Insurance providers face most stringent regulations. Also, complying with these regulations becomes quite difficult as data is pulled from across different divisions and applications making it difficult to supervise. Spotting upcoming risks is crucial in insurance industry to correct underwriting strategy and improve underwriting profitability.

Some of the areas where ElegantJ BI Solutions can be applied to insurance:

• Sales, Marketing, & Channel Management - Sales, Marketing and channel management analysis enables to monitor information from various distribution channels and identify which customer are more profitable. Helps to identify which channels are most cost efficient.

• Agent Performance Analysis - Agent Performance Analysis facilitates to identify cost saving opportunity and increase yields. Helps to identify agents having the highest customer retention rates.

• Actuarial and risk management - Actuarial and risk management Analysis evaluates trends in the risk. Helps to actuarial and risk analysis across the enterprise.

Other Analysis Areas:

• Claims management

• Overhead reduction analysis

• Fraud management

The Business Intelligence Advantage

• Increase value of investment to users.
• Provide members access to their insurance details while playing role of business performance measurement tool for executives.
• Helps insurance providers improve customer satisfaction and boost investor confidence while helping with cost control.
• An effective means of accurate timely decision-making with handy, granular, enterprise-wide information and high-level of performance measurement for insurance business managers.
• Strengthen customer-agent loyalty by offering policy and claims information in personalised reports.
• Monitor claims by geography, business area, customer, product, type and handler to help scrutinize fake claims by identifying outliers.
• Identify and take corrective measures for inefficiencies.
• Have complete information on operations.
• Perform calculations and decide pricing.
• Deliver relevant information precisely to policyholders, regulators and employees.
• Align key performance indicators of organisational activities with overall strategy.
• Track and report claim performance.