Transforming underwriting with embedded analytics

BACKGROUND

Committed to optimizing insurance processes, the client wanted to enhance their underwriting solution with actionable, real-time business intelligence. Actuaries and underwriters were waiting for weeks or months to assess how their pricing rules and models performed, and this slowed down decision-making and approvals. By replacing static spreadsheets with self-service analytics, the client focused on reducing IT dependency and enabling intermediaries to provide faster, more accurate information to their consumers.

The client selected LANSA BI for its seamless integration options and ability to give insurers, actuaries, and intermediaries direct control over reporting and data analysis.

SOLUTION

By embedding LANSA BI into their rules engine, here’s how the client added value to their platform:

• Integrated data access: Data from multiple sources (e.g. purchase data, web analytics, and statistical models) were consolidated and visualized for actuaries, underwriters, and intermediaries to easily review and process.
• Self-service reporting: End-users gained the ability to create custom, dynamic dashboards to support their individual workflows and better manage live cases without waiting on IT.
• Assisted insights: Automated data monitoring, analysis, and comparisons helped actuaries and underwriters spot areas needing attention and prioritize actions based on importance.

RESULTS

Overall, the enhanced solution provided end-users with the means to make faster and smarter decisions without IT and support in the middle. It successfully reinforced the client’s commitment to continuous improvement of underwriting workflows. With embedded analytics, the solution boasted enhanced feedback loops for insurance businesses. Processes that previously took months were shortened to 15 minutes. Actuaries accessed data independently to validate and refine pricing models without delays. Intermediaries also gained the ability to compare products accurately and provided consumers with personalized quotes faster. Meanwhile, with fewer tickets, technical teams got to focus on advancing business processes and driving innovation.

FEEDBACK

LANSA BI’s seamless compatibility with the client’s Java-based environment, along with its white-labeling options, enabled a quick rollout. After comparing several BI solutions, the client found LANSA BI to be the most cost-effective — especially with its advanced features included out of the box. They also relied on its extensible integrations to continuously expand reporting capabilities within their platform.