The client is one of the oldest full-service life insurance companies operating in 22 countries across the United States, the Caribbean, and Latin America. Provided by around 4,000 independent and career producers, the client offers a diverse range of products and services, including life, health, and general insurance, annuities, and pension. Rated as “A-” (Excellent) by A.M. Best Company, the client has been ranked as one of the top life insurance companies in the U.S.
Absence of a centralized system for policy data compilation and analysis to understand and monitor high level of claims expenses and profits from premium collection while highlighting the bottlenecks in future revenue growth.
There was the need to manage customers’ data across the USA, which involved daily monitoring and checking customer policies. The client, with the help of actuaries, used to compile and analyze statistics based on historical data to calculate insurance risks and premiums to strike a balance between growing its revenue through new business acquisition and existing policy renewals.
The client required a centralized system that can check claims expenses and profit from premium collections across all lines of operations. Additionally, there was a need to have regular insights in the form of daily reports based on the in-depth analysis of customer policies to detect high level of policy lapses, surrenders and mortality.
There was a requirement of detecting and highlighting the expenditure towards claims settlements once it crosses the specific threshold to help actuaries understand the problematic areas in terms of revenue loss and pay attention to metrics in order to resolve them immediately.
challenges
Lack of a real-time customer policy data monitoring system
Absence of a centralized policy data analysis system
Requirement to have regular insights-based reports on customer policies
No visibility into the key corporate metrics, including profits and expenses
Damco’s experts from the insurance domain collaborated with the client to understand the business goals, challenges, and requirements. After a careful analysis, a robust, flexible, and cost-effective Tableau technology-based solution was developed, powered by Damco’s suite of technology services- InsuranceNXT.
Analyzing the business challenge and solution proposal
Development of an intuitive and highly visual multi-measure dashboard
Real-time insights on corporate metrics through dashboard functionalities aligned to the business requirements
An easy to use, robust multi measure dashboard with multiple visualizations for easy anomaly spotting and driving informed decisions, leading to minimized future losses.
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