Business Intelligence for Insurance

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Applications

The Insight Enterprise has an integrated suite of applications covering Operations, Finances, Planning and Studies.

Operations

The Insight Enterprise Operations applications allow integrated or separate analysis and reporting of pending applications, inforce policies, claims and funds over time.  Operational data is transformed into qualitative, meaningful values within a clearly defined product framework, liberating business knowledge from the technical requirements of a distributed system environment.

The Insight Enterprise Operations applications give a true, historical, accessible picture of operational data over time.  The Business Analysis set of applications includes the following:

  • Application Analysis - Analysis of applications from receipt to issue or cancellation.  There are three applications in this category to help you better understand and manage your new business processes.
  • Policy Analysis - Analysis of inforce business from issue to termination and associated operational cashflows.  There are five applications in this group.
  • Claim Analysis - Analysis of open claims from inception to termination along with incurred claim payments.  Four applications support the analysis of operational claims for DI and LTC business, and two applications support claims payments such as group or medicare business.
  • Agent Analysis - There are four applications based around agent.  These applications view the agent as the central object being studies.  An example report could be a movement report showing changes in the number of agents and their productivity.  Agent dimensions are also available on other applications or cubes as dimensions rather than the object of analysis, for example analysis of sales by agent or office would be done using the Policy Analysis or Application Analysis applications.
  • Reinsurance Analysis - Reinsurance analysis can be added to the other analysis, this requires additional data and so can be switch off if not required.

Finance

Insight Enterprise’s Finance applications bring together operational cashflows and reserves together with unitized expenses and investment income to give policy level earnings allowing profitability to be analyzed by products, agents, groups, geography and any other set of attribute available.

Earnings and reserves can be loaded on multiple earnings bases such as for different jurisdictions.

Financial applications are grouped as follows:

  • Financial Analysis -
    • Fund Analysis: Reconcile fund cashflows and fund values, infer fund returns, calculate partial withdrawal rates.
    • Reserve Analysis: Analyze reserves setup at issue, and reserves released on termination.
    • Claim Reserve Analysis: Analyze disabled life reserves set up at claim inception and released on claim termination, as well as total claim cost by loss date and the full range of claim attributes.
    • IBNR Analysis: incorporate INBR and earned premiums to get total incurred claim, investigate claim development.
  • Earnings Analysis – Reconcile policy earnings directly with reported earnings.  Integration of operational cashflows, change in liabilities and unitized expenses for profiling and trending of earnings and profitability with extended management ratios by product, agent, group, geography and the full range of policy attributes.  

Planning

Insight Enterprise’s Planning applications allows performance management across policy behavior, funds, reserves and earnings on both at policy level and in aggregate.  Source of earnings are dynamically calculated from the gains or attributions on both the actual and projected basis.

Multiple projection scenarios can be simultaneously loaded.

  • Policy Management – actual to projected issues, terminations and inforce.
  • Financial Management – actual to projected setup and released reserves, fund cashflows and amounts
  • Earnings Management – actual to projected income and gains (or attribution) for sources of earnings and analysis of surplus.

Studies

The Insight Studies provide the continuous monitoring of policyholder and claimant behavior against a variety of assumptions allowing for more accurate and flexible pricing, negotiation of reinsurance and information for management and regulators. The data demands of experience studies mean that the data warehouse infrastructure is the natural environment for such an application. But that isn’t the whole story; Insight Enterprise is designed to support temporal queries so events and exposures are calculated easily from the same data. It also means that the system is stable without delaying loads for experience to emerge. Studies use a monthly seriatim methodology; this gives the ability to study over any time period with detailed accuracy.

Insight Enterprise includes a wide range of measures including actual events, expected events, A/E, Exposure, Standard Deviation or rates and A/E; by benefit and count. These measures can be based on any standard, modified or custom table, or even composite basis constructed by applying specific tables to products depending on product.

Studies are divided between Policy Studies and Claim Studies.  Policy studies can include improving rates (by calendar year), substandard rates, joint life first and last to die up to five lives.

Policy Studies:

  • Mortality studies
  • Lapse studies
  • Persistency studies
  • Critical Illness studies

Claim Studies:

  • Incidence studies
  • Termination studies
  • LTC Transition studies
  • Utilization studies
  • Incurred Claim Cost studies
  • Incurred Loss Ratio studies