In-memory, graphic BI software spotlights key trends for insurance companies
(Feb. 24, 2014) – When planning and protecting against potential risks for its customers, insurance companies place a premium on powerful data visualization and business intelligence software, as evidenced by insurers representing 14 percent of the 2013 global sales for SAS® Visual Analytics.
In 2013, more than 1,400 organizations licensed SAS Visual Analytics – dramatic growth for software introduced less than two years ago. This rapid market adoption demonstrates the value of the software’s ability to graphically highlight trends in data of any size and enable business professionals to perform self-service data analytics.
Leading Greek insurer, Ydrogios Insurance, is harnessing SAS Visual Analytics to strengthen business operations. Insurance companies struggle to manage and analyze big, often scattered data in ways that are intuitive, fast and efficient. With SAS, Ydrogios has a powerful analysis and visualization tool for understanding shared, comprehensive intracompany information.
“SAS Visual Analytics helps Ydrogios Insurance put data management and analysis at the heart of its strategic planning enhancing areas such as financial and risk management planning, new product design, underwriting, sales, actuarial and other critical functions of the company,” said Pavlos Kaskarelis, Vice President and CEO of Ydrogios Insurance.
With SAS, Ydrogios executives can rapidly collect, analyze and present crucial information such as loss rates and frequency, number of insured risks, number and amount of compensation and premiums. The company’s business professionals can conduct their own big data analysis, correlation and presentation, based on defined parameters. The user-friendly interface requires no specialized technical knowledge.
SAS gives Ydrogios management anytime, anywhere mobile access, advanced analytics, data visualization and presentation formats such as detailed charts, and performance indicators. Thus armed, they can identify trends and key sectors to gain a complete picture of the company’s activities and intervene as necessary.
Ydrogios and many other insurers appreciate SAS Visual Analytics for several reasons:
- Powerful in-memory processing of analytics.
- Self-service data discovery, exploration and visualization.
- The industry’s most popular and trusted analytics.
- Reporting, dashboards and mobile business intelligence.
- A wide range of deployment options, including hosting by SAS Solutions OnDemand.
“Success in the insurance business is all about mastering the numbers. SAS Visual Analytics provides our insurance customers with an easy, robust means to explore their information,” said Stuart Rose, Global Insurance Marketing Principal for SAS. “Customers can analyze data with SAS Visual Analytics on their own, without IT, so that they can quickly find correlations to predict future behavior.”
Among the many insurance organizations who have licensed SAS Visual Analytics are Allianz – Slovenska Poistovna, Aviva Health Insurance Ireland Limited, Generali Hellas, metafinanz, Santiane.fr and XL Group.
To see how SAS Visual Analytics helps insurance firms gain fast insight to business challenges, find direction on new product offerings or develop a better understanding of market behavior, see this online demo. To fully experience the power of SAS Visual Analytics, try this interactive demo.
Ydrogios, one of the leading insurance companies in Greece, has been active in the Greek market for four decades. With a premiums volume of 122.6 million euros (US$165 million) in 2012, the company is consistently listed among the top general insurance companies in Greece. It has also had a dynamic presence in Cyprus since 2002, with the establishment of its subsidiary, Ydrogios Insurance Company (Cyprus) Ltd.
Ydrogios Group currently offers services to more than 500,000 satisfied customers in Greece and Cyprus. It has developed a wide distribution network supported by 13 branches and offices with state-of-the-art facilities and highly trained staff in the largest cities in Greece and Cyprus. The Group cooperates with more than 2,000 insurance intermediaries and employs 260 people.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 60,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world The Power to Know®.