It is important for Insurance companies to gain and retain more customers by offering attractive policies at the best rate, plus focus on customer service and satisfaction. But as volatile economic and market forces place increasing pressure on the financial services and insurance sectors, and every move needs to be carefully planned, how can insurance companies quickly respond to address these problems?
Like many other industries, insurance used to rely heavily on decentralized planning processes based on spreadsheets, which created a lot of concerns. Spreadsheets limited the amount of details that should be included in planning process, and didn’t provide much security or version control. Meanwhile they were created and edited manually, introducing a high risk of error, and taking up valuable time that would have been better spent on analyzing data and considering alternative scenarios.
Additionally, when insurance companies wanted to analyze policy data across multiple lines of business, their employee had to spend significant time manually pulling data from relevant systems. As a result, highly trained staffs often spent more time compiling reports than they did performing meaningful analysis of the report results.
The ability to rapidly interpret a large amount of business data is essential to remain competitive. A solution for flexible, reliable data and faster response times is needed. With years of IT consulting experience, Cresco International recommend IBM Cognos TM1 to insurance customers.
First, management of the Cognos TM1 solution is entirely outsourced, apart from a single administrator who is responsible for loading data into the system and managing backups. With no need for IT support, business users with IT backgrounds can easily work with the solution to create plans and model potential scenarios. This helps to increase the accuracy and timeliness of decision-making.
TM1 also enables insurance companies to control and track the quality of their financial and operational data from the original sources right through the whole analytical process. This helps to guarantee that the analyses are all created are based on completely reliable and up-to-date information.
With Cognos TM1, we can even create “what-if” scenarios that could assume performance of insurance policies under different conditions. For example, at the click of a button, salespeople would be able to see what the impact will be on the company portfolio if they sell 100 more policies, or what best polices they are able to offer. Manager then could leverage these insights to launch sales strategies, and whether different approaches are appropriate for different regions.
For more information, please contact us to learn more about how Cresco International could help you with business analytics in your organization.