Business Intelligence, Planning and Predictive Analytics for Insurance Providers
Optimise your digital transformation strategy. Discover the end-to-end digital decision making platform capable of unleashing the power of your big data.
As a unified solution for Business Intelligence, Planning and Predictive Analytics, BOARD delivers the capability to achieve greater business insight for any insurer, enabling your business to align its objectives with the strategic corporate vision. Unlike point data-discovery solutions, BOARD provides the capability to digitize end-to-end insurers’ decision-making processes, seamlessly integrating data analysis with the planning and control cycles of the organization.
The business climate in which Insurance Providers operate leaves organizations constantly exposed to events that can have adverse impacts on all parts of the business, undermining business planning and statistical forecasts. Thanks to BOARD, insurance firms can rely on accurate and timely analysis and reporting in order to drive a proactive approach to risk monitoring and modelling, including the assessment of regulatory compliance requirements.
Through BOARD’s all-in-one platform, insurers can implement an agile and flexible Premium, Claims and full P&L planning process. Within the same platform, Insurers are then able to align business plans with operational budgets and generate periodic and rolling forecasts.
Exploiting all the power of the BOARD platform, Insurance firms can support simulations, such as the ability to optimize the capacity to process renewals and to accurately and quickly evaluate exposure.
Furthermore, BOARD empowers organisations through sophisticated predictive modelling techniques to be closer to the customer’s needs allowing for example, new offers and more personalized products and services. Thereby strengthening lifetime customer value and building better resistance against new and existing competitors.
BOARD’s advanced analytic capabilities also support the pricing of insurance products, and customer segmentation, through underwriting and advanced claims analysis, linking front-office systems to the operational parts of the organization.
Whether you specialize in General or Life Insurance, BOARD can make your organization truly data driven by providing greater business insights to improve decision-making at every level of the business.
With BOARD you will be able to:
- ✔ Increased control and monitoring of most common insurance KPI’s, such as the Loss Ratio, Loss Frequency, Cost Ratio, Policy Sales Growth, Claims Ratio, Cost per Claim, Sales Ratio, etc.
- ✔ Gain better insight into the profitability of each product and service by having one integrated single point of view around customer, underwriting and pricing data
- ✔ Achieve greater visibility into policies and premiums
- ✔ Assess company’s risk exposure across portfolios, product lines and geographies, by means of accurate and fast simulations
- ✔ Better monitor the performance of insurance agents and also provide support for them with self-service analytics
- ✔ Better control for the Premium and Claims Ultimate planning process (for both Gross and Reinsurance Intermediary) by means of embedded workflows
- ✔ Build claim transaction clusters in order to improve forecasting and simulation processes
- ✔ Provide auditable record of changes to the business forecasts
- ✔ Improve your customer value management through improved customer segmentation
- ✔ Improve your Reserving methodology by means of real-time reporting
- ✔ Provide data to the underwriters in a faster and more controlled way through an integrated self-service environment
- ✔ Optimize your capacity to process renewals
- ✔ Drive real-time reporting for claims management and regulators