Why you need an Analytics Toolset
Any organisation that deals with mass data would benefit from an analytics toolset; ours compromises of a data warehouse and an analytical platform. Having one centralised store of information presents numerous benefits to a business. Insurers typically, have numerous unstructured sources of data; from cluttered transactional systems to external data and spreadsheets.
These are a few areas where we believe our platform can significantly improve your business:
- Operational Efficiency
One of the best features of a Data Warehouse is the centralisation of information. Underwriters waste so much time trawling through spreadsheets, logging into different systems and manually creating reports. Our solution ultimately removes this menial, administrative task, and places all data in a simple, user friendly dashboard. This provides your employees with tools to become more creative and entrepreneurial. Ultimately the system frees up valuable time that could be better spent on other business activities.
- Data Governance
Our Platforms can be tailored to suit the user. Underwriters currently waste time examining spreadsheets of customer’s personal data, and then log into different systems to see their claims information. Managing directors and senior consultants waste precious time manually creating reports. Analytical dashboards can be tailored to reflect exactly what the user wants to see. Meaning there is a dashboard for an underwriting assistant, broker and even the head of department. The toolset can also be set up with shared files so key employees can share important reports, encouraging a congruent effort from all employees to work towards the business’s priorities.
- Customer experience
With our toolset, products no longer need to be general; products can be tailored to a client’s specific needs. For example, our data systems have the capability to pick up on popular products in certain areas. An Insurer that utilises this insight can therefore advertise specialised products in specific regions of the country. Whilst some technologies build barriers; data analytics if used correctly will break down the barriers between clients and insurers because insurers gain a holistic view of their clients.
- Return on Investment
New data technology is a crucial investment to future proof your business, it is those insurers that leverage the use of underwriting analytics and work closely with their employees that will thrive. Whilst some may argue that a data warehouse is an expensive option to help solve their data issues, the power of a well architected data warehouse far outweighs the benefits from other ‘visualisation platforms’. Analytical solutions, such as Insurance BI, have multitudes of capability and intelligent technology to:
- Meet compliance needs with ease and efficiency
- Secure and retain capacity
- Consolidate good relationships with brokers and aggregators
- Price and place risk efficiently
It is not enough to present your data beautifully therefore insurers need to be able to drill down to a granular level to be able to gain meaningful insights. Our analytics toolset is sure to deliver meaningful insights.