Business Intelligence in Property & Casualty Insurance | business intelligence in insurance industry

Introduction:

  • The property & casualty insurance industry is continuously witnessing cut-throat competition. Owing to the increased usage of electronic channels, shifting consumer behaviour, several catastrophic events and certain regulatory changes, over the years the competition has increased manifolds.
  • Property & Casualty Insurers across all domains of business, namely personal, commercial and speciality should therefore identify new operating models, business processes and technologies to reduce operational costs, retain customers, grow profits and their customer base, and ensure customer retention through improved claims and customer service interactions.
  • This can be achieved through implementation of better data visualization and data management capabilities which can make sense out of the large reservoir of data being generated across this sector. Business Intelligence is the one stop solution for achieving the aforesaid results.

 

 

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Benefits of BI in P & C:

  • Through implementation of BI in this sector, large volumes of data in areas such as premiums, policies, claims, transactions, brokers, re-insurers, risks, or coverage can be segregated in a systematic manner so as to derive actionable insights from them.
  • By making use of BI, data from several domains can be integrated so that dynamic reports can be generated on claims frequencies, customer experiences, unit counts and so on.
  • BI is useful to perform gap analysis, so as to overcome the drawbacks of a particular data model and provide a central location for all data from which information can be dynamically accessed at will.
  • Business Intelligence provides the necessary capabilities a property & casualty carrier requires so as to perform operations smoothly.
  • Parameterized reports can be generated which can be quite lucid, easy to interpret and can improve service and business performance.
  • Through BI implementation, what-if analysis, forecasts and scenarios can be identified which need greater priority.
  • Ad-hoc reporting capabilities, drillable dashboards and scorecards displaying vital information like management policy, billing, claims, premiums, underwriting etc. can be developed which can ease the process of data visualization and extraction.
  • Closely integrated BI capabilities with core claims solutions gives P & C insurers the ability to leverage rich claims data for better decision making.
  • With these customizable dashboards, the needs of agents, managers, executives and business analysts can be met.

 

KPI’s for P & C Companies:

There can be various KPI’s for different departments in an IT company. Some the departments with their KPI’s are as follows:-



Agent revenue Production (Sales)

  1. Agent visits per sale
  2. Revenue per insurance broker
  3. Policies in force
  4. Policies issued per month
  5. New policies per agent

Investments

  1. Investment headcount ratio
  2. ROI
  3. Percentage of revenue earned from investment

Underwriting

  1. Expense
  2. Cycle time
  3. Unit cost
  4. Approval rate
  5. Automation rate
  6. Declination rate
  7. ROI

Payments and Commissions

  1. Cycle time: Premium receivable
  2. SLA Adherence: Cash dividend
  3. Cycle time: Remittance
  4. SLA Adherence: Remittance
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Insurance

  1. Net premiums written
  2. Combined ratio
  3. Loss ratio
  4. Expense ratio
  5. Management levels
  6. Policies in force per employee
  7. Revenue per insurance Policy holder
  8. Number of Policy holders

 

 

Use case:

Grange Insurance is a property and casualty insurer that offers home, auto and business insurance and a full line of life insurance and financial products through wholly owned subsidiaries Grange Life and The Grange Bank.

Grange insurance uses BI to identify areas of improvement in product design, customer management and to recognize cross and up-sell opportunities. This has helped them to increase profitability in each product, region or agent.

The BI tool supports various applications at Grange for different operational functions. Agency Analysis application is used by over 300 associates including the territory managers, portfolio managers and customer management personnel. So using this application they can analyze agency effectiveness, drive decision making regarding agency relationships and provide insight into opportunities to make agencies more profitable. With the help of BI, end users can run additional reports and drill into the details.

Book Management Application has been the most profitable application at Grange. It examines the personal property and casualty insurance for auto and homeowners.

The Ad Effectiveness application enables Grange’s marketing department to measure the effectiveness of advertising with independent agents. They can now track how much money that are spending and where it is being spent in order to channelize spending in different geographical regions.

To learn more about how BI can help in the Insurance sector and request a live demo, get in touch with Helical Insight.
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