KALISPELL, Mont., April 4, 2022 – WaterStreet Company is proud to announce The WaterStreet Business Intelligence platform, designed to map Property & Casualty Insurance transaction data to a logical data model. Having the data alone is not always enough, so the WaterStreet BI Platform’s insurance analytics turn data into clean, coherent, interactive visuals, tailored to the user and their ideal way of working with critical insurance data.
Since they work exclusively with Property and Casualty Insurance carriers, WaterStreet Company not only has a handle on what carriers do best but what they need to get the job done that much easier. They’ve always been on top of P&C insurance analytics, but they are finding that business intelligence is one way to turn valuable proprietary insurance data into actionable data points.
While the Property and Casualty Insurance business has always had a reliable set of rules and ways of doing business, like any industry, it has continuously had to evolve. Traditionally, the industry has relied on spreadsheets, paper documents, and manual processes to examine loss and risk trends, product profitability, and manage their regulatory reporting. As insurance customers have consistently asked for more from their carriers – including new services – the industry has had no choice but to find a new way to look at their data.
With their new platform, WaterStreet Company looked toward usability and function of the platform itself, not just of the data they are helping P&C Insurance companies organize. To this end, the platform includes standard insurance operations reports such as Earned Premium and Loss Triangles, out of the box, as well as the ability to customize and build your own reports without the need for coding. The insurance business wouldn’t be what it is without reports, or subreports, which the platform makes readily available, allowing carriers to look at the data behind the visualizations, whenever a microscopic view is needed.
The platform is also user-friendly on a number of levels, including a wide range of visualizations to choose from, so that carriers can see their data in the way that makes the most sense to them. And if the data isn’t all in one place, it will be, since the WaterStreet BI platform can merge operational data from all of the systems, like policy, claims, accounting, and other third-party data as well.
“Insurance data analysis has historically involved leafing through reams of green-bar paper and using a calculator. WaterStreet’s Business Intelligence Suite sits atop a well-structured data lake uniquely designed for P&C insurance that is routinely refreshed by policy, claims, and other third-party data. Every user becomes an instant analyst, gaining efficiencies with automation in day-to-day reporting processes as well as improving overall decision-making with reliable data,” says CFO Kelly King. Seeing the big picture all at once allows leadership and stakeholders the opportunity for a holistic view of product success to better manage risk and improve profitability.