Analytics Accelerates Critical Decisions for Insurance

For over 200 years Mutual Assurance Society of Virginia (MASV) has delivered piece of mind and protection for their mutual policyholders.  Mutual Assurance’s policyholders are more than just people that have purchased their insurance from Mutual Assurance, they are members (owners) of Mutual Assurance.  For Mutual Assurance delivering great customer experience and relationship is paramount.

Mark Crutcher, Vice President of Marketing and Innovation at Mutual Assurance states “Data is becoming more and more important in how we manage our business.  For example, how do we make sure we’re charging our members a fair premium?  We are owned by our members; we have a responsibility to treat them fairly.”

Mutual Assurance used to rely on manual processes and limited technology to manage their insurance policies and claims. Mutual Assurance realized that they needed to bring multiple data sources together into a single platform to allow for better analysis and decision-making.  With the Insurance Analytics Accelerator running on Qlik they were able to bring together their Guidewire InsuranceNow data, their legacy data from the prior system and their financial data to provide a rich source of information.

With Insurance Analytics Acceleratorce-analytics-accelerator, Mutual Assurance was able to utilize intuitive dashboards and reports that made it easier for their staff to understand and act on the data. This helped the organization to identify trends and patterns in their data that they were previously unaware of. The solution allows Mutual Assurance to build an accurate insight into their business which they can leverage for critical business decisions. 

Now having a single point of access to all of their data in Qlik, Mutual Assurance is able to maximize the value of the rich data they have.  Previously, generating reports could take hours (or days) and now these reports are up to date and available with a click.  Anthony Venable, Data Analyst at Mutual Assurance says it best “We can do a lot more, and we can do it a lot more easily.”  Their team gets back this time to apply to other valuable tasks and they get the information they need when they need it and instantly.  In addition to the time savings and efficiency gained, they now have the information they need to open up new opportunities and manage existing risks.

Data literacy is also increasing across the organization as people are more open to asking questions.  Because Mutual Assurance can now get the answers much more quickly, people in the organization are asking more questions.  All of this leads to better-informed decisions and the ability to leverage new opportunities.  For example, Mutual Assurance was able to use the solution for the development of a new customizable product based on insights available in the Insurance Analytics Accelerator.  “We were able to take the data that‘s now available to us, pull it in and easily adapt it to develop a product that is much more customizable.  We can assign premiums more accurately based on a number of characteristics” states Mark Crutcher.

To read the full Mutual Assurance story, visit Data Accuracy Offers New Opportunities.