Toronto, ON (Jun. 27, 2013) – Insurance Business Analytics consultancy InEdge has released a publication summarizing the conceptual “pillars” upon which successful insurance BI and analytics frameworks are built. From selecting which key performance indicators (KPIs) to display in the BI dashboard, through explicitly storing derived values for improved system response, InEdge states there are six principle means by which BI system can begin to distinguish themselves at the level of infrastructure and framework.
“It is crucial that the BI and analytics framework itself brings visibility to what differentiates the business from others in the field,” said InEdge partner and co-founder Philippe Torres. “Running with generic reports that are equally available to other carriers, will not satisfy, in the long term.”
For example, most BI systems feature a “dashboard” and other areas (such as scorecards and reports) where KPIs are displayed. According to InEdge, a great deal of time can be spent honing the presentation of the selected KPIs, but that market awareness, product differentiation and an understanding of chief metrics on the part of the implementer are crucial.
“KPIs should be defined and made available immediately,” says Torres. “Not left as a deployment afterthought.”
Another principle is the early alignment of policies, premiums and claim. Conceptually simple, but tactically challenging, experience has shown that implementing this kind of alignment captures nearly 90% of informational needs. The ability to maintain versions of time-sensitive insurance objects is another feature of the well-thought-out BI system.
In all, the InEdge document summarizes six categories (“foundational pillars”) for constructing an effective BI and analytics framework that takes maximum advantage of the breadth and richness of the available data and expertise.
For further details, read the full article: Avoiding the Top 3 Mistakes in Planning an Insurance BI Program (3-page PDF).
InEdge is a consultancy specialized in Business Intelligence and Analytics for the insurance industry. Expert at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Over $10.25 billion Property & Casualty direct written premiums are analyzed through solutions designed and implemented by InEdge’s experienced team. InEdge is headquartered in Montreal and has offices in New York and Toronto. Visit www.inedge.com for more information.