Thrive in an environment
marked by growing change
Many of the top Life Insurers trust InEdge
for their Analytics Solutions’ planning
The Life, Health and Annuities market has changed significantly in the past few years. Insurance companies have demutualized or consolidated and competition from the Financial Services industry has chipped away at the traditional customer base that Insurance companies have served for
In order to continue to thrive in an environment marked by growing change and competition, Life Insurance companies need to:
- Aim for the right combination of insurance, annuity, and investment products, as well as wealth management products and services to offer through their direct and indirect distribution channels
- Understand the speed of adoption in the Product Development stage
- Gain a clear idea of the source of funds in the Wealth and
- Understand clearly the expenses associated with the business on book as they underwrite new risks
The competition is also developing and implementing programs to manage customer and partner relationships more effectively. This creates a competitive edge in which access to information is the key to success.
Easy and timely access to information therefore becomes critical to the diversified Insurance company and is in fact a clear priority for many Insurance companies. It is also clear that Analytics in general enable ease of access to corporate data.
At InEdge, we understand the challenges the Life Insurance industry faces. Our work with Insurance industry leaders has led us to gain a deep understanding of its specific needs. We understand the particulars of risk underwriting, calculating renewal rates, insurance metrics and key performance indicators (KPIs) as they pertain to Life Insurance Analytics and Reporting solutions. We know how to design and deploy Life Insurers Analytics and Reporting solutions that are right for this demanding industry.
Examples of Life Insurance
Understanding Source of Earnings
InEdge recently worked with a major Life Insurance company whose challenge was to create a single-view application for the Source of Earnings (SOE) process by reporting all elements for all its subsidiaries. InEdge worked with the client’s financial and actuarial groups to create a single data and information source to support the SOE process. The benefits were significant and immediate, from the one-stop-reporting capacity, to flawless, security-enabled, tactical, and analytical reporting.
Evaluation for an Analytics Integration Solution
A large Life Insurance company needed to perform a needs analysis in order to evaluate different integration solutions to address their analytics issues for reserve calculations.
Its challenge was to find a foundation for all valuation-related analytical applications, data drilling and dynamic data analysis capabilities with the flexibility for adding new attributes from its policy management systems. The client required basic analytical functions supported within a relational database with an informational infrastructure thus providing consistency, reconciliation, and cross-analysis of reserve reports. The ultimate goal was to have easy access to advanced analytics such as sensitivity analysis, reserve movements analytics, and the centralization of regulatory reports.
InEdge conducted an Analytics Roadmap to evaluate implementing an Accelerator as a solution to the client’s specific needs. The client received a target architecture and a complete Analytics program plan documenting an implementation budget, a timeline, and the effort needed to achieve its goals while taking into consideration its legacy informational systems used for its Actuarial Reserve Analysis.
This enabled the client’s management to make a well-informed decision regarding its strategic program, which led to the implementation of InEdge’s recommended solution.