Business Intelligence and Insurance. Major applications of business intelligence software in the insurance industry

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1 Business Intelligence and Insurance Major applications of business intelligence software in the insurance industry

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3 Business Intelligence and Insurance 1. Introduction The Insurance Industry: Increasing Consolidation, Increasing Challenges Business Factors Driving Business Intelligence Solutions at Insurance Companies Applying Business Intelligence to Insurance Company Needs Sales, Marketing, & Channel Management Agent Performance Analysis Other Application Areas in the Insurance Industry Insurance Organization Snapshots: Grange Insurance, Nationwide, The First American Corporation, Acturis Conclusion... 9

4 Business Intelligence and Insurance Major applications of business intelligence software in the insurance industry With the increasingly competitive environment in the insurance industry and the many challenges the industry currently faces, insurance companies need to use all the tools at their disposal to operate ever more efficiently, manage risk, and to increase revenue through smart business solutions. The decision makers within insurance companies need high quality information to make smart decisions everyday. Insurers, however, have more decision makers than many other industries, including underwriters, actuaries, financial institutions, agents, and the consumers themselves. Everyday, insurance companies handle immense amounts of information. To effectively perform their job, Insurance professionals need simple, yet powerful tools to sift through and access the myriad of information at their disposal. Additionally, the threats the industry faces everything from natural and human disasters to rising medical costs require insurance companies to ensure their financial security through proactive risk management and growth strategies. The information technology available today allows insurance companies to make better business decisions and to better target performance goals. MicroStrategy offers the insurance industry the business intelligence software to report on, analyze, and monitor the vast corporate data through a business intelligence architecture that helps companies reduce costs, increase revenue, and maximize the value of information. The Insurance Industry: Increasing Consolidation, Increasing Challenges Insurance companies need to keep up with industry challenges to stay viable and competitive. Over the past several years, the insurance industry has seen increasing consolidation. Many regional insurance companies have merged into national companies in hopes of combating the rising costs of claims while keeping premiums at competitive levels and still yielding profits. In addition, insurance companies increasingly view financial institutions, as a large, emerging threat. This has led to increased mergers and acquisitions of insurance companies with financial institutions. All this activity has several implications. First, the industry is becoming more competitive than ever. Second, these newly consolidated giants are dealing with overwhelming amounts of diverse information from their many acquisitions and sources. Yet, this information is critical for merging and streamlining the consolidated company, as well as continuing to deliver service at high levels to their customer base. MICROSTRATEGY: BEST IN BUSINESS INTELLIGENCE The growing competition in the insurance industry is also resulting in more and increasingly disconnected distribution channels. As insurance carriers expand into new markets, their distribution channels are becoming more independent. In addition, these distribution channels are changing with technology, becoming more Internet-focused. This leaves insurance companies with the challenge of integrating new channels as well as diverse independent channels into a cohesive channel operation. To find the best business solutions, insurance companies need to know which distribution channels are most cost effective. Finally, as insurance companies consolidate, they must ensure that they stay focused on their customers. Beyond consolidating, carriers must keep the members they have and gain new members if they want to grow. A big part of customer retention is identifying those customers who need the most focused attention. As companies inherit

5 customers from the carriers they acquire, it becomes increasingly difficult to monitor the needs of those customers. In addition, to be successful in new customer acquisition, insurance companies must be able to identify consumer needs through statistical analysis and target those areas most likely to yield new clients. Business Factors Driving Business Intelligence Solutions at Insurance Companies All these challenges require insurance companies to be proactive in managing and utilizing corporate data if they want to keep up with or stay ahead of the competition. That s where business intelligence comes in. Business intelligence software gives insurance companies the capability to analyze the vast amounts of information they already have to make the best business decisions. The software allows insurance carriers to tap into their huge databases and deliver easy-to-comprehend insight to improve business performance and maintain regulatory compliance. Insurance companies can now use business intelligence software to expand their customer bases, reduce operational time and costs, and allocate their resources more efficiently. MicroStrategy can outfit insurance companies with the software to maximize their information gathering and make the best use of the data to improve business strategies. The applications of business intelligence in the insurance industry are far-reaching. First, insurance professionals must be able to sift through large volumes of data from many sources, including claims, customers, agents, and underwriters. MicroStrategy s unified information architecture allows companies to easily integrate and crossreference vast amounts of information from multiple sources, identify relationships within the information, and learn how different factors affect each other and the company s bottom line. In addition, an insurance company will have many people in different locations with different skills who need to see this information for varying purposes. MicroStrategy offers a single, easy-to-use web interface that is automatically tailored to fit all skill levels, from the most novice user to the most expert. Finally, insurance companies must work to keep premiums competitive while still building profits. Business intelligence software allows insurance companies to analyze profit and loss identifying the customers and employer groups that yield the most profit, predicting which customers are most likely to be long-term clients, and determining which agents bring in the most customers. In addition, by monitoring insurance rates and claims, business intelligence software allows insurance companies to determine the most effective rate structures and track trends in the various causes and amounts of claims. MicroStrategy s business intelligence software offers companies a complete range of analysis areas, including risk analysis, valuation analysis, and operational analyses of claims processing, online sales, acquisitions, premiums, losses, and underwriting results. MicroStrategy s unique business intelligence architecture accesses all this information, enabling analysis from many sources at once and providing the most thorough and integrated reporting. MicroStrategy then presents this information in user-friendly reports, scorecards, and dashboards and allows users to look at the information in different ways, offering the simplest and most useful ways to analyze the information to get the desired results business strategies that increase profits. BUSINESS INTELLIGENCE AND insurance

