How Insurance Brokers Are Getting Benefited By Business Intelligence Solutions

Insurance industry, a leader in adoption of Data Analytics and Business Intelligence

Insurance industry has been a leader in using data analytics and Business Intelligence tools to solve various business problems. As per a Dresner Advisory Services study published in 2018, it is the no.1 leader in adoption of BI applications.

One of the main reasons for this is the huge amount of data generated every minute in insurance companies e.g. market data, claims data, actuarial data, customer data etc. Hence efficient data handling and analysis tools are a necessity.

Like insurance companies, insurance brokers and agencies are also getting benefitted by using BI tools like Power BI to get consolidated view of their business.

BI tool as an important partner to your AMS

An Insurance Agency Management System supports the day-to-day operations of insurance agency by automating back-office and customer relationship management. AMS may also include marketing automation, data management (customer data and policy document management), and basic analytics to support sales and revenue processes.

There is a limitation though. The analytics features of an AMS system are very limited and cannot be customized as per your needs. Her comes a BI solution which takes care of data analytics needs and helps you visualize and understand:

  • Hot markets, cold markets so that you can focus your efforts
  • Realtime performance by broker
  • Slicing, dicing and drill-down capability by different dimensions like Line of Business, industry type, product and geography
  • Customizable KPIs needed to benchmark success and make more accurate decisions.
  • Track premium and exposure information over time by carrier, broker, and product

How is this achieved

A self-service tool like Power BI helps brokers by providing

  • Real-Time, beautiful dashboards on cloud so you have full view of data any time from any device
  • Automated reports without requiring any manual intervention
  • Reports based on “one source of truth” rather than every team member putting in individual efforts to do analysis in spread sheets

 

Addend Analytics is a Microsoft Power BI-partner based in Mumbai, India. Apart from being authorized for Power BI implementations, Addend has successfully executed Power BI projects for 100+ clients across sectors like Financial Services, Banking, Insurance, Retail, Sales, Manufacturing, Real estate, Logistics, and Healthcare in countries like the US, Europe, Switzerland, and Australia. Get a free consultation now by emailing us at [email protected]