability calculations of each:
Customer A
Customer B
Premium Income
1000
1000
Agency Commissions and
250
125
Initial costs of new business
Net premium
750
875
Apart from the initial costs, there are other costs incurred by an insurer to service the customer
during his entire lifecycle, such as Call Center expenses and Claims Handling costs (for the
sake of simplicity, let us assume these two are the only overheads and they are allocated
uniformly on the basis of “head count” used in absorption costing that is to say, the total
overhead divided by the total number of customers)
Customer A
Customer B
Overheads allocations
100
100
Net customer profitability
650
775
Thus it seems that Customer B is more profitable than Customer A.

But let us look at the call center expense incurred per customer, per activity.

While customer A has not raised any claims at all and has not called the call center at all (or,
to be more realistic, very few times) through the life cycle of his policy, customer B has made
it a habit to keep the call centre on its toes during his policy lifetime. To make the matter
worse, he has even incurred three claims during the life cycle. In this case, while, we should
not attach any overheads to customer A, customer B has consumed a lot of the insurer’s
servicing resources. A re-look at their costing will be as follows:
Customer A
Customer B
Claims Handling costs

150
Call Center expenses

100
Net (and real) profitability
650
525
This is quite different from the original picture! The simplicity of TCA allows it to be applied
to a wide range of industries, but it also limits its usefulness because it does little to identify
and diagnose the causes of costs.
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WHITE PAPER
Activity Based Costing for Strategic Decisions Support
Activity Based Costing
Activity-Based Costing (ABC) is a methodology that measures the cost and performance of
activities, resources and cost objects. ABC assigns resources to activities and activities to
cost objects based on their use, and recognize the causal relationships of cost drivers to
activities. ABC shifts the focus on costs and their causes by paying attention on processes
and activities therein rather than the traditional functional and departmental perspective.
In insurance industry, it is quite typical to allocate all
operating costs to lines of business or policy types.
ABC Basic Premise:
Here, these categories are often perceived to be
· Cost objects consume
products. In most instances, however, it is customer
activities
characteristics that drive the service organization’s cost
· Activities consume
(see example above) and not attributes of a product. It
resources
costs an organization almost as much, if not more, to
· Consumption of
service a customer from whom they receive less
resources drives costs
revenue as it does to service a higher-revenue-
· Understanding of this
generating customer.
relationship is critical
to successfully
“Behavior, not demographics, drives customer
managing overheads
profitability,” says Tom Richards, research director of
customer relationship management technologies for
MA-based Meridien Research.1
By eliminating misleading allocations from management cost information, vastly different
performance results are recognized. Typical ABC results identify that some proportion of
customers consume more activities and resources than the revenue they produce. The
actual proportion of activity costs assigned to the different categories of product/service,
customer and business sustaining vary substantially between organizations depending on
the nature of their business. Service organizations perform a significantly higher proportion
of customer-serving activities than do manufacturers of automotive parts, for example.
This information has potentially significant strategic consequences for the organization. For
example, in a company that has a high proportion of customer costs previously allocated to
products, management is informed that low-volume products are relatively more profitable
than high-volume ones. It will also think that the biggest influence on the size of a customer’s
gross-margin contribution is primarily price. With ABC, management will discover that
products may have significant cost differences but that there are three influences on customer
profitability — sales volume, price, and the amount of customer-serving activities consumed.
In most organizations, a relatively few number of customers produce high levels of profits
which subsidize losses on many small or demanding customers.
Activity based costing highlights the economics of a company’s activities by developing a
workflow map of the company’s processes, products, services, and customers. This is
done by identifying: 1) principal activities, 2) the resources they consume and their related
costs, and 3) the driver or cause (generally a unit of output). This analysis also identifies the
non-value adding activities and the related profit opportunities in eliminating / outsourcing
them. These activities are usually costly and time consuming and add limited, if any, value
from the customer’s perspective.
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Activity Based Costing for Strategic Decisions Support
ABC provides the means to have
Customer
a multi-faceted view of the
Type
business from cost and
measurement basis. Think of
Product
business in terms of a Rubik’s
Type
Order
cube with each side representing
Channels
a unique view of business.
Rotating the pieces in a cube
allows you to see the business
ABC. provides the means to have a multi-faceted view
from a multi-dimensional
of the busines from a cost and measurement basis.
perspective. The Rubik’s cube
allows you to see a three
dimensional view; however, with ABC you can incorporate as many views as deemed
meaningful.
Linking causes to effects is one of the primary objectives of ABC. It uses drivers to identify
root cause and effect relationships between cost (labor and overhead expenses) and cost
objects (products, services, customers).
ABC uses three types of drivers:

