IBM Premiere Business Partner

Insurance

Data Warehouse Appliance and Analytics Solutions for the Insurance Industry

Services framework and technology solutions empowering insurance companies to quickly aggregate, process and analyze customer data

The insurance industry is more competitive than ever. Insurance companies that can service their customers most effectively, personally and cost-efficiently will lead the industry.

Background 

To be competitive in today’s marketplace, insurers need to have a comprehensive, 360 degree view of their customers. However, important customer information is often housed in many different areas within an insurance organization’s data infrastructure. This data access issue limits insurers from two perspectives – generating new revenue from customers, and providing efficient, personalized customer service.Graphic shows how an insurer can realize benefits using business analytics

 

We empower insurance companies 

Traditional analytics and data warehousing environments can take a year or longer to implement. However, leveraging NES data aggregation technology and appliance based data warehousing solutions, such as IBM Netezza, analytical environments can be up running in a matter of days. That speed of implementation and simplicity means your organization can be producing meaningful analytics in a matter of weeks. Our solutions are also designed around simplicity of operation and maintenance, requiring on average, a half-time employee to operate and maintain.

Challenges

The following are common examples that illustrate how insurers are leveraging analytics to solve business problems:

360 Degree View of Customer

A property and casualty insurer in the northeast was having difficulty understanding how to cross-sell their products to customers when they called in for service. This was a result of the insurer having several different records in multiple systems – all representing the same customer. John J. Smith, J. Smith and J.J. Smith were all viewed as three different customers, when they were actually the same person. When John Smith called in for service on a particular insurance policy, the customer service representative had no access to a comprehensive record of all the insurance products John owned with the company. Therefore, the service representative was unable to offer special promotions or additional features to their portfolio – missing revenue opportunity and lacking a personalized experience for Dashboard illustrates metrics of average claims processed, number of claims, and claims issued by country.the customer.

Actuarial Analytics: Dramatic Performance Improvements

Actuaries need quick access to customer data to rate the customers and create policies. For many insurance companies this task is difficult. Their data often resides on disparate systems, many running on legacy hardware environments that were not designed for analytics. For example, a New England insurance company had to manually query 4 different systems to get the appropriate information necessary to analyze customers and write policies. Because their competitors were able to conduct this service in a near real-time, this insurer was both losing market share and underutilizing their actuarial resources.

Description of how to assess if your organization can benefit from analytics

Telematic Devices: Cutting-Edge Technologies Increasing Data Volume

Adoption of new technology by auto insurance companies is allowing them to provide customized products and better service. For example, auto insurers are now installing telematic devices in cars which send, receive and store information about driving habits. This driver data is collected and analyzed by the insurer, allowing them to provide personal customer portals. These portals allow customers to view their own driving habits, and provide “points rewards” that can be applied to reduce the policy cost. The customer is rewarded for safe driving behavior, and the insurer can offer both a customized product and personalized experience.

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