The Benefits of Business Intelligence for Insurance Companies
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- Melanie Boyd
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1 The Benefits of Business Intelligence for Insurance Companies Author: Máire Ryan McSherry, BA, FCII, LCOI, Chartered Insurance Practitioner Executive Summary Insurance companies are failing to capitalise on the customer data they hold, a survey by IBM of UK insurance companies has found. 1 Insurers grapple with a sometimes overwhelming deluge of data from a myriad of sources including information via call centres, agents, portals and social media. The explosion in data is possibly the biggest challenge Insurers have to face. Over half of companies in the IBM survey claiming to use basic databases and spreadsheets to collect, manage and analyse customer data felt that they were performing poorly at winning or retaining customers. Insurers who successfully meet the challenge of data integration whilst harnessing the power of the data available to them will gain a significant competitive edge in the market place. Running alongside the need to exceed the requirements of a demanding and widely divergent customer base is the requirement to adapt quickly to the increased regulatory framework directed by the Central Bank, meeting local market requirements including the Consumer Protection Code, but also European Directives. Of particular importance will be the implementation of Solvency II which has a transposition date of 31 st January 2015 and an implementation date of 1 st January Preparation for Solvency II, disclosure (Pillar 3) has tended to take a lesser focus than capital determination (Pillar 1) and risk management (Pillar 2). 2 Even insurers with well-developed reporting capabilities will find that the timings and detail of Pillar 3 will stretch resources. The technology decisions for Solvency II must now be made. There is a need to build reporting mechanisms and systems which can guarantee data quality and accurate monitoring. The systems need to flexibly adapt to the changing regulatory environment. It s true that Business Intelligence projects present certain challenges. Working with a business intelligence professional who speaks the language of the insurance business while instilling an organisational culture of accountability for data management and co-operation across product silos will help eliminate the all too common, lost in translation issue
2 Table of Content 1. Introduction 2. The World of Finance 3. The Customer Experience 4. Corporate Management 5. Conclusion 6. About the Author 2
3 Introduction: The insurance industry is completely dependent on its ability to convert raw data into intelligence on its customer base, their buying habits, claims profiles, potential fraudulent claims activity, general markets, competitor activity and the business environment. Tools like data warehousing, dashboards and data mining facilitate the development of statistical models to examine past performance. The real value in the use of business intelligence lies in its ability to extend past the examination of historical analysis towards the prediction of future events. Placing business intelligence controls at the core of an organisation facilitates a cross team and product line co-operation, pooling information to enable strategic development, based on accurate data. Positioning BI in the organisation structure Underwriting Management Compliance IT Business Intelligence Control Actuarial Claims Finance 3
4 The world of finance: In the past, individual IT systems or packages which enabled reporting, planning, forecasting, budgeting and analysis were regarded as stand-alone applications. Packaged reporting systems operated well within the departments for which they were designed but rarely linked up completely to allow the alignment of strategic objectives with operational forecasting. Bespoke business intelligence enables real time reporting across various sectors based on predefined organisational strategy. From actuarial and risk through underwriting, claims and customer relationship management, accurate reporting is a key requirement. Regardless of the above benefits, insurers are now increasingly obliged to provide quality and accurate data reports as part of their regulatory requirements including working towards Solvency II. Financial benefits of reliable BI include: Providing business performance management measurement Monitoring sales related KPIs e.g. sales targets, agents books of business, conversions, attritions and analysis of business via the varying customer channels. Identifying errors and areas where time and cost efficiencies can be made Calculating and adapting pricing and underwriting strategies based on accurate forecasts and trends Delivering relevant, concise information to regulators and customers. Determining adherence to administrative and operational rules set out by the Consumer Protection Code Monitoring claims results and determine patterns to gauge fraudulent activity. Actuarial and risk management analysis Analysis of reinsurance requirements Facilitating analysis of budgeted versus actual expenditure for various cost heads and analysis of financial ratio and profitability figures. 4
5 The Customer Experience: Insurance was once a product driven business but has evolved into a customer centric relationship business. Empowered customers see and say more about the organisations that serve them than ever before. Customer s expectations are rising. 3 As a result, insurers need to understand their current and prospective customers to ensure they can attract and possibly more efficiently retain them for the long haul. Insurers gain competitive advantage and differentiate themselves from competitors by tailoring an approach specific to each market channel. The world of social media has added both challenges and opportunities for insurers. Social media gives insight into customer behaviours, brand impact, retention of long tail business. It provides a customer service outlet whilst simultaneously building an insurer s brand. Overload of data and developing strategies to incorporate social media activity into traditional reporting routes is a challenge. Insurers utilising business intelligence in a savvy manner are better able to improve the customer experience and via customer profiling to offer relevant products to their target audience. Benefits of the use of business intelligence in CRM: Creating competitive advantage through differentiation Analysing buying behaviours Assessing the impact of new product Better targeting of buyers leading to improved conversion rates Combating customer churn Corporate Management Corporate Governance for Insurance Undertakings is heavily regulated by the Central Bank of Ireland. Rules include the need for ensuring that risk and compliance are properly managed in the institution. 4 The board of management therefore has its own business intelligence needs to assist them meet their requirements. Of relevance from a BI perspective are reports on analytics tracking performance against predetermined strategic targets, tracking regulatory compliance across sectors, including complaints management and resolution and error handling, statutory reporting on demand, monitoring adherence to legislative demands whilst promoting cost effective operational activity. Information on return on investment, product line profitability and overall underwriting costs can be presented in a dashboard scenario at board level. System alerts can be triggered if any performance measure reaches a pre-defined threshold. This real time business intelligence forms the cornerstone of relevant, board specific information %20Corporate%20Governance%20Requirements/Corporate%20Governance%20Code 5
6 Conclusion: Recognising the long term benefits of a business intelligence strategy represents just the first step in a cultural sea-change. The real challenge is not in the set up and development of the strategy but in making the BI an integral and sustainable part of the strategy and decision making process in an integrated manner across all sectors of the organisation. Insurers who opt for temporary, reactive solutions ignore the value of appropriately utilising the data open to them. They also fail to realise that if they don t make the move towards fully integrated BI models, their competitors will quickly leave them in the dark. About the Author: Máire Ryan McSherry works as Head of Compliance for an Underwriting Agency and as Compliance Manager for a group of retail intermediaries in the South East of Ireland. Máire has 20 years experience in general insurance with roles including multi branch management of a retail intermediary, sales management and training and compliance roles. She also works in a consultancy capacity for the Insurance Institute of Ireland as author of updated compliance textbooks and regulatory updates for its web based learning platform. 6
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