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Speed Matters

Short Takes...on Analytics

Posted by Tami Frankenfield, Director, Deloitte Consulting LLP

 

Many insurers have told us that information they need to improve business performance or reduce risk is often locked up in data silos or spreadsheets. A simple request for information may take days or months to compile – if it’s available at all. When it comes down to it, analysts are spending more time harvesting and manipulating their data than they are analyzing that data.    

The truth is that when it comes to data, insurers are more alike than they are different. So we took what we learned from managing information and conducting analytics at different insurers through the years and created an Analytics Accelerator for Insurance (AAI) solution framework focused on the decision support needs of information consumers. The AAI solution framework is a targeted package of data model blueprints, business intelligence tools, and advanced capabilities focused specifically on the data challenges faced by insurers. AAI does the hard work of pulling together the most advanced tools into a broad, intuitive and extensible solution suite.

Now clients can begin answering some really tough and actionable questions – fast. One insurer used AAI to generate a complete dashboard profile of each customer, including personal information, various policies held across the enterprise, claims records, lifetime value score and more. They transformed their customer experience – a call center representative can now address questions and problems that span a policyholder’s entire relationship with the company.

Others are using it to quickly identify profitable segments, pinpoint premium leakage, and gain insights needed to more effectively manage claim processing and service cycle time. Their AAI dashboards give them flexibility to get answers on the fly to questions that would have been basically impossible to answer before. Another important aspect is ….the answers to questions do not stop at the face value of dashboards. AAI enables a self-service and exploratory environment for analysts by rendering a catalog of information objects built on standardized business rules – think pivot tables and visualization on steroids – all delivered through the business intelligence tools you know and love, and the visualization tools you’re dying to get our hands on. To top it all off, the AAI solution framework is based on industry standard data governance disciplines that set the stage for consistent and trusted results.

How does your organization use analytics to improve performance and mitigate risk?  Drop an answer in the comments section below. I’d love to know.

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.

Deloitte, its affiliates, and related entities shall not be responsible for any loss sustained by any person who relies on this publication.

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Member of Deloitte Touche Tohmatsu Limited

 

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