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Intelligent Analytics for Insurers 

Measuring and tracking key performance areas has become imperative in ever changing insurance industry. Analytical models and dashboards are an effective tool to gauge the health of a particular portfolio and also assist insurers to find ways to optimize loss reserves, increase productivity and assist in preventing fraud.

To measure these KPIs, most organizations have to navigate a maze of data stores and transactional systems into enterprise data warehouses, often a complex and time consuming activity.

Syntel’s analytics solution for insurers was designed to reduce the effort needed to analyze date. It is a readily deployable business intelligence model that provides access to real-time performance and status information, enabling quick and intelligent decisions. Data visualization makes information easy to use at all levels in the organization.

Syntel’s Analytical Model for Insurance (SAMI) solution includes a reference Insurance Data Model along with an inventory of standard KPIs, dashboards and reports to deliver instant visualization of business intelligence. These two components are readily deployable and utilize the existing data warehouse and OLTP systems. If there is no existing data warehouse, Syntel can help your organization implement one and start the journey to being a business intelligent organization.

Once the mapping of this insurance data model to existing company data structures is complete, along with customization of reports and dashboards according to your needs, your organization can start tracking KPIs.

Typical turn-around-time for deploying this solution may range from few weeks to few months depending on the existing data environment in the organization.

Sample KPIs include: 

• Premium Growth Analytics - Analyzing region wise, channel wise, line of business wise, business growth and profitability including calculation of net premium, earned and unearned premium reserves and outstanding losses, during a period. Users can view snapshot reports on portfolio premium or unit (policy count) exposures during a period.
• Policy Administration Efficiency - Measuring the underwriting standards and policy efficiencies. Users can mine current policyholder data to improve potency of outside leads.
• Channel Performance - Evaluating the performance of various channels in terms of premium contributions, incurred claims. Who are the most profitable agents and how to find more agents like them? Users can drill down reports or analyze an individual client / policy / claim at a click.
• Claims Management - Time based, Cost based and Quality based Analytics. Analyzing claim reserves run-off showing separately open claims and closed claims at different scenarios (e.g. claims open at report beginning and closed during reporting period)

Key Benefits

• Plug and play integrated business intelligence solution–readily deployable model, dashboards and reports reduces implementation time significantly by 30%
• Scalable, portable, customizable
• Use of existing data warehouse / repository environment, delivers lower TCO, higher ROI and easier maintenance
• Readily available dimensional model, key metrics and KPIs
• Readily available dashboards to drive improved: 
  • Policy administration/issuance and management
  • Claims tracking 
  • Channel performance management
• Ease of Deployment