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Business Intelligence and Key Performance Indicators for the Insurance Industry and Professional

The insurance industry must comply with strict government and industry regulations, and deal with increasing challenges every day. Enterprise systems for the insurance industry must ensure adequate protection of consumer and financial data. In today’s rapidly changing business landscape, these systems must also integrate information from various sources and provide up-to-date data for analysis and decisions. Faced with uncertain economics, escalating risk, market competition, strict governance and regulation and demanding customers, insurance professionals must identify and support

profitable customers, improve operations and establish and monitor action-oriented business intelligence to understand and improve corporate performance.

The identification and analysis of risk is crucial to the success of an insurance enterprise. Users must have the ability to view and analyse data and to make swift corrections to strategy, processes and objectives with a full understanding of the underwriting strategy, client portfolio and customer demographics, claim analysis and current and planned profitability.

Business Intelligence Solutions

Business Intelligence for Insurance

True business intelligence (BI) can support, grow and ensure the success of the insurance enterprise and the insurance business user and professional.

  • Sales, Marketing, and Channel Management – Sales, marketing and channel management analysis enables the business user to monitor information from various distribution channels and identify which customers are more profitable and forecast results with complete insight into which channels are the most cost efficient
  • Agent Performance Analysis – Agent performance analysis identifies cost saving opportunities and increases yield. Managers can quickly ascertain which agents have the highest customer retention rates and monitor actual results against plan
  • Claims Analysis – With ElegantJ BI, you can monitor claims results and look for trends and patterns to detect fraud and risk. Your users can establish automated alerts to notify them of specific issues so the user can take immediate action to resolve problems or determine the root cause before the enterprise misses targets
  • Actuarial and Risk Management – Actuarial and risk management analysis evaluates trends, identifies areas and markets where risk is increasing and enables swift risk analysis with robust reporting, charts, graphs, gauges, alerts and other tools to support decision-making and help the enterprise to mitigate risk

ElegantJ BI is designed to support all insurance requirements and analytical needs including credit analysis, regulatory compliance, operations management, policy monitoring, underwriter and loan analysis, demographics, customer profiling, claims analysis and many other factors of business success.

ElegantJ BI for Insurance – Benefits at a Glance

  • Increase value of investment with full insight into costs, performance and risk
  • Provide business performance measurement tool for executives and managers
  • Identify problem areas, improve customer satisfaction and boost investor confidence
  • Assist in cost control, resource allocation and operational management
  • Ensure accurate, timely decision-making with granular, enterprise-wide information, graphical displays and personalised dashboards and alerts to provide up-to-date information and simple analysis
  • Monitor and manage sales targets, agents and channels with a complete picture of results and issues
  • Strengthen customer/agent loyalty by offering client value in the form of policy and claims information in personalised reports
  • Monitor claims by geography, business area, customer, product, type and handler to help scrutinize false claims and identify issues
  • Identify and take corrective measures for inefficiencies, process issues, and under performance using powerful key performance indicators (KPIs) and metrics
  • Sustain complete operational insight at all times
  • Calculate and adapt pricing and strategies based on accurate forecasts and trends
  • Deliver relevant, concise information to policyholders, regulators and business users
  • Align performance with strategy and objectives and enforce accountability
  • Monitor and report claim performance
  • Balance the risk involved with business and growth while maintaining regulatory compliance
  • Leverage investments in existing resources and infrastructure by integrating data from existing sources
  • Meet regulatory requirements with timely accurate information
  • Produce BI Reports for management on branch performance, customer demographics and other factors
  • Provide a 360° view of customer profiles, products, services, regions, sales, marketing and other information
  • Assess all aspects of organisation performance, e.g., income, profit, customer satisfaction, flexibility, transformation and growth
  • Perform profit analysis, find and retain the most profitable customers, develop and analyse services and locations, and manage risk
  • Create a simple, intuitive reports, standardize portfolio and credit analysis; and achieve full insight into financial and operational results, claims adjustment and management, overhead costs and fraud and risk management

ElegantJ BI Integrated Business Intelligence and Enterprise Reporting capabilities ensure comprehensive Corporate Performance Management, and provide business intelligence with simple, practical, affordable features and functionality. Our BI modules are relevant to all industries and functions and can be used by the average business user without the assistance of analysts, statistical experts or technical programmers. No matter the size of your organisation, ElegantJ BI solutions can satisfy your needs with flexible licensing and implementation options that include on premises implementation and hosted, Software as a Service (SaaS) implementation.

ElegantJ BI solutions provide a single source, integrated view of enterprise data from numerous sources and enable every user to build views, balanced scorecards, dashboards and key performance indicators (KPIs) to satisfy the needs of their role, department and function, so every user is engaged in the pursuit of strategic, operational and tactical goals and can provide appropriate support for continued success in acquiring new clients and in retaining existing clients and selling new products and services.

If you need a rich, intuitive Business Intelligence solution, coupled with robust CPM features, we encourage you to contact us today to discuss your unique requirements and get started with the ElegantJ BI solution suite. Email us at sales@ElegantJBI.com

Business Intelligence Video

Trend Analysis

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Browse through our online video library to learn more about ElegantJ BI solutions. You will find valuable information about BI and how it can help you to be more productive and efficient, and the various ways in which our solutions can help you to achieve true BI. Explore the powerful world of Business Intelligence and find out how we can help you achieve your vision and stay on target to business success!

Business Intelligence Case Study

Customer Success Story

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The client is a leading financial securities firm, and a respected corporate member of the National Stock Exchange (NSE) of India. Read full story »