Attract a more profitable customer base and control your business risks with better strategies than ever — using real-time analysis of the data you have today in the systems that already work for you. Proven, enterprise-class, P&C focused Business Intelligence solutions from 4Sight BIenable you to:
Implementing BI helps organizations deliver reports and analysis to decision-makers quicker, enabling them to make informed decisions faster. For instance, reports that may have taken weeks to generate and distribute can be distributed within hours.
Additionally, through the use of a data warehouse, information required for specific business processes is housed in a centralized location making it easier to focus in on data required for decision-making without having to search through many thousands or millions of rows that may reside within multiple datasets across the organization.
This means that information can be easily accessed, saving time and helping to increase process efficiency.
Your insurance company is unique, and so are your customers. The 4Sight Business Intelligence framework delivers real-time understanding of relevant customer behaviors, characteristics, and insights into the long-term profitability of your retained business. These combined insights help you make more profitable marketing decisions.
Selling, cross-selling, and marketing strategies you adopt today will help determine profitability years from now. Prune and shape your book of business for more profitable, sustainable growth.
Many of the benefits in Figure 1 directly relate to BI. By looking deeper into a few of the items organizations can see the natural link that exists between the two.
Forge a unified strategy
With data trapped in departmental silos and each department analyzing if differently, your views of company performance and risks may become clouded. With a cohesive view of the truth, you can make and evaluate business decisions with confidence.
Through BI, reported and analyzed data becomes consistent throughout the organization. Although Excel may be the most widely used BI tool, when each employee uses their own method to calculate and forecast financial performance, results are anything but consistent. BI allows decision makers across the organization the ability to analyze the same data.
Improve operational transparency
4Sight routinely discovers multiple (and often conflicting) definitions that different functional areas use to report operating results. Our expertise in the insurance industry helps us find and fuse these different views of the truth for our clients. Not merely manipulating your data, we understand your business and give you tools to manage with confidence.
Improve governance and regulatory compliance
4Sight delivers easy and intuitive access to the information you need to handle the ever-present burdens of complex corporate governance and regulatory compliance.
Linking business intelligence (BI) and business process management (BPM) create stronger operational business intelligence (OBI). As organizations move from developing cubes and management reports towards scorecards, dashboards and real-time BI, the way BI is used is transformed into a proactive decision-making tool. This, coupled with BPM, pushes the concept of embedded BI to the next level.
Faster regulatory compliance
4Sight meets the requirements of SOX, HIPAA and other regulatory bodies. BPM allows organizations to put processes in place that enable organizations to focus on what tasks need to be completed to meet regulatory compliance, thereby placing regulatory-based activities within everyday tasks. When merged with BI, accurate and faster reporting of data can be ensured to meet compliance on an ongoing basis.
Analyze the drivers of your profitability
Drill down into claims information to understand the consequences of daily decisions you make – adjusting your underwriting choices while you can still influence their long-term outcomes.
Assess and monitor risks
4Sight lets you bring together internal data from your operations, valuations of the assets you insure, and even external data about such issues as weather and geological events. We deliver the view of your business you need to build a property diversified book of business.