Actuaries thrive on finding insightful trends to anticipate future loss events. This area of risk assessment is essential for today’s insurance businesses in order to properly set aside funds and maintain stability for the company. Business Intelligence software greatly aids this job function by pulling data across various areas of the business and presenting it in meaningful formats, not only identifying trends for the actuary, but also allowing these trends to be easily shared with executives and other decision makers.
Actuaries review an enormous amount of data in order to predict future losses. This data includes:
- Population data, such as retirement rates, mortality rates, and other population changes.
- Claims data, such as accident rates, losses, and other comprehensive data sets to understand the historical and current state of claims.
- Financial data to set reserve estimates and predict the cost of future losses.
Insurance actuaries benefit greatly from reviewing this data through a single “source of truth.” Business Intelligence gives actuaries the advantage of reviewing disparate data sets through interactive dashboards and reports. When an insurance company siloes their data without a solution to extract and load the data into a more interpretable format, actuaries spend time combing through a great deal of data that could instead be prepared and ready for when they need it.
Top 3 Benefits of Actuary Business Intelligence
1. Save Time and Create Efficiencies
Actuaries spend a great deal of time gathering statistical data while the function of Business Intelligence is to save time gathering data. Actuaries can gain a great advantage by identifying the most important trends and drilling down for more insight. WaterStreet Business Intelligence transforms data from across the company into a usable and trusted format, then loads it into the BI platform so that you can visualize and discover what is important to the base predictions for the company.
2. Seamlessly Access Disparate Data
Many established insurance carriers have yet to create efficiencies across departments. Through Business Intelligence, actuaries are able to identify key loss drivers across the company associated with specific product types, coverages, geographic location and more to reduce future exposure to unanticipated losses. From accounting to claims management, actuaries can gain a direct insight into historical and current status of the company.
3. Confidence in Accuracy
One of the greatest benefits to using Business Intelligence is having a single source of truth. Rather than pull data from various sources and cross-check the accuracy of this data, Business Intelligence makes it easy to access everything needed in one place. WaterStreet’s Business Intelligence solution allows actuaries to compare similar claims and leverage additional insights from third party data to determine the ultimate claim cost and set loss reserves confidently.
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.
We know the challenges that carriers face in managing business because we come from the insurance industry.
Ready to Take Action?
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.