Insurance Business Analytics

Price sensitive customers and poor growth performance are forcing insures to change. The Lingering effects of the financial crisis, soft markets, political upheaval and technological change present significant issues for the insurance industry. Many insurers remain dogged by legacy infrastructure and application architectures and this is exacerbated by M&A activities and demands from customers to use and innovate with new technologies like sensors and connected devices. Many insurers are also experiencing price sensitivity and consequently there is an increasing demand for data and analytics to improve how pricing is achieved.

selection of insurance customers

The Opportunity for Analytics

Traditional approaches and technologies can often slow down adoption of new ideas and as a result leave business users without the insight they need to grow their business. However, technology can present a real opportunity for insurers to change the approaches by which they use data and deliver analytical insight to the business whilst at the same time minimising disruption.

Gaining insight across insurance operations, legacy technologies and multiple brands/syndicates is highly challenging if you have legacy data warehouses, outdated systems and processes. This makes it near impossible for insurers to get full end-to-end insight into policyholder activities and business operations.

Download our Insurance Industry Brief

Insurance Information Strategy

Leveraging data-driven insight with itelligence

itelligence are working with insurers to help introduce innovation and strategy agendas founded on increasing their understanding and use of data. We are working with the insurance sector to enable our customers to understand how they can modernise their data and IT landscapes in support of the modern demands they face. The topics we are advising on cover not just traditional sources of data but also cover new sources derived from sensors to unstructured content and also on the use of modern approaches to analytics.

Our proposition enables insurers to reduce time to value when undertaking data management and analytical work. At its core, this proposition includes a Modern Data Platform to provide this simplification enabling BI and analytical tools to access data in a more simplified way. This platform comes with the following capabilities to name a few:

  • Logical Data Warehousing;
  • Columnar & Row processing;
  • In-platform advanced analytics;
  • In-Memory processing;
  • Tiered storage processing; and
  • Application services to support analytics integration.
Using Hybrid Solutions

Delivering a single platform

Our solution enables insurers to focus on implementing a wide range of analytical models and techniques such as GLMs into a single platform alongside traditional operational reporting such as incurred movements. This analytical platform also enables an insurer to embed insight such as propensity to churn and dynamic pricing, in to line of business systems through applications services e.g. Mobile, Web Site and CRM channels.

Over the last 20 years itelligence has designed and implemented hundreds of Business Intelligence and Analytics solutions for customers within Insurance and other sectors. We operate from strategic consulting through to implementation and support services and have in-depth industry expertise needed to guide customers. We don’t just operate in a single area, we provide end to end technical expertise to meet your challenges.

insurance

Meeting the needs of an insurer seeking to transform their data and analytical landscape

itelligence combines state-of-the-art data management technology with comprehensive business intelligence & analytics (enterprise reporting, dashboards, agile data visualisation and advanced analytics) and intuitive application development tools through a Modern Data Platform and if required, an Enterprise scale BI solution.

Our Modern Data Platform helps insurers reach, engage and retain customers by developing new innovative services, capitalise on new markets, support governance and enable operational effectiveness in order to provide the best service as efficiently and profitably as possible.
The Modern Data Platform is implemented using SAP HANA and can be deployed on premise, in the cloud or even as a hybrid implementation enabling it to integrate into an insurers IT strategy. The rich set of capabilities delivered through itelligence services enables an insurer to branch out and tackle new products and services reducing the impact on existing legacy applications in a disruptive way. The simplified architecture presents harmonised and consolidated data from across the business and clears the path from data capture to actionable insight. The Modern Data Platform provides the ability to analyse data sets in different formats and brings together data and processes for operational and actuarial analysis.

 Download our Modern Data Platform Whitepaper

 Download our Modern Data Platform Webinar Recording

Insurance Reporting and Analytics

Business Benefits

The modern insurer needs to be able to compete with analytics and data at the heart of their operations. Our analytics solutions and services can help insurers utilise their data in support of a wide range of initiatives with minimal disruption to existing infrastructure:

  • Provisioning a 360 degree view of policy holders / brokers across a wide range of data
  • Simplify the IT data landscape and improve time to insight;
  • Support delivery of new services such as ‘connected insurance’ (Motor, Health, Home)
  • Support advanced analytics such as geospatial analysis, network analysis and predictive analysis to improve insight on insurable risks, events, customer churn, customer interactions and many other areas;
  • Optimisation of Underwriting & Claims processing
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