Insurance Business Analytics

Insurance is an industry that is awash with data but in many respects is thirsty for information as changing customer behaviours, shifting business models and intrusive regulators make the task of managing insurance data and turning it into actionable insights a mammoth task. At itelligence we pride ourselves on our rich pedigree within the insurance sector and have invested to ensure that we can understand the challenges of insurance professionals and deliver solutions that accelerate your analytics maturity.

Insurance Business Analytics

Insurance Analytics Offerings from itelligence

itelligence enables insurance companies to be more competitive and achieve their strategic goals through the application of their data and information. In doing so, we have developed the following insurance specific offerings:

Strategic Consultancy
ŸŸ• Information Strategy Definition
• Merger and Acquisition Information Framework

Business Solutions
• insurance.underwriting
• insurance.claims
• insurance.finance
• insurance.risk

Data Management Accelerators
• insurance.governance
• insurance.core
• insurance.mdm

Insurance Information Strategy

Insurance Information Strategy

Less than 25% of insurance market organisations have the use of their information aligned with business strategy, according to our recent market study and no-one could freely admit that their information drives business strategy to seek competitive advantage. However having a strategy of how data is going to be managed, governed and turned into useful information to drive forward the business is key to any insurance organisation’s success.

Mergers and Acquisitions Framework

Mergers and Acquisitions Framework

The desire for scale, distribution and relevance, driven in some regards by Lloyds’ 2025 vision, means that combining resources or expanding into new emerging markets is driving an increased amount of merger and acquisition activity within the insurance sector.

However M&A activity changes the way businesses operate and the associated growth and expansion can cause many challenges that threaten to derail any desired success; not least among them are those associated with your data and information.

Insurance Industry 5-Step Approach

Insurance Reporting and Analytics

Insurance Reporting and Analytics

If user adoptions is the number one KPI for an insurance business intelligence solution, then surely the point at which the user interacts with the solution, i.e. the reporting layer, is the most important. However one of the most common reasons a BI project fails is the lack of engagement a business user has with the solution and without an intuitive, responsive and flexible reporting layer the whole BI solution and the investment that goes with it, is destined to fail.

Insurance Data Warehouse

Insurance Data Warehouse

Data is the lifeblood of any insurance company and the centrepiece of a robust data management platform is a highly functioning data warehouse. Being able to see the full claims and policy lifecycle, compare as-at and historical positions as well as a single view of customer behaviour and interactions are fundamental necessities of any insurance model and a solution must be designed to meet these core requirements.

itelligence has created, designed and delivered an accelerated solution for the insurance sector called it.insurance. Learn how the it.insurance solution has helped insurers save £200k per year whilst improving Underwriting and Broker interactions.

Data Governance for Insurance

Data Governance for Insurance

The least mature area of business intelligence within insurance companies is their data governance, as over 60% of insurance market organisations believed their data was still siloed and an enterprise framework of metrics leading to accurate and trusted data was not in place. This is a crucial area in need of focus as regulatory forces drive insurance companies to prove the accuracy and linearity of the data used in each disclosure and changing customer behaviours are forcing more tailored insurance policies and more individual experiences, none of which can be achieved without accurate governed data being used to drive business decisions.

Master Data Management for the Insurance Industry

Master Data Management for the Insurance Industry

When reporting on the top brokers that an insurance company works with, it is staggering how many times we see over 20 different entities of Aon or 15 different JLT’s. This problem is compounded by the convergence occurring within the insurance sector and is a key issue for organisations who are wanting to understand the effectiveness of intermediary channels in order to spot opportunities or facilitate growth.

This is just one of many challenges faced by insurance companies in regards to master data management and one of the many use cases for itelligence’s insurance.mdm solution.

How Do You Compare in the Insurance Market?

How Do You Compare in the Insurance Market?

Benchmark your business intelligence maturity against your competitors.

Itelligence have conducted an ongoing study of how mature the insurance industry is from a business intelligence perspective across five key area of importance. Click the link below to complete the short study and understand how you compare against your peers.

Other Insurance Industry Resources

Download our insurance analytics industry flyer to find out how our business intelligence accelerator can help you extract value & insights from your data.

 

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