into a Competitive Advantage
In North America, many of the top Property & Casualty Insurers
and Life, Health & Annuity Insurers trust InEdge for the planning
and implementation of their Analytics solutions.
More than ever, Insurance decision-makers need to have easy and timely access to information from analytical applications that understand Insurance-specific challenges.
Without such analytical applications,
it becomes increasingly difficult to compete
in today’s challenging environment.
When it comes to Insurance Analytics,
no one understands better the issues specific to building and evolving Reporting and Analytics solutions for the Insurance industry than InEdge. No one understands BI customization better.
We have now been working with some of the largest Insurance companies as well as some tier 2 players for close to 20 years. This has allowed us to gain a keen understanding of the challenges the industry faces, how Analytics can play a key role in meeting those challenges.
Our clients want enterprise-wide solutions for specific Insurance functions such as Claims Analytics, Underwriting Analytics, Actuarial, and Marketing. They want Insurance Key Performance Indicators (KPIs) that present complex Insurance metrics in an approachable manner, and sophisticated, usable, claims reporting, Insurance reporting, and policy holders claims analysis functionality. We design and deploy the right solutions for Insurers.
InEdge, the Leader in Insurance Analytics
No one has as much expertise in Insurance Analytics as InEdge.
We offer complete and customized Analytics solutions for Insurers.
Our services include:
- Planning and Analysis to provide a Insurance Analytics Roadmap (IAR), the first step in analyzing the situation, identifying the needs
and evaluating the efforts to achieve Business goals or a
Insurance Analytics Gap Analysis to evaluate and re-align on-going programs.
- Implementation and Integration to ensure any Analytics initiative is carried through to completion successfully and in a timely manner.
- Accelerators to provide faster, lower risk and less expensive implementations and provide Insurers with the reporting capabilities to track the metrics and Key Performance Indicators essential to improving performance.
- Recommendations to select and track the right metrics and Key
The Benefits of
Business Analytics allows for visualization of information, irrespective of its source origins, in a multitude of formats. Insurers can summarize or analyze information that supports best practices from the Insurance industry. From marketing to underwriting, claims to policy management, actuarial analysis to accounting, Analytics bring better business decision-making to every Insurance business domain. By unlocking the power of Analytics Insurers are able to:
- Improve revenue and profits by acquiring and retaining high
- Reduce costs through more effective and responsive management.
- Automate and improve compliance with regulatory reporting requirements, for example, for instances of Sarbanes-Oxley, Solvency II, and Dodd-Frank.
- Improve customer loyalty through improved quality and
- Cultivate and maintain a Book of Business by analyzing and understanding real-time data in the form of customer habits, attributes, and trends ensuring marketing strategies target and retain more profitable customers. Marketing and sales strategies adopted today help determine long-term profitability.
- Manage and mitigate business risks, for example, natural disasters can form significant business risks to insured assets. Analysis of operational data can help identify geographic risks and allow for Book of Business diversification accordingly.
- Assess influences on profitability by analyzing claims information to determine the implications of daily decisions and adjust underwriting choices to positively influence profitability.
- Improve business strategy and operational transparency by standardizing data reporting and analysis to create a single version of
the truth across an organization allowing for improved business
- Reduce reporting process cycle time using Analytics to deliver key metrics and performance indicators to decision-makers dynamically, enabling faster and more informed decision-making.
- Handle exceptions faster and better using Analytics to proactively pinpoint quality control issues providing more time for correction
Insurance functions can also benefit from Analytics:
Analytics reporting and analysis can empower a claims operations team in:
- Providing increased responsiveness to policyholders and claimants
- Verifying and controlling allocated and unallocated loss expenses
- Analyzing claim data by a specific account, line of business or geography, if there is a sudden or unexpected increase or decrease in claim activity
- Identifying exposure and the location of potential losses in the event
of a disaster
- Quantifying financial information, such as claim frequency, severity, paid losses, incurred losses, loss adjustment expenses incurred, outstanding reserves, reserve adequacy, and net paid losses
- Analyzing business/commercial risks where significant losses
- Analyzing costs associated with a specific industry or line of business to identify unusual patterns in development
- Improving cycle time in processing claims and payments
An Analytics solution, along with a standard data model, benefits and improves the following capabilities:
- Assessing financial data, performing profitability analysis, and generating
- Reviewing pricing adequacy
- Analyzing trends and performance statistics
- Assessing patterns of loss and providing actions for mitigation corrective actions or adjustments
- Assessing market acceptance and acceptable loss ratios
- Applying what-if scenarios to the current Book of Business on historic performance to better assess possible rating changes
Benefits for underwriting activities include:
- Analyzing profitability indicators
- Reporting premium and loss information
- Calculating and tracking loss ratios and loss frequency by line, state, policy form, or risk category
- Tracking and mitigating overall exposure by risk category
- Monitoring policy and/or premium volumes by product or line in specific
- Monitoring exposure that is being assumed in a region, state, or country
- Identifying trends such as sudden changes in the frequency, duration, and outcome of claims or premium volumes