Insurance Solutions

In such a highly competitive industry, insurance companies need better insights to be able to gain a more holistic view of enterprise performance. To increase efficiency and boost profitability it is critical for everyone in the business to make the optimal decisions and, in order to do this, they need the right data.

To improve the ROI of business intelligence, insurance companies need to provide the right information, to the right people, in a timely manner. This will allow employees to solve complex issues, react quickly to market trends and drive efficiencies throughout the business.

In an industry that is so incredibly unpredictable, business intelligence can make things that little more predictable by helping you understand changes in your business, and in the market.

The challenge for insurance companies is not with the data itself. Most insurance companies have collected hundreds, thousands or even millions of rows of granular data about every aspect of their business.

Large volumes of data surrounding factors such as policies, policyholders, risk assessments and claims histories will be stored somewhere in the business. However, that is the problem – this data is stored ‘somewhere’, meaning it is often difficult to locate, and even more difficult to extract.

The value of business intelligence for insurance
Access to business intelligence and analytics is vital for any insurance company wanting to succeed in an increasingly competitive industry. The ability to turn large volumes of raw data into actionable insights represents a significant value proposition for these businesses. These insights can be priceless in terms of the limitless opportunities they can unearth across the business.

Using Analytics on Insurance Data can Help

Reduced fraud-related losses. Fewer false positives. And greater investigator efficiency.
Insurance analytics software helps you detect, prevent and manage:
Claims fraud. Detect and prevent both opportunistic and professional fraud throughout the claims process.

Underwriting fraud. Prevent premium leakage at the point of sale and renewal.
Rate evasion. Spot rate evasion tactics during the quote process – before you issue a policy.

How Can BI Help

Data Integration Strategies Integrate data from various business lines to gain a better understanding of customers and a unified view of new business, policy renewal, adjustments and cash functionalities.

Risk Score Monitoring

Govern, manage and analyze customer data to enable more sophisticated decision-making based on anticipated and current risks factors. Streamline the development of initiatives from new policies to claims.

System Modernization

Move core applications from a legacy system to a state-of-the-art consolidated analytics system to improve policy issuance, billing, dividend calculation, endorsements and renewals.

P&L Report Optimization

Consolidate profit and loss information from various systems throughout the organization to ensure increased operational efficiency.

Customer Analytics

Fine-tune products and services to better meet customer needs, and also identify renewable policies with the greatest up-sell and revenue potential.

Market Insight

Understand which sales and promotional channels are the most successful and ensure customers receive product and service information that is relevant and of interest.