Insurance companies turn to business intelligence (BI) to:

• Improve efficiency of claims operations
• Deeper customer insight to improve sales and service
• Better manage channels and distribution partners
• Improve performance through dynamic planning and budgeting
• Manage risk and regulatory compliance
   

Financial and Performance Insight
Provide integrated planning, budgeting and forecasting, Improve the overall efficiency of your planning and budgeting processes enabling higher value financial analysis. Improve the efficiency and transparency of your corporate allocations. Create and distribute financial and management reports efficiency. Produce and distribute profit and cost center reports including IT cost allocations.

Claims Insight
Track and report claim performance by integrating reporting solutions with your claims administration applications. Record and report performance against key claim metrics. Monitor claims by geography, line of business, product, customer, claim type, or claim handler. Investigate potentially fraudulent claims by identifying outliers. Empower customers and agents to query claim status and access loss reports via secure extranets.

Customer Insight
Improve customer understanding by collating, cleansing, and reporting customer data from multiple business units and system silos. Analyze customer profitability by customer segment and product. Understand customer buying preferences by channel and producer. Increase customer acquisition and retention. Profile and segment customers to design products that meet customer needs. Deepen customer relationships through cross sell and up sell.

Channel and Distribution Insight
Improve sales channel alignment and avoid sales channel conflict. Analyze sales by distribution channel, agency and individual producer. Optimize producer productivity and profitability. Optimize service channels and provide 24/7 service to better address customer and producer service through secure extranets.

Risk Management Insight
Insurance companies face ever increasing regulation . Compliance is difficult to manage as data is collected across multiple companies, divisions and applications making it difficult to collate and monitor. Access and analyze claims data for better risk assessment, for improved loss development analysis and reserving.

You can also leverage business intelligence to identify emerging risk exposures to revise underwriting guidelines and improve underwriting profitability; assess exposure accumulation for better underwriting decisioning and reinsurance planning; and improve compliance with ever increasing state and federal regulations.