Business Intelligence, Analytics, and Data Management Solutions for the Insurance Industry
For Insurers, the Digital Revolution Has Been Interrupted
Investments in P&C core systems and software-as-a-service yield efficiencies and better expense ratios. But the data they generate is stuck in separate application silos, and their full value as sources for business intelligence and customer insights is still untapped.
Needed: A P&C Market Strategy for Digital Disruption
Today’s P&C market, especially the mid-market, is a competition magnet. Big insurers trying to beat commoditization and softening rates see an opportunity to make in-roads in a fragmented marketplace. Insurtech start-ups are rising to meet consumer demand for digital engagement. Financial services providers see fertile ground for growing ecosystems of products that include risk coverage. In this disruptive environment, a merely defensive strategy focused on price cutting is a dead-end.
Leverage Your Expertise in Specialized Market Segments, and Price and Service Balance
P&C insurers need to make a strong customer-centric business play that leverages their deep knowledge of specialized market segments, and their expertise in striking the right balance between price and level of service.
Information Builders can support this play with Omni-Insurance, a solution that consolidates and harmonizes all the information that has accrued over time across the insurance company’s products, systems and distribution channels to create an expansive, unified view of its business and its customers.
Transform P&C Into a Customer-Centric Business
Make the Shift With a 360-Degree View of Your Organization
With a shared, 360-degree view of its business, an insurer is ready to shift from being product-centric to being customer-centric. Omni-Insurance analytics provide reports and dashboards, with pre-built P&C KPIs, for executives, underwriters, actuaries, claims and finance to access the data they need for informed decision-making.
More, analysts can build consumption views of granular data that support the agenda of a customer-centric business: developing “stickier” policies with more individualized services, enhancing customer experiences, managing a book of business with new and more nuanced definitions of niche markets, products, performance indicators and, ultimately, greater profitability.
WebFOCUS is allowing us to satisfy the information needs of all our users. We've deployed simple intuitive tools for business users and more sophisticated analytical tools for advanced users like our actuaries.
We wanted to include all information from customer details to geospatial data and Google Maps applications. Alongside this we had to maintain a high level of interactivity and customization with the reporting. Information Builders was able to provide us with all of that.
We desperately needed real-time data for predictive analysis. WebFOCUS Reporting quickly rose to the top while Crystal Reports withered on the vine. It all translates into value for policyholders and a competitive edge for the company.
Assistant Vice President of Information Technology
We acquired Information Builders' WebFOCUS and iWay products to help us consolidate our information, ensure data integrity, and create a user-friendly environment for analyzing data and interacting with customers in a knowledgeable way.
The ability to tap into our information has really paid off. For example, our safety department collects intelligence that helps them formulate better safety programs, our underwriters are able to more effectively understand and control loss ratios, and our customers experience a higher level of service.