Insurance BI solution that encompasses reporting, dashboards, ETL, built-in data management & analytics for insurance companies Insurance Business Intelligence Solution
About MindCraft A software solutions and services company, MindCraft has in the past been focusing primarily on the BFSI Sector. Today, we have grown; making a foray into international markets and catering to cross industry solutions. Building on our people strength, with multi-dimensional skills and rich domain expertise, MindCraft, reins across various industry verticals and is equipped to meet the everchanging needs of our clients. We at MindCraft believe in a Partnership Engagement Model and endeavor to be an extension of your team, while we strive to deliver value to you and your business. We grow as you do. Our commitment to our clients has enabled us to build on highly successful alliances. These relationships help us offer sustainable technology solutions to clients with diverse business needs, interests and requirements. 2013 MindCraft Software Pvt. Ltd. 2
Overview In the highly competitive insurance industry, data analytics play an important role in the decisions managers make - often affecting the entire enterprise business strategy. To ensure managers always have complete, up-to-date information, Insurance companies rely on real-time information delivery and reporting technology. Due to heterogeneous computing environment, fulfilling report requests becomes a tedious process in most insurance companies. Managers want business information to be available on their workstations so that they can perform their own analytics. To address these reporting issues, MindCraft has launched the Insurance Dashboard application created on Oracle Business Intelligence Enterprise Edition that addresses the business intelligence and reporting needs of Insurance companies. The Insurance BI suite distills our insurance know-how into a unique data warehouse model designed just for insurance analysis. The objective is to empower each business user in each department to see business information in the format best suited for their needs. Key Business Challenges 1. Significant time & effort to prepare and further distribute MIS 2. Huge opportunity loss due to time taken to collect & distribute data 3. Extensive use of Excel 4. Reporting Approach: a. Decentralized and non-standardized b. No slice and dice of data c. MIS teams within each department About Insurance BI Solution Insurance BI delivers seamless analysis, reporting, and dashboards to every insurance business domain. The solution involves aggregating information from multiple source systems (Core Insurance system, Channel Management system, Claims system etc) and 2013 MindCraft Software Pvt. Ltd. 3
provides various user communities (Customers, Life Advisors and Employees) a unified interface to this information over a common platform. Reporting requirements of different internal and external communities like sales channels, operations teams, planning teams, accounts team, third party agents, etc. are handled through the OBIEE Insurance BI publisher. Data can be exposed in email/ portals/sms and mobile applications as per user requirements. Data dissemination is as per end users requirements. Operations user gets detailed data on actionables. Department head gets analytical data on his KPI's. Cross functional heads get different kinds of comparisons across different geographies/ channels/ time periods on all KPI's. The Insurance BI solution provides accuracy and flexibility, enabling users at all levels to monitor and visualize key profitability metrics. Performance by channel, product, geography, or customer demographics are examples of interactive possibilities. In addition to summarized data, authorized users can drill into detailed revenue / cost structures to generate new insights. Insurance BI solution - ETL Process and Operational Data store The Insurance BI solution enables transforming raw data into meaningful information to enable more effective business insight and decision-making. Insurance companies face an enormous volume and complexity of data, which is fragmented and dispersed among departments viz. New Business, Underwriting, Policy/Customer Servicing, Claims, Channel/Distribution Management, Actuarial, Finance and Marketing. Over the years, IT landscapes in insurance companies have grown into complex arrays of different systems, applications, and technologies. The Insurance BI solution effectively achieves the extract, transform and load (ETL) of data, by providing an environment that allows you to load data into a centralized location - the operational data store (ODS). You can extract data from multiple sources such as Core Insurance system, Claims system, Channel Management system etc, transform the data according to business logic you build in the client application, and load the transformed data into file and relational targets. 2013 MindCraft Software Pvt. Ltd. 4
The solution provides analytics and reporting with active data feeds into the central database without hampering performance of either data load or extraction. Here data flows from the source systems into the data warehouse through the real-time transaction processing on an operational data store (ODS). This architecture allows users to generate reports while the data transformations and load happen in parallel. The solution provides information and analytics capabilities across business functions: New Business KPIs (New Business department and systems): The Insurance BI solution can help sales managers compare and analyze key metrics for channel performance such as Policies in Force, New Policies & Cancellations across Product Lines, and Performance by Customer Demographics in visually insightful graphical interfaces. Underwriting KPIs (Underwriting/Auto-underwriting system): The BI solution s analyzing & reporting capability analyzes Underwriting performance at various statuses/stages such as Pending underwriting cases, pending requirements (documents/medicals), pending cases for counter offer acceptance, compare standard STP: sub-standard Non-STP cases. Additionally, with the Insurance BI solution, insurers can identify which policies are being written or rejected and why. Actuarial Pricing Analysis: Understanding the rating calculations and how policies are priced is key for pricing initiatives and product review. Actuaries use detailed attribute pricing information over several years to understand Insurer s strong and weak pricing points, and identify areas of revenue generation. With Insurance BI, actuaries can perform complex calculations on data and export this data. Channel/Agent Management KPIs (Channel Management System): Independent agents, brokers and direct sales forces are responsible for new and existing business. Managing individual productivity and identifying which channels are most profitable is important for any insurance company, a need addressed by Insurance BI solution. 2013 MindCraft Software Pvt. Ltd. 5
