Increased competition, regulation compliance, product commoditization and price pressure are all the reality of the insurance industry. These challenges to your insurance organization are only exacerbated by the increase in both number and size of catastrophic claims, storm related claims, rising crime and fraud claims. Organizations have a strong need to have all their departments – sales, marketing, finance, underwriting and claims – equipped with the right information to make evidence based decisions in real time.

It is not enough anymore to rely on the few analysts in the organization that have access to the traditional Business Intelligence tools you have. They do important work but everyone needs to be able to analyze, find insight and ask the next question and get the answer quickly. Insurance organization must be agile and able to monitor and respond to both what is happening from competitive pressures as well as claims and changing business, social and environmental conditions.

Underwriting Claims
  • Improve understanding of loss ratios against models
  • Optimize insurance policy approval decisions
  • Proactively discover risk concentrations in your policy portfolio
  • Monitor and identify where adverse selection is occurring in your business

 

  • Optimize claims decisions and better control losses
  • Improve ability to identify recoverable losses
  • Reduce crime related claims
  • Reduce claims processing costs and improve service levels

 

Sales and Marketing Governance and Administration
  • Improve cross-sell and up-sell effectiveness in the field
  • Enhance sales management, including forecasting and tracking
  • Provide agents with self-service portals to track performance and better target
  • Segment and identify profitable target markets
  • Create easy to understand, high-performing products
  • Improve effectiveness and yield of campaigns and promotions

 

  • Better manage cash, working capital, and financial risk
  • Streamline planning, budgeting and financial reporting
  • Ensure governance and regulatory compliance
  • Optimize internal processes and reduce operational risk
  • Improve usability of information and reduce reporting costs
  • Streamline IT management and control

 

Contact us today to learn more about how a business discovery platform and our other services can help your organization make better decisions for the future.

 

Click here today to make faster and smarter decisions for your company tomorrow