6 Business Intelligence and Insurance Applying Business Intelligence to Insurance Company Needs Insurance companies use business intelligence in many ways, creating smart business solutions across the myriad challenges in the insurance industry. Sales, Marketing, & Channel Management As distribution channels increase and diversify within the insurance industry, carriers must know which of these channels are most cost effective and productive. Business intelligence software allows insurance companies to analyze information from the many distribution channels and identify which agents bring in the most customers, which channels are most appealing to customers, and which yield the most profit. Relevant KPIs: Premium Dollars by Geography Customer Marketing Segmentation Premium Dollars by Product Line Customer Risk Factors Opportunity Source Buying Preferences Redundant Renewal Efforts Geographical Buying Trends Sample Report : Monthly Sales Analysis by Agent Report Monthly Sales Analysis for: John Smith Agency Month: January, 2007 Customer Totals Total Customers: Unique Customers Contacted this Month: 250 MICROSTRATEGY: BEST IN BUSINESS INTELLIGENCE Calendar Month 2007 JAN Product Grouping Customers Proposals Made Quotes Given Number of New Contracts Premium $$ Home $87,500 Auto $94,350 Renters $14,850 Life $55,000 No ID Theft 680 No/Low 375 Up-Sell Contracts Up-Sell Premium $$ UM/UDM Boat $35,000 IM 1240 No T&L $24,000 No EFT 1480 Total $251, $59,000 This report of a specific sales agent presents on their monthly sales activity for each product group. A similar report could be generated by customer segment or individual customer. Individual agencies use reports such as these to track activity and Executives use reports to monitor channel effectiveness, campaign effectiveness, customer responsiveness, and cross-sell status.

7 Agent performance analysis MicroStrategy s easy reporting functions allow insurance companies to monitor agent performance, determining which agents bring in the most customers and have the highest customer retention rates. Agents and brokers can also access information to identify cost-saving opportunities, improve customer service, and increase profits. Relevant KPIs: Agent Coverage Agent Product Coverage Agent Training Asset Placement Agent Performance Review Agent Rewards Agent Retention Agent Attraction Targeted Manpower Allocation Sample report : Agency Operations Analysis Report AGENCY OPERATIONS ANALYSIS REPORT Business Distribution Agency Automation Product Group Policy Count % of Total Profit Center Q1 Q2 Private Passenger Voluntary % Personal Lines New% Amend% 100.0% 94.8% 100.0% 89.0% Homeowners % Commercial Lines New% Amend% 0.0% 0.0% 0.0% 0.0% Auto Retention Home Retention Renewal Effective Year Current Retention % Renewal Effective Year Current Retention % % % % % % % % % Basic Claims Frequency (36 Month) Line Claim Count Policy Term Count Frequency CL Total Comm Property % CL Total Commercial Liability % PL Total Auto 397 4, % PL Total Home 64 1, % Total 481 6, % Insurers monitor the operations and performance of their individual agencies regularly, and often perform deep analysis on an annual basis. This report represents an excerpt from an annual summary that could be created for each agency. Insurers will often take specific actions based on annual performance reports: Agencies can be benchmarked against the top numbers High performing agencies can be promoted to preferred status Under perfroming agencies can be dropped from the network BUSINESS INTELLIGENCE AND insurance

