P&C Insurance Company Empowered through Qlik Sense

May 17, 2018

Farm gates open to crop

Ayr Farmers Mutual Insurance Company empowered through quicker and deeper analysis to data.

Ayr Farmers Mutual Insurance Company needed a more confident picture of the company’s operations, with the ability to analyze at their fingertips.

For 125 years, Ayr has been building strong relationships and supporting the community in the Property and Casualty Insurance space., To continue to serve their customers, consolidating, validating and performing detailed analysis on their insurance members is critical but their current tools and methods made this difficult and time consuming.

With no analytics solution prior to Qlik Sense, the process was tedious and tied up valuable resources to manually compile the data, consolidate and validate, and prepare in a report. Ayr was relying on standard reporting through their core software system addressing policy, claims and billing. A time-consuming process that did not allow the company to get at the data quickly to report various KPI’s and statistics for reporting purposes.


Immediate wins

Matt Papple, the Business Analyst and project lead for the Insurance Template for Qlik Sense®, identified that ease of implementation and ease of use were extremely important for an analytics solution. With Matt Papple as the Business Analyst supporting Ayr employees and clients through an analytics solutions and other tasks – it was important that the solution was up and running quickly and confidently and not negatively impact other projects that were taking place. Rather he was looking to increase efficiency, so he could focus on analysis and eliminate the manual process. “We are now able to generate the data and reports much faster than life without Qlik Sense® without the potential for errors and wait times to generate and consolidate.”

Ayr Farmers Mutual Insurance Company were one of the original 5 Ontario Mutual’s who assisted in the development of the Insurance Template for Qlik Sense® through continuous feedback to deliver an accelerator template that would deliver immediate value and transform with their organization.

Before the Insurance Template for Qlik Sense®, Ayr was spending hours and in some cases, days because of the susceptibility to error, to consolidate and validate the data. Now with the solution in all its power, Matt Papple says, “We have a solution that provides fast and instant access to our data where we can gain insights and provide reports in a quick and cost-effective way with minimal turnaround time.”


Instant answers, instant decision making

Now, operations are more easily analyzed and understood through easy drill down capabilities and visualizations of company KPI’s and many other sheets. According to Matt Papple, “We also like the option to quickly extract the information in an additional report via PDF or Excel file for easy distribution.”

The Insurance Template for Qlik Sense® has allowed the company to view over 144 sheets of data across 4 applications: governance, operations, agent and broker performance and workflow. The ability to analyze these sheets helps identify weaknesses and opportunities for improvement and growth.

Ayr uses the template for Qlik Sense® to review operations and governance applications daily to monitor the health of the organization. The company also looks at retention rate data and visualizations as one of the most valuable sheets as prior to the solution it would manually take 2 days of work to calculate, extract and go through the process. Now it is a few clicks with the ability to drive deeper into the data and understand relationships and impacts. The profitability sheets are allowing Ayr to analyze for rate reviews and product development which is speeding up time to market and giving the company a competitive edge. Ayr can identify by postal code where they are performing well and areas they are not. With the ability to sort by gross loss ratio, Ayr now can quickly analyze their performance across various lines by postal code.  

 

Matt Papple says, “We can get answers much faster, almost instantly. It no longer takes a considerable amount of time and effort to generate what used to be manual reports.” Effort can now be redirected at other tasks because this is a natural way of doing business now for Ayr Farmers Mutual Insurance Company. 

 

     BizXcel Inc. is a recognized Qlik Partner, certified with a specialization in the insurance industry.