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Valuation Data Management

An early project for the Insight team involved restructuring the data management and experience study processes for a fraternal insurance company. This project included consolidating multiple valuation systems that had been used for different lines of business to the GGY Axis system and to use the data warehouse to feed data to and from Axis.

The project was a great success, resulting in greater confidence in the data, improved turn around times and significant cost savings.

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Experience Studies

A large international insurer needed to update their mortality and lapse study process. Their current process did not cover all their business and a system conversion threatened the studies that were currently available.

Insight Enterprise handles mortality, lapse and any other exit reason as a single process; deaths and lapses are simply exits with different exit reason. Insight’s ETL (Extraction Transformation and Loading) process consolidated data from multiple distinct sources, including legacy systems, resulting in a uniform view of data.

In addition to the benefits that were derived from the cleansed data, the company discovered that the supporting analytics, in particular Policy Movement, provided reports they had attempted to produce from an earlier data warehouse project. The prior project had failed due to the unanticipated complexity of changes over time, this is not an issue for Insight Enterprise due to our unique temporal data model.

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Medicare Supplement

A rapidