Insurance Analytics (IA+) is out-of-box “Management Reporting Solution” which covers complete spectrum of Analytics in Insurance business such as Sales & Distribution Analytics, Marketing, Claims Analytics, Operation, Underwriting Analytics, Finance and Actuarial. The data analytics in insurance Industry offers vast repository of KPI’s and metrics for various roles and responsibilities – running into several hundreds. The Insurance Data Analytics solution come with pre-built dashboard and management reports for all department heads. This Insurance Data Analytics is a role-based analytics application is designed to help middle and senior management of Insurance companies across departments to take corrective actions, decisions based on trends and evaluate performance periodically.
Key benefits to Management
- Enhance the effectiveness of middle & Senior management in improving financial results & driving value for the Organization through effective use of Analytics in Insurance Industry.
- Shorten the time to react to market in the competitive business environment
- Improved decision making – which new product to bring to market, which policy to stop writing, which product is profitable at policy level or claim level etc
- Higher internal & external Customers Satisfaction by understanding customer’s needs and responding them faster with right product and solutions
- Reduce customer acquisition cost – single customer view across the organization for up-sale & cross-sale.
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Key benefits to IT
- Reduce Operational cost – as Management reports & Analysis gets automated, Full time Equivalent ( FTE’s) can be deployed for other function
- Centralized repository (data warehouse) to access all kind of information required by the business users any time
- Customized solutions with pre defined KPI’s & metrics to address the business needs
- Application to Go-Live in just 3-4 months – considerable cost benefits resulting from saving in time & effort
- Risk-Free implementation – What you see, you get. The management dashboards, reports & data model are pre-built for each and every department as per the roles and responsibilities.