The specificity of the insurance business is such that its competitors must continually optimize their proposal, get rid of unprofitable products, identify inefficient solutions and create new opportunities for the implementation of quality and margin services. In this situation, the major companies in the industry choose QlikView as a tool that provides all the analytical needs of the insurance business in today's highly competitive environment.
The advantages of Business-Qlik for Insurance:
- reducing work costs for the preparation of analytical data and provision of operational information units;
- systematization of analysis and calculation of specific key performance indicators (KPI) of the insurance business;
- transparent process of working with debtors and improved control of accounts receivable and payment discipline;
- improving the efficiency of actuarial and underwriting operations;
- total and thorough monitoring of sales by product, customer, region, managers, etc.;
- common understanding of performance for all employees, departments and branches;
- increase the extent and intensity of the use of information and its accessibility to make a decision.
Business-Qlik for Insurance is necessary for your business, if:
- you do not possess enough information about how optimal the product portfolio is and how effective their sales channels are;
- there is no clear and timely information on the inflow / outflow of subscribers and the factors affecting it;
- many complex and important types of analysis are not performed due to their complexity and inaccessibility of information;
- too much time at the meetings is repeatedly spent time arguing the accuracy or reliability of the calculation of this or that indicator.
With Business-Qlik for Insurance, you can:
analyze sales in cuts
- to produce a plan vs. actual analysis of the indicators (GPW, GPC, the number of contracts, etc.) and comparison with the same periods of the previous years;
- evaluate the effectiveness of sales and operations managers, agents and brokers with the set objectives;
- monitor the collection of insurance premiums according to the schedule;
- to analyze the dynamics and the age of accounts receivable in the context of agents / brokers, insurers and contracts;
- analyze information about the customers and identify new sales opportunities.
implement reasonable marketing
- perform customer segmentation;
- identify the insurance contracts for renewal;
- promptly evaluate the success of the new programs and products' launch;
- effectively manage budgets for promotion and marketing expenses in the context of insurance products, regions, etc.;
better assess the risks for the portfolio of policies covering all product categories, location and types of companies.
analize the losses settlement in detail
- see all the information throughout the entire loss settlement chain: from an insurance case initiation occurrence, registering a loss case to entering and confirming the expert assessments of damage, discharging of the orders for the payment and the actual payment;
- analyze the dynamics, the number and amount of open, closed and claimed damages for the particular period, issued denials and loss reserves;
- monitor the statistics of issued trends and the insurance payouts to car-care centers, health facilities.
monitor financial acticity
- calculate insurance reserves: unearned premium (CHP), stated, but unresolved damages (FPS), doubtful debts (RSD);
- calculate the share of re-insurers in reserves with details on types of insurance, financial responsibility centers and sales channels taking into consideration possible specific calculations for various types of reinsurance;
- calculate specialized portfolio performance in various analytical aspects;
- simulate analytical basis for the creation of highly profitable insurance products for specific target audiences;
- form registers of contracts and loss of operation reports for the system of regulation reporting;
- ensure regulatory compliance and to detect tampering with the help of special investigations and reports;