The Innovation Group, a global provider of business process outsourcing (BPO) and software solutions to the insurance, fleet, automotive and property industries, releases a new version of Insurer Analytics, the business analytics component of the company’s Innovation Insurer suite.
New capabilities in Insurer Analytics include multi-measure/axis analysis, time series analysis, forecasting, integrated help system, a library of out-of-the-box (OOB) insurance analysis dashboards, KPIs and measures, and life cycle analysis.
In addition, there are extensions to the Silverlight-based dashboard and portal providing 100 percent, browser-based delivery using the Microsoft BI platform. Two stand-out capabilities are the guided interactive analysis, which allows business users to understand the business performance in a structured manner, and the train of thought, which allows users to follow an assumption through drill downs into the low-level data.
"Insurers are under pressure to understand their customers and business, improve results and solvency, while coping with increasing regulation, competition and profitability," says Andy Roberts, group CEO for Innovation Group. "It provides insurers a single view across the enterprise, empowering the business operationally to measure, monitor and manage, as well as strategically to uncover insights and opportunities."
The design of Insurer Analytics is role-based to enable business users to focus on their particular business area. The data warehouse and OOB solutions cover analysis across all major areas within an insurer, including customer, distribution/channel management, underwriting, pricing, quotes, new business, renewals, lapses, adjustments, policy service, operations, claims, enterprise risk management, first notice of loss (FNOL), subrogation, catastrophe management, fraud detection and supply chain.
The primary design is for the business user, but the new version of Insurer Analytics also supports the power user who has more advanced analytical needs. While IT maintains control over the data, the business has total control of the dashboards, charts and reports.
Insurer Analytics includes the business intelligence (BI) presentation layer, analytics, ETL and data warehouse / data mart components. The ETL solution provides seamless integration with the Insurer Suite and the analytical data warehouse design is targeted at policy and claims analysis. The warehouse design also allows for flexibility to integrate with other claims and policy applications.
With the OOB insurance-specific focus, Insurer Analytics delivers significant capabilities to insurers quickly, including:
- Empower the Business—Easy to use, accurate and intuitive solution that enables business users and translates high adoption.
- Business Agility—Quick, fast, accurate decisions based on quality / accurate information to respond and navigate in an ever-changing marketplace.
- Performance Management Across the Value Chain—Managing the business from products, customers, distribution channels to partners across the entire insurance value chain to ensure both top and bottom line exceptional results.
- Library of Insurance Analysis Solutions—Pre-defined P&C insurance specific solutions aligned to the rich data model provides an immediate "jump start" to speed delivery and return on investment and reducing the total cost of ownership (TCO).
- One Version of the Truth—A business-focused solution for all user types that uses a single data model specific for P&C insurance that is extendable, providing a single data management platform to ensure a single version of the truth.