8 Business Intelligence and Insurance Other Application areas in the Insurance Industry where Business Intelligence enables enhanced competitive standing: Actuarial and risk management MicroStrategy s unified information architecture allows actuarial and risk analysis across multiple sources, offering simplified reports and drill-down capabilities for the most in-depth and accurate risk analysis, as well as the analysis of any relationships that indicate risk trends. Claims management By analyzing and monitoring claims, business intelligence can help insurance companies determine, measure, and monitor the high areas and devise the most effective rate structures. Properly managing claims information also allows insurance companies to optimize pricing, improve response time to claims, and protect themselves from fraud. In addition, MicroStrategy s advanced analysis capabilities also offer predictive analysis to determine loss potentials for specific geographical areas. Overhead reduction analysis Business intelligence provides easy tracking of operational costs, allowing companies to create smart business strategies and establish achievable internal goals. Plus, MicroStrategy s unique centralized administration and security optimizes IT resources and operational efficiency. Fraud management Business intelligence allows insurance companies to identify fraud and predict potential fraud before it occurs. MicroStrategy s in-depth analytical capabilities help insurance companies recognize fraud before paying fraudulent claims, reducing losses, and improving recovery rates. MICROSTRATEGY: BEST IN BUSINESS INTELLIGENCE

9 insurance organization snapshots Integrated Reporting and Analysis at Grange Insurance Grange Insurance expanded its deployment of MicroStrategy as its strategic enterprise reporting and analysis standard. MicroStrategy s integrated business intelligence platform supports a wide range of applications for Grange Insurance across its multiple insurance and financial products. Hundreds of Grange Insurance associates including territory managers, portfolio managers, and customer management personnel use MicroStrategy to analyze four terabytes of data to identify areas of improvement in product design, customer management, and to recognize cross- and up-sell opportunities. Grange Insurance users also rely on MicroStrategy s web-based reports to assist them in increasing the profitability of each product, region, and agent. MicroStrategy gives us a comprehensive view of our business and enables us to better serve our customers and run our operations more efficiently. Our diverse business generates volumes of data and MicroStrategy provides our associates with analytically-based and actionable insight to make more effective decisions that positively impact our bottom line. Serving Thousands of Users at Nationwide MicroStrategy is used by employees across Nationwide, including personnel in Marketing, Underwriting, Pricing, Finance, Research & Development, Product Management, Claims, Special Investigations, Billing, and Internal Reporting. Approximately 20,000 users at Nationwide run an average of 87,000 MicroStrategy queries per month, with 95% of the queries completed in less than 5 minutes. Nationwide has 28 MicroStrategy applications in production, primarily focused on four business areas: personal lines policy analysis, claims management, risk management appraisal, and agent productivity. The MicroStrategy-based reporting and analysis applications run against a 40 node Teradata data warehouse with 44 terabytes of production data. Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $158 billion in assets BUSINESS INTELLIGENCE AND insurance

10 Business Intelligence and Insurance BI Standardization at the First American Corporation First American expanded its deployment of MicroStrategy across the enterprise to support internal and external business intelligence applications. First American uses MicroStrategy to provide reporting and analytic applications that will help integrate information from its 75 separate business units and subsidiaries. The MicroStrategy platform was selected as an enterprise standard for business intelligence because of its ability to handle large data-sets, large user populations, stringent security requirements and complex analytics. The First American Corporation has been a MicroStrategy customer since MicroStrategy has been instrumental in helping us build highly successful business intelligence applications. As a result of this unqualified success, MicroStrategy is now our preferred BI vendor, and we are expanding the deployment throughout our organization. MicroStrategy provides a robust architecture with exceptional functionality that can efficiently handle First American s ever-growing internal and external BI requirements. Business Performance Management at Acturis Acturis uses MicroStrategy to anchor its reporting and management information system, the Acturis Report Center. The Acturis Report Center allows brokers, insurers, and their technology partners to improve the productivity and efficiency of insurance services by enabling effective business performance measurement. Acturis works with insurance companies to improve the efficiency of the insurance industry by enabling brokers and insurers to identify cost-saving opportunities, improve customer service, quickly create new products, and improve profitability. The Acturis Broker Platform provides brokers and insurers with a new and innovative way of transacting insurance, thereby allowing Acturis to reduce duplication of work, lower error rates, and drive more cost out of the broker distribution channel. Today, few brokers have access to the critical information needed to serve their customers and run their businesses effectively. The Acturis Report Center gives brokers the necessary data to manage their business with a performance and profit management mindset. The MicroStrategy Business Intelligence Platform stands out from the competition, as it enables Acturis to deliver superior reporting for our insurer and broker customers. MICROSTRATEGY: BEST IN BUSINESS INTELLIGENCE

11 MicroStrategy: The Choice of Leading Insurance Companies At MicroStrategy, we are fully dedicated to helping insurance companies stay competitive in a challenging industry. We believe that business intelligence properly applied to corporate data provides insurance companies with the insight they need to increase revenue, reduce costs, and comply with industry regulations and standards. Today, four of the top five global insurance companies rely on MicroStrategy s business intelligence architecture for their reporting, analysis, and monitoring of corporate data. MicroStrategy s unified architecture offers insurance companies far-reaching opportunities for ever-expanding business intelligence. Whether starting with one or several applications, insurance companies can evolve to utilize MicroStrategy s unique capabilities: access for thousands of users, reporting and analysis of tremendous amounts of data across multiple sources, graphical dashboards and boardroom quality reports, and unconstrained analytical flexibility. With the increasing challenges the insurance industry is facing, insurance companies need to stay one step ahead of the competition. MicroStrategy equips companies with the tools they need to make the best use of the vast amounts of information available to them, allowing them to operate more efficiently and increase revenue. At MicroStrategy, we are committed to helping your company increase its competitive advantage by devising smart business solutions and making better business decisions every day. BUSINESS INTELLIGENCE AND insurance