Dashboards allow sales/distribution executives and Zonal/Regional managers to be alerted on channel, alternate channel performance / Agent & Broker performance through exception reporting at an enterprise or granular level. Policy/Customer Servicing or Policy Administration KPIs (Policy/Customer Servicing or Policy Administration system): BI reports provides near real time information on Policy service requests across Service request types viz. change of address, fund switches, policy surrenders, addition/deletion of riders etc. with TAT analysis between various statuses viz. Service request application/form, requirements pending, approval, transaction processing and settlement along with analysis on contact/call center data. Claims KPIs (Claims Management department and system): Claims management is a critical process in the Insurance life cycle. Quick and efficient claims processing increases customer satisfaction, optimizes settlements, and minimizes expenses. Analyzing and proactively managing the end-to-end claims process across regions, claim types and product lines helps Insurance companies better understand their most critical components in operational effectiveness and customer retention. The Insurance BI solution aims to help managers visualize and drill into key metrics on claims performance such as Claims breakdown by age, status, claim type and region, Cycle Time, Average Settlement Amount, Claims pending for settlement, TAT analysis between various statues viz. Intimation, assessment, investigation, processing, settlement and Claims Expense metrics at an enterprise or transaction level. Regulatory and Financial reports and analysis: The Insurance BI solution optimizes large data volumes for regulatory and financial transparency through comprehensive analyses & reports such as Monthly/Quarterly/Half-yearly/Yearly Segment wise data for Premium, Lives covered, Sum Assured across the Insurance company s different lines of business Individual life & Group life, different product lines viz. Unit linked products, whole life, annuities etc. across its rural and urban business. In a nutshell, the Insurance BI solution is suited to meet the complex and varied reporting and analytics needs of the Insurance Industry. 2013 MindCraft Software Pvt. Ltd. 6
The diagram below depicts the Insurance BI solution broadly: 2013 MindCraft Software Pvt. Ltd. 7
Insurance BI Solution Architecture: Technical features of the solution: An Operational data store for all reporting requirements where data from different systems like Core Insurance system, Agency/Channel Management system, Claims system, Policy tracking system, excel sheets, etc is hosted. Data touch points are instantaneous or at scheduled pre defined intervals (using ETL tools like Data stage ) Solution spans across different technology components like the database, ETL Each and every component in the technology arena is clustered to provide load balancing and high availability features Role wise user provisioning Setting up web content authoring and publishing templates for enabling content personalization 2013 MindCraft Software Pvt. Ltd. 8
The Insurance BI Dashboards The Life Insurance KPI reports and dashboards listed here come from interactive dashboards that MindCraft has developed. Insurance Sales Overview Dashboard This is the prototypical executive sales dashboard designed for both the Zonal Manager who is managing many branches as well as the branch manager keeping track of just his own branch sales pipeline. In this screen you have six charts multiplied by as many zones in your organization facilitated by the filter prompts at the top of the page. Selecting one or more of those prompts - zone/branch/product/channel/fiscal year refreshes all of the other charts to show information associated with your selection. The KPIs that are reported include: Zone-wise total sales Annual Premium Equivalent (APE) and Cases - you can drill through the zones to get to the branch-wise specifics Product-wise total sales APE and Cases - you can drill through the product names to get to the specifics Channel-wise total sales APE and Cases - you can drill through the zones to get to the sub-channel-wise (such as Banca in case of Alternate channel) specifics 2013 MindCraft Software Pvt. Ltd. 9
My Business snapshot Dashboard This is a powerful interactive dashboard for Sales Head/Zonal Managers or managers to monitor New Business related key performance indicators for the Organization's current fiscal year. In this view, you have eight information-packed charts multiplied by the number of products/zones/channels in your organization. The key metrics displayed in this performance management dashboard include: Premium (APE) - Target versus Actual APE - you can use the time-slider to traverse through month-wise APE data. Zone-wise Target versus Actual APE and Cases Product-wise Target versus Actual APE and Cases 2013 MindCraft Software Pvt. Ltd. 10
Issuance Dashboard An interactive dashboard for Sales Head/Zonal managers or managers to monitor New Business/Policy issuance related key performance indicators for the Organization's current as well as past fiscal years. In this view, you have four information-packed charts multiplied by the number of fiscal years data. Drill-through capable reports that are embedded in the dashboard include: Premium (APE) and Cases (Policies issued)- you can drill through the fiscal years to get to the lower level of granularity - months/quarters specifics Year-to-date sales versus last year's for the same period For the month sales versus last year's for the same period 2013 MindCraft Software Pvt. Ltd. 11
Renewals Dashboard An interactive dashboard for Sales Head/Zonal managers or managers to monitor New Policy Renewals related key performance indicators for the Organization's current as well as past fiscal years. In this view, you have four information-packed charts multiplied by the number of fiscal years data. Drill-through capable reports that are embedded in the dashboard include: Premium (APE) and Cases (policies renewed) - you can drill through the fiscal years to get to the lower level of granularity - months/quarters specifics Year-to-date sales versus last year's for the same period For the month sales versus last year's for the same period 2013 MindCraft Software Pvt. Ltd. 12
Total New Business Dashboard Persistency Ratios: Lapse Vs Inforce 2013 MindCraft Software Pvt. Ltd. 13
Dashboards on Tablets 2013 MindCraft Software Pvt. Ltd. 14
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Insurance BI Solution - Key Benefits 1. Accurate MIS on daily/monthly/quarterly/yearly basis across channels/geographies/products 2. Analytical reports showing past trends 3. Smart Analytics capability 4. Standardization of MIS throughout the Organization 5. Manual intervention eliminated resulting in TAT reduction. 6. Single database for different systems enabling combined MIS across systems with least effort & zero human errors. 7. Process driven reporting approach 8. Eliminate/Reduce MIS efforts at channel partners sales & branches. 2013 MindCraft Software Pvt. Ltd. 18