Insurance businesses today manage enormous amounts of data. Spreadsheets, email and monthly reports become inefficient and difficult to connect for big picture plans. Power BI is a highly regarded platform used to bring the company’s data together under one ecosystem.
When an insurance company is ready for new technology, a key priority is advanced analytics, made possible through Business Intelligence Software. Power BI is one platform for help managing the company’s data, and the platform of choice by WaterStreet Company’s Business Intelligence Suite. WaterStreet is a proud Microsoft Gold Partner and utilizes Azure platform services to deliver our Business Intelligence Solution.
What is Power BI?
Power BI is a flexible and scalable platform used to deliver advanced analytics, built in a cloud software-as-a-service (SaaS) model, supported by a Microsoft Azure data lake.
The need for Power BI typically comes from the desire to improve a company’s analytics capabilities. Common pain points include:
- Siloed data between departments, slowing access to shared information that could improve the business model.
- Slow and rigid report generation, delaying answers to questions asked by business leaders and burdensome labor hours to deliver reporting.
- A need to improve profitability through finding blind spots in performance data.
When insurance companies begin research into better ways to host and access data, the right platform will come first. It’s essential for your company’s data to be brought together under one solution, making advanced analytics possible for connecting trends in the data.
How Does WaterStreet Company Use Power BI?
WaterStreet Company’s Business Intelligence Suite is built on Power BI, leveraging the platform’s flexibility and scalability within a number of white-labeled, customized functions.
While Power BI serves as the platform, our Business Intelligence Solution is tailored to fit the needs of the P&C insurance industry. WaterStreet Company uses Azure Data Factory, a cloud Extract, Transform and Load (ETL) service for scale-out, serverless data integration that is enterprise data ready. We are data-agnostic and extract data from multiple sources as Microsoft can seamlessly integrate into any business environment. A data lake, such as Microsoft Azure’s data lake services, serves as the reservoir for your Big Data, laying the foundation for how analytics solutions connect to your company. Built in the cloud, there are no memory or speed constraints.
Our fully developed Application Programming Interface (API) offers a rich set of web services to insurers, such as with payment processing, risk assessment tools, claims management tools, and document management tools. APIs are meant to streamline the function of data between two systems so that by the time new data reaches your P&C insurance solution, it is communicated in a meaningful way.
Our team has dedicated several years to designing and building the ultimate insurance analytics solution with an intuitive architecture, designed by and for insurance professionals.
Power BI for Insurance
WaterStreet Company aims to deliver best-in-class solutions for P&C insurers.
We provide advanced P&C Insurance Software designed to grow with your business, allowing integration with next-generation solutions.
Ready to Take Action?
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.