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.
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Tower Selects EIS Group’s Insurance Platform to Drive Transformation
- NTUC Income Selects Majesco Distribution Management and Majesco Digital Solutions to Advance its Distribution Management Operation
- Emerson Reid Modernizes Its Business Processes With VUE Software
- Octo Telematics Powers CAA MyPace™ Pay-As-You-Go Program
- Announcing the Solartis Insure Microservice Hackathon
- DataCubes Completes Plug and Play Tech Accelerator Program
- Medical Mutual of Ohio Implements One Inc Digital Payments
- SUNZ Insurance in Production with Sapiens’ Workers’ Compensation CompSuite® Policy System
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views