12 All Contents Copyright 2007 MicroStrategy Incorporated. All Rights Reserved. MicroStrategy, MicroStrategy 6, MicroStrategy 7, MicroStrategy 7i, MicroStrategy 7i Evaluation Edition, MicroStrategy 7i Olap Services, MicroStrategy 8, MicroStrategy Evaluation Edition, MicroStrategy Administrator, MicroStrategy Agent, MicroStrategy Architect, MicroStrategy BI Developer Kit, MicroStrategy Broadcast Server, MicroStrategy Broadcaster, MicroStrategy Broadcaster Server, MicroStrategy Business Intelligence Platform, MicroStrategy Consulting, MicroStrategy CRM Applications, MicroStrategy Customer Analyzer, MicroStrategy Desktop, MicroStrategy Desktop Analyst, MicroStrategy Desktop Designer, MicroStrategy ecrm 7, MicroStrategy Education, MicroStrategy etrainer, MicroStrategy Executive, MicroStrategy Infocenter, MicroStrategy Intelligence Server, MicroStrategy Intelligence Server Universal Edition, MicroStrategy MDX Adapter, MicroStrategy Narrowcast Server, MicroStrategy Objects, MicroStrategy OLAP Provider, MicroStrategy SDK, MicroStrategy Support, MicroStrategy Telecaster, MicroStrategy Transactor, MicroStrategy Web, MicroStrategy Web Business Analyzer, MicroStrategy World, Alarm, Alarm.com, Alert.com, Angel, Angel.com, Application Development and Sophisticated Analysis, Best In Business Intelligence, Centralized Application Management, Changing The Way Government Looks At Information, DSSArchitect, DSS Broadcaster, DSS Broadcaster Server, DSS Office, DSSServer, DSS Subscriber, DSS Telecaster, DSSWeb, ebroadcaster, ecaster, estrategy, etelecaster, Information Like Water, Insight Is Everything, Intelligence Through Every Phone, Your Telephone Just Got Smarter, Intelligence To Every Decision Maker, Intelligent E-Business, IWAPU, Personal Intelligence Network, Personalized Intelligence Portal, Query Tone, Quickstrike, Rapid Application Development, Strategy.com, Telepath, Telepath Intelligence, Telepath Intelligence (and Design), The E-Business Intelligence Platform, The Foundation For Intelligent E-Business, The Integrated Business Intelligence Platform Built For The Enterprise, The Intelligence Company, The Platform For Intelligent E-Business, The Power Of Intelligent ebusiness, The Power Of Intelligent E-Business, The Scalable Business Intelligence Platform Built For The Internet, Industrial-Strength Business Intelligence, Office Intelligence, MicroStrategy Office, MicroStrategy Report Services, MicroStrategy Web MMT, MicroStrategy Web Services and Pixel Perfect are all registered trademarks or trademarks of MicroStrategy Incorporated. All other products are trademarks of their respective holders. Specifications subject to change without notice. MicroStrategy is not responsible for errors or omissions. MicroStrategy makes no warranties or commitments concerning the availability of future products or versions that may be planned or under development. This product is patented. One or more of the following patents may apply to the product sold herein: U.S. Patent Nos. 6,154,766, 6,173,310, 6,260,050, 6,263,051, 6,269,393, 6,279,033, 6,501,832, 6,567,796, 6,587,547, 6,606,596, 6,658,093, 6,658,432, 6,662,195, 6,671,715, 6,691,100, 6,694,316, 6,697,808, 6,704,723, 6,707,889, 6,741,980, 6,765,997, 6,768,788, 6,772,137, 6,788,768, 6,792,086, 6,798,867, 6,801,910, 6,820,073, 6,829,334, 6,836,537, 6,850,603, 6,859,798, 6,873,693, 6,885,734, 6,888,929, 6,895,084, 6,940,953, 6,964,012, 6,977,992, 6,996,568, 6,996,569, 7,003,512, 7,010,518, 7,016,480, 7,020,251, 7,039,165, 7,082,422, 7,113,993, 7,127,403 and 7,174,349. Other patent applications are pending. COLL MicroStrategy Incorporated 1861 International Drive McLean, VA

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