Business Intelligence for Insurance

Technologically advanced data analytics for insurance providers

As an Insurance provider, identifying a customers needs, and addressing them would put you on a path to success.

Insurance policies are not the only thing a customer looks for anymore. Payment security, notifications, alerts, reminders, prevention of fraud and much more helps to build a relationship and make transactions easy for a customer.

How can you achieve this?

  • To achieve this, identify your strengths and weaknesses and focus on bringing a solution which will help you better outcomes.
  • A solution which will help your business find new opportunities from your in-house data and service and retain customers better.

Challenges for insurance companies

Do you have hundreds, thousands or even millions of rows of granular data surrounding factors such as policies, policyholders, risk assessments and claims histories?

Is this data stored and used to build your business every day?

Transform Business Data to Value

Collate information from a multitude of sources ranging from ERPs and CRMs, to more specialist claims management software and risk management information systems. Analyze and unearth insights which end users can use to help widen customer base.
Transform data into business value, driving down loss ratio faster than the competition.

Visualize data to drive business analysis

Identify patterns that could lead to fraud detection and set up automated alerts to spot them quickly. Create customized metrics and monitor average cost or average time to settle claims. Monitor your customer satisfaction and identify potential new business opportunities or risks to quickly act on them.
Visualize the impact of each decision and focus your efforts in the right direction.

Reporting, Collaboration and Connectivity

Exquisite reports which will help you transform and analyse data and share all results on a single dashboard. Live, interactive desktop, mobile or gateway access to your important collated business data
Collate, analyse and share actionable insights.

Taking all that data from ‘somewhere’ and bringing it all together is a specialist’s job!

12.11 % of growth issues for insurance companies were linked to technology

Microsoft Power BI

Managing risk is the most important goal for insurance companies. But the amount of data and variables that go into insurance analytics is huge and needs tools and approaches that help insurance professionals to quickly identify trends and act on them.

Microsoft Power BI helps you analyze the health of your business, collaborate, and explore silos of data to build robust, reusable models

    Power BI helps insurance analysts to visualize claims, premiums, fraud, sales and customer satisfaction data with ease and in one place.

  • Spot claims and payment trends faster
  • Create customized metrics and monitor average cost or time to settle claims
  • Visualize the impact of your pricing strategy and profitability
  • Monitor your customer satisfaction and identify potential new business opportunities or risks to quickly act on them
Insurance data management, data analytics
NIGO: Not In Good Condition       IGO: In Good Condition

Power BI provides the right information, to the right people, in a timely manner, allowing employees to solve complex issues, react quickly to market trends and drive efficiencies throughout the business. In an industry that is so incredibly unpredictable, BI can bring in the much needed visibility to your business health and work to grow it via avenues which would have been else unknown to you.

Benefits of using Business Intelligence for insurance:

To utilize Power BI to the maximum potential, draw the benefits of an analytical tool and deliver results for your business, it is important to open up access to BI tools and promote usage across the organization. Policy sales, risk appraisal, claims management or regulatory compliance, BI can open a wealth of opportunities which will bring about guaranteed benefits to your bottom line.

  • Self- service business intelligence: Users across the business can create and manage their own reports easily, without requiring a high level of technical expertise. These tools are designed to empower users, providing a robust reporting solution that is also user-friendly
  • Insurance underwriters: Gain greater visibility into policies, premiums, and loss ratios
  • Claims handlers: Optimize the claims process, minimizing losses and increasing customer satisfaction by speeding up the entire process
  • Sales managers: Monitor performance of sales agents, highlighting areas of under performance and uncovering potential opportunities for up selling