Innovation Group Releases New Version of Insurer Analytics
Staff Writer | October 28, 2015
The Innovation Group announce the immediate availability of version 7.5 of Insurer Analytics, the integrated analytics component of the Innovation Insurer suite.
"We were looking for an analytics solution that would help refine our growing insurance data and make it immediately relevant," says Paul Choi, national claims product director for American Family. "Innovation Group demonstrated they truly understand insurance data. We are looking forward to using Insurer Analytics' enhanced reporting capabilities to improve our day-to-day management."
Relying on role-based design to enable users to single out a particular business area, Insurer Analytics offers loss triangles that are modifiable or creatable by the end user, as well as allowing for analytic "drill anywhere" multi-dimensional or geographic analyses. The tool provides workflow activity analyses that can be customized for both policy and claims workflows. The primary design is for the business user, but Insurer Analytics also supports the power user who has more advanced analytical needs.
Additionally, Insurer Analytics provides enhanced CAT analyses, through specific key performance indicators and dashboards, for both major and minor CAT events. By providing greater access and insight into potential problem areas such as performance during CAT events, insurers can more easily improve customer satisfaction and retention, as well as easily find claims leakage, inefficiencies, supply chain inefficiencies and/or fraud.
The latest enhancements to the functionality of Insurer Analytics are a direct result of customer requests and Innovation Group's responsiveness to industry trends, and include:
- Loss triangle analyses that present both incremental and cumulative totals for period development;
- Workflow (or cycle time) analyses for policy, or claims or any defined workflow with timestamps on the activity steps;
- Customer complaint analyses to better manage and monitor customer satisfaction;
- Enhanced CAT analyses that include all major and minor CAT events; and
- Repair management analyses for more visibility for vendor management.
"Insurer needs in terms of analytics functionality change as rapidly as the buying preferences and behavior patterns of the industry's customer base today," says Euan King, president North America Insurer Software for Innovation Group. "The ability to be not only strategic based on internal intelligence, but to be truly predictive can provide a tangible competitive advantage. As such, analytics remains a top investment priority for insurers and we are excited by the growing interest in Insurer Analytics."
Running on Microsoft SQL Server and leveraging its powerful business intelligence (BI) capabilities, Insurer Analytics provides dashboard reporting, real-time analytics and management reporting to assist in managing the business of insurance. Insurer Analytics' extensive configuration, robust insurance data model, broad out-of-the-box BI and dashboard reporting specific to insurance, provides real-time analysis and reporting critical for insurers. One Innovation Group customer has already begun implementation of the new version, with others in the planning stages.
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