Activities
Costs
Products
Resources
Drivers
Customers
Locations
1. Resource Drivers: They are the basis for assigning general ledger cost to activities or
activity pools. Typical resource drivers include Medical Fees, policy issue costs, cost
incurred on procurement of new business, call centre expenses etc. Resource drivers
provide activity cost information that can be immediately used to identify and prioritize
cost improvement opportunities.
2. Activity Drivers: They are the basis for assigning activities or activity pools to cost
objects. ABC uses activity drivers (also called cost drivers) for costing of products lines,
products, services, customers or projects. Examples of activity drivers include mortgages,
cost of maintaining toll-free numbers, training cost for agents, number of policies sold,
number of branch offices, etc. Activity drivers provide product, service or customer Bills of
Activity that can be used for costing, pricing, customer profitability analysis, target costing,
shared services or strategic planning.
3. Revenue Drivers: They are the factors whose change causes an increase or decrease
in the revenue of a product, service or customer. In addition to the volume of policies sold,
typical revenue drivers would be number of advertising placements, number of lapses in
new business etc. Combinations of cost drivers (type 1 and 2 above) with revenue
drivers can be used to analyze and predict profitability.
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WHITE PAPER
Activity Based Costing for Strategic Decisions Support
Why Activity Based Costing?
ABC acts as an enabler for management to make decisions from an informed and objective
basis. It can illuminate the path of corporate decision-making. If undertaken thoughtfully, the
significance of this can be immense. Like a powerful flashlight, ABC provides information
that allows vastly improved insight into the potential impact of decisions and structural
business issues. As the famous dictum: “It is better to be approximately correct than precisely
inaccurate”.
ABC is analytical management methodology; it is not
an accounting exercise, nor is it a software-driven fix to
Activity Based Costing:
management problems. Since it builds upon the
· More accurate cost
deficiencies of traditional product costing techniques
management
caused by the misallocation of overhead costs, ABC
methodology
may be thought of as the highest evolution of cost
· Focuses on indirect costs
accounting to date.
(overhead)
· Traces rather than
ABC provides improved data to the business in financial
allocates expense
metric form. It can be implemented by businesses for a
variety of reasons – some more innovative than others.
category to the
ABC can have three primary uses:
particular cost object
· Makes “indirect”
1.
As a tool to aid strategic decision-making
expenses “direct”
2.
As a lens into the business process, allowing
resources to be more efficiently allocated and to enable cost-reduction
3.
As an allocation mechanism: transfer pricing internal and external to the organisation.
Let us look at examples of some successful implementations of ABC:
Case Study 1: A large multi-line insurance company in Canada1
The company provided individual and corporate life insurance, group retirement services
and benefits management services. Its “Claims Division” provides drug and dental claims
management and claims adjudication to companies across Canada. The company faced
increased competition and customer demand. Its profit margin decreased due to increased
costs and decreased revenue per unit. Under these circumstances, the company was
forced to (a) reduce cost, (b) reduce time taken to process claims, and (c) increase due
diligence performed on claims. After a quick review, the company realized that different
centers were using different procedures and adapting different standards for the same
process. The time taken and the resource utilized also varied across centres for the same
process.
An ABC analysis undertaken in the company revealed significant differences in activity costs,
process costs, cycle time, transaction volumes and unit costs both within the same location
and across different locations. These included: (a) Unit costs for the same activity varied by
more than 300% between different centers, (b) Unit costs varied by type of claim and the
experience of the claim adjudicator, (c) Vast differences were found in the efficiency of different
processing centers and call centers, (d) Some locations were able to process the same
number of claims with fewer personnel than other locations, (e) The benchmarking process
enabled the company to determine the present level of efficiency compared to the most
appropriate level, and (f) The activity costs and performance enabled operations management
in assessing the right value of the activities performed within group claims.
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Activity Based Costing for Strategic Decisions Support
Remedial measures introduced helped the company realize significant reductions in
operational costs within the Claims processing areas. The ability to compare activities
performed in different locations enabled operations management to set up best practices
observed in every location and achieve desired results.
Case Study 2: Second largest P&C insurer in US2
Since its inception, the company had built its business around one of its strengths, a huge
network of company and independent brokers. Yet, the personal insurance business was
changing. Rival companies touted cheaper rates through direct marketing, the Internet and
other more efficient channels, resulting in bigger players missing growth opportunities. The
company wanted to change its strategy to become a more multi-channel, multi-product
corporation.
To do this, the company instituted a huge growth initiative while re-evaluating its operations.
They needed a solution that could identify categorical improvements in critical areas of
operations which would assist the top management in overcoming corporate inertia and
resistance in other areas. As a test case, they decided to model the application process for
life insurance policies. They needed a tool to understand what the process was costing
them and what they could expect it to cost in the near future. Using ABC, the company was
not only able to identify key bottlenecks in the process, but was also able to eliminate several
activities at the process centres which reduced staffing requirements.
The success of ABC in one area has prompted the company to begin wider implementation
to model and analyze operational processes, in order to identify and make operational
improvements.
Case Study 3: Global Insurance Company1
A global insurance company decided to implement ABC for tax purposes – that is, to determine
its allocation methodology for external transfer pricing purposes. With increasing scrutiny
being the norm in many of the major fiscal jurisdictions, this business wanted to ensure that
its charges to its overseas affiliates were accurate and defensible to tax authorities. ABC
ensured that the services provided to all overseas affiliates were tracked through the ABC
system, resulting in charges directly related to the economic benefit received by the recipient.
The end result was that the Group was able to lower its effective tax rate.
Implementation of ABC – issues and a road map
Change in insurance industry used to be glacial – although not any more now – and an
insurer may need significant effort to successfully foster change around ABC. For example,
ABC can be used to supplement intelligence about customers and derive the cost to acquire,
cost to serve and cost to retain them.
At first, let us be clear on one aspect. ABC is not a software solution. Neither does it seek to
replace the existing accounting system. It is a new (and a better way) of looking at the
existing data in a company. ABC will only produce relevant data if that is how it is structured.
Therefore, it is imperative for an implementing company to be clear on what do they wish to
understand and how do they view their business? From an economic and business
perspective, this means understanding the business and its “drivers”. It is also important to
identify those factors which cause a variation in cost per transaction unit (for example, a
contract) – the “deltas”. Identifying and understanding these “deltas” will essentially
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Activity Based Costing for Strategic Decisions Support
determine the business views that need to be analyzed by the ABC process and will provide
management with useful information.
A typical implementation model for ABC has been shown below. It illustrates the various
steps that may be involved in ABC implementation. The individual components and the
associated issues have been discussed that may arise in the implementation. A well designed
data warehouse strategy goes hand in hand with this implementation model.

Estimate
Activity
Migration
Activity
Identify Key
“Resource
Costing
to
Based
activities
Cost drivers”
ABC Model
Management
ABC – an implementation framework
1.
Identify Key Activities: In this stage all the activities performed are identified. It is
imperative to distinguish between activities and tasks that people perform. An activity is
defined as a process having a definite starting and end points; that which takes an
input, adds some or the other value to it and converts them into outputs.
2.
Estimate Resource Cost Drivers: Each activity,
Resource Cost Drivers:
captured in the first stage, consumes some
resources to be performed. In this stage, the
• Products (cost centers) - Unit
cost accounting of all the resources that
costs by product help with
contribute towards an activity is done. This data
price setting.
is readily available in the general ledgers of the
company. However its extraction can be a
• Customers - Use if
tedious task, as it is common to find the costing
production is tailored to the
information in granular details running to
needs of a particular
accounts and sub-ledger levels. This step is
customer (custom orders).
often the under-estimated cog in the process.
• Location - Can organize
The capture of costs of all the resources can be
costs by regional offices.
a very time-intensive job. Simultaneously, this
ABC allows cost analysis by
is a very crucial initiative, as getting the wrong
any cost object, not just
number can have serious repercussions in the
traditional cost centers.
later stages. Simultaneous to cost accounting,
time tracking for various activities selected in
the first stage is very important.
The Extract Transform and Load (ETL) logic in the warehouse has to be properly
designed for suitably sourcing and cleansing the data.
3.
Activity Costing: With the data from departmental budgets and time tracking, each
activity can be costed appropriately. The business is now ready to be analyzed from a
process perspective. Managers can now see how time is being spent – whether on
value add items or non-value adds activities. It also evokes thoughts on outsourcing of
non value adding, resource-heavy activities. Coupled with this exercise, the data needs
to be captured on a very granular level. In particular, volumetric data, such as number of
policies need to be made available at this stage in order to be able to run an ABC
model. Typically, the costing information can be captured in process specific data marts.
These marts necessarily will have a cross-functional jurisdiction. The data marts will
include the individual transactions at the most atomic level coupled with the cost drivers
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Activity Based Costing for Strategic Decisions Support
associated with them. The data model in these marts will be dimensional in nature with
Customer, Products, Locations and Resources acting as core (or conformed)
dimensions. This dimensional nature of the model will lend itself to support the multi-
view approach mentioned earlier.
4.
Migration to ABC Model: Once the data is in place, the next step is to migrate the model
to an ABC system. The atomic data in the warehouse can now be analyzed using
various On-Line Analytical Processing (OLAP) Tools. These tools can render information
in a user friendly and secure fashion for consumption by the decision makers. The
users can fire ad-hoc queries for pivoting the information in various ways.
An ABC system can either be stand-alone or a part of a suite of software available to the
business. An important point at this stage is to ensure the consistency of the ABC
model with other models in the company. Ensuring this consistency is important to
ensure that the data captured by other models are not lost when merged with the new
ABC model.
5.
Activity Based Management: The first immediate benefit of ABC is that it allows you to
cost transactions. Most current ABC software have unit costing functionality, however,
for calculating the cost of a particular unit transaction, the help of an OLAP tool is
required. Once done, comparison with the traditional cost accounting methods and
other vale added analysis can be carried out. ABC helps create opportunity for a variety
of analytical opportunities, for example, the “S-Curve” analysis, Customer segmentation
analysis, in-source versus outsource decisions.
General
Ledger
DM1
Policy
Management
OLAP
DM2
CRM
Costing
Data
Warehouse
Strategic
Time
Reporting
Tracking
DMn
External
Data
Data
Mining
Activity Based Costing – Business Benefits
The single most problem in measuring ROI from ABC is lack of properly structured data.
The true profitability of customers is not known and support costs are not traced logically to
services. If the changes to the process reduce activity requirements and therefore, costs,
one would naturally expect the cost of products that use the processes to go down. This will
not happen only if the resources so freed, are redeployed to other processes without a
commensurate increase in volume through those processes. The cost increase may be
due to a technical error where resources freed up as a result of the ABC analysis are not
treated as temporary excess capacity or redeployed at some other resource-absorbing task.
Such peaks and troughs in resource engagement across multiple activities are best
demonstrated using ABC analysis.
Page : 10 of 15

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