Providing insights that fuelled underwriting performance
An insurer had over 20 brokers supplying information in a variety of formats, so providing the management team with up-to-date, trusted information was an almost impossible task. Spreadsheets grew in number and in complexity, processes developed that were both time-consuming as well as prone to error, and the business had lost sight of where it was performing and where it wasn’t. Facing tough market conditions, the client was finding it harder to secure capacity.
We offered them our full Pillar system, allowing the client to own the IP outright, and grow through a variety of products and more diverse distribution channels without being restricted by increased compliance and process complexity. Our Pillar solution ensured they had secure, accessible source data, fed into a logically-structured data warehouse and presented through an advanced analytics platform.
The solution was crafted through a series of business alignment workshops that let us design a bespoke solution for their exact business needs.
The data warehouse now sits at the very core of the business. More than just a unified data store, the secure, scalable, cloud-based data warehouse includes a logical model, designed to link all the relevant data within the business. Any data entering the warehouse is automatically allocated and linked to other relevant data by the logical model, allowing the underwriting team to analyse the book of business by any dimension they require.
The solution exceeds our expectations and I am excited by the possibilities it opens up in the future. Our capacity providers are extremely impressed and providing comprehensive compliance data on a timely basis combined with the ability to provide real time insights into underwriting performance will be key for us moving forwardManaging Director
In addition, MicroStrategy was configured with custom-made metrics and measures, enabling the creation of rich and detailed dashboards and reports displaying the key information required for seamless and easy decision making.
The data warehouse unifies legacy systems overcoming poor data quality and slow reporting. Incoming bordereaux are automatically allocated, reducing the workload of the underwriters. With ‘self-service’ analytics, all employees can explore the data for greater insights.
With all premium, claim and BAA data connected to the data warehouse, they have a complete overview of the business in near-real time. With such deep levels of interconnectivity, key figures such as GWP and Loss Ratios can be analysed in a multitude of ways, including by postcode, product type, broker or any other dimension contained within the bordereaux.
Dashboards and reports are updated automatically with new data, avoiding costly underwriting mistakes and spotting profitable opportunities effectively. Automatic reports are shared with capacity providers when requested. Key stakeholders see precisely how the business is faring, instilling trust and respect between both parties, and ultimately helping the MGA attract greater levels of capacity in the future.