Accelerating business value through data and analytics
Are you looking for a solution that streamlines your data, analytics and reporting?
Our team has developed the BizXcel™ Insurance Analytics Accelerator, powered by Qlik Sense® for insurance companies. This tool delivers value to organizations in the insurance industry by powerfully accessing the actionable data being maintained and thus enabling accurate insights to support critical business decisions.
Our Insurance Analytics Accelerator enhances and accelerates your reporting abilities, data analytics, and visualization functionality in an effort to help boost your business and automate your reporting.
This accelerator has four key applications:
Insurance Operations
Governance
Agent and Broker/Provider Performance
Workflow
Insurance Operations Application - item Profitability
INSURANCE OPERATIONS
An answer to every question.
The insurance operations application focuses on business retention and growth.
The drill down analysis allows companies deeper insights into their every day operations. Specifically drill down per broker or firm, policies in force, profitability analysis and diagnostics, or claims analysis including large loss analysis.
Examine the gross and net loss ratio by policy class, brokerage, and item type with 3 simple visualizations for quick and easy understanding of their profitability.
GOVERNANCE
Understand the health of your organization.
The governance application focuses on profitability and measures efficiency by providing an overview of key metrics used in everyday decision-making. To keep accurate and timely records, this application compares financial statements from GL accounts to the operational expenses of the organization.
Every company is unique - their analysis should be too. Our accelerator is easy to use and can be customized as little or as much as you wish to meet your analytics requirements.
Governance application - operational expense ratio
Agent and Broker Performance Application - dashboard
AGENT & BROKER PERFORMANCE
The Multi-level Solution
The Agent and Broker Performance application is designed to provide high level reports that can be broken down for specific analysis and management of agents, brokers, and providers.
The dashboard provides a summary report that can later be drilled down to the individual offices, locations, or subsidiaries.
WORKFLOW
Better insights for better business.
The Workflow Application was built to monitor and plan pending work within an organization. It provides insights into the amount of pending and current renewals, and audits business turnaround to ensure the financial goals of the organization are being met on time.
The pending renewals sheet focuses on the outstanding renewals as far into the future as the organization needs. Information can be divided by Policy Class or Policy Effective Month to be used to track missed renewals.
Workflow application - Pending renewals
Customer Insights
One of our customers used the Accelerator to target a rate increase which helped them improve their income by approximately $500,000.
The roll-out and implementation of the Accelerator was accomplished at 25% of the potential cost in both time and money compared to a non-standardized BI solution.
Before the Accelerator, one of our clients was spending hours and in some cases days due to the susceptibility to error to consolidate and validate the data. This time has been reduced to minutes (just a few clicks).
Another customer found that prior to the Accelerator, it would manually take 2 days of work to calculate, extract and go through the process. The Accelerator simplified this 2 -day process down to a few clicks with the ability to dive deeper into the data and understand relationships and impacts.
Our clients are making the strategic decision to leverage their analytics with the Accelerator.
We have seen over 30 companies leverage our accelerator and experience varying benefits and wins. The best investment you can make is in your analytics to understand the whole story of your organization and transition from gut based decision making to evidence based decision making.
The Mutual Assurance Society of Virginia (MASV) is one of these businesses. MASV recently made a strategic decision to leverage their analytics through a partnership with BizXcel™ to implement this tool.
Theresa Lewis, CFO and Secretary-Treasurer of Mutual Assurance Society comments,
“We wish to grow our business while continuing to maintain our business model. What got me excited about the BizXcel™ Insurance Analytics Accelerator was the potential for us to know our book of business like we’ve never known it before.”
MASV has been able to slice and dice their data and analyze it on a whole new level. They have been able to leverage the new insights to grow their Mutual in a manner that aligns with their business model.
You can visit the live brief about the MASV partnership here.
If you’re interested in seeing a demo or learning more about how the accelerator can save you time and money and enhance your business analytics, connect with sales@bizxcel.com.