Insurance executives can greatly benefit from the enhanced oversight and analytics Business Intelligence offers. Retention and profitability for the business requires a keen eye on capabilities across unique areas of the business, from sales and product development to risk assessment and profit/loss margins. Business Intelligence brings crucial company-wide data into one solution, easily digestible for bottom line takeaways with drill-down capabilities for when questions arise. Executives gain real-time access to the company’s critical data, offering a window into the performance of the business at all times.
Insurance executives are the key role to measuring the success of the business. Business Intelligence makes the following data easily available:
- Rating drivers, such as coverage limits, Total Insurable Values (TIV) and risk concentration
- Loss drivers indicated by product types, coverages and geographic location
- Production data, such as product mix premiums, lapsations, and claims data segmented by distribution and geographic location
- Customer profiles to identify new product opportunities and improve customer experience
- Mission-critical business drivers behind profit/loss ratio and retention rates
Business Intelligence helps executives gain confidence in limiting risk and loss exposure while promoting product growth across the company. The AI and machine learning behind Business Intelligence gives insurers a high potential to successfully pivot the business.
Top 3 Benefits of Insurance Executive Business Intelligence
1. Data-Driven Decision Making
When executives have a clear picture into performance measurements of the business, decision making can occur much faster and with confidence. Business leaders can deliberate changes while reviewing the same visualized dashboards, enhancing discussions efficiently while focused on the data. Without the adoption of Business Intelligence and analytics, executives may struggle to keep decision making focused on what will clearly influence the future profits of the company.
The insurance industry today is undergoing a technological revolution, investing a great deal into insurtech solutions with the primary goal to better understand and act on data. When executives spot an opportunity to improve the company’s profits, whether through reviewing trends in sales, underwriting, claims data or more, all the information required to make an informed decision is available at once. When it’s clear the business’s strategy must change, gut decisions are a thing of the past, and everyone can rest easy knowing the data has painted clear and accurate indicators for how to act next.
2. Define KPIs Across Areas of the Business
One of the greatest benefits behind Business Intelligence is its ability to bring an organization together under one source of truth. Many insurance businesses struggle to bring data together. When areas of the business are siloed from one another, manual reporting not only takes an enormous amount of labor hours, but often still leaves reporting independent of other areas of the business. Business Intelligence enables insurance management to analyze operations with pre-built and ad hoc reports, dashboards, and scenario modeling, rendering the data alive and helping decision-makers identify opportunities and risks across the business.
Executives may receive reporting from various areas of the business and deliberate excessively on how to connect them. This may feel as if it’s the only way to identify KPIs while knowing the data comes from exactly the right place. Business Intelligence revolutionizes how executives review data, connecting to various areas of the business at the start of implementing the software, and supporting all areas of the business for a very clear look into the performance executives rely on. Business Intelligence not only saves executives excessive deliberations and headaches to piece information together, but also labor within departments across the company is saved in generating the reporting.
3. Improve Forecasting and Trends Assessment
When an insurance company adopts Business Intelligence, the company not only gains access to real-time data, but also their history of valuable data. Trends in the data are visualized and easy to spot, not only for executives, but for analysts across the business. Every role with responsibility in identifying historical trends has the ability to spot these areas for improvement and bring it to the attention of business leaders. Business Intelligence offers scenario modeling for instantly available operational analytics to test and determine courses of action.
When the company’s wealth of data is made easily accessible for advanced analytics, forecasting where the data is headed is a logistical and well-defined process. Accuracy and reliability in the data, demonstrated with visuals and drill-down tools, give executives never-before-seen power over influencing the future of the business as well as gives clear paths to accountability for improving the success of the business.
WaterStreet Company Business Intelligence
The Waterstreet Business Intelligence Platform improves accounting capabilities through a collection of tools that work together to turn your data into clean, coherent, interactive visuals.
Our insurance data warehouse model design follows industry-proven dimension-modeling standards, and stores data at the lowest possible level of granularity. Concise policy information is detailed down to the coverage and risk parameter level. Claim information includes individual payments, historical reserve estimates and full tracking of claim status changes.
We know the challenges that carriers face in managing business because we come from the insurance industry.
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