Insurance products require a watchful eye on performance and a steadfast response to market changes to keep up with profitability.
Product managers rely on copious data to ensure the company supports successful product development, launch and expansion. Business Intelligence helps insurance product managers measure the success of insurance products and simplifies discussions around product and market data, better informing decision makers across the company on where the business should focus.
With business intelligence, product managers gain simplified access to the following data and much more for analytics and reporting:
- Coverage limits
- Total Insurable Values (TIV)
- Risk concentration
- Behavioral tendencies by varying demographics
- Historical premiums
- Claims data including individual payments, historical reserve estimates and full tracking of claim status changes
- Product mix premiums and lapsations
- Profitability by distribution, geographic region, and other factors
Product managers are responsible for analyzing a great deal of data and carry a high responsibility around the performance of products. When the company is ready to develop new products or phase out old products, product managers must feel confident in gaining the most granular level of understanding for where to recommend pivots to the business. Business Intelligence helps bring the company’s data together to arm product managers with the deepest level of understanding behind product performance in the most simplified and efficient ways.
Top 3 Benefits of Analytics for Product Managers
1. Efficiently Measure Profitability
Easily breakdown profitability metrics to determine which products are the highest performers, where they are sold and who they are sold to. Insurance product managers are able to keep up with many key performance indicators in digestible and thoughtful ways. Business Intelligence contains granular data for managers to both gain the big picture on overall performance and drill down into details for measuring current performance against previous time periods by many marketplace factors. Monitoring the product portfolio through Business Intelligence unlocks continuous new insights into product offerings for improved profitability.
2. Calculate Risk with Confidence
Develop sustainable products by better assessing risk. Managers are able to analyze data around market trends for product needs as well as understand what factors will affect consumer confidence in future product offerings. Concise policy information is detailed down to the coverage and risk parameter level, ready to help answer questions when developing and launching new products and identifying the best ways to reduce risk compared to consumer trends and previous product performance.
3. Visualize Complex Decision Making
When discussing product development and performance, product managers can feel fully prepared to identify opportunities and risks through enticing visualized data. Business Intelligence consolidates the company’s data into a single source of truth, allowing conversations around product performance and ideas for future products to no longer rely on gut decisions and outdated information. Business Intelligence offers product managers access to data across the company, no longer siloed into Excel sheets per each department of claims, policy administration or underwriting, and allows easy access for product managers to feel prepared with all the relevant data when recommending changes to product offerings. Visualizations of this data simplify decision making for all involved and gives confidence to product development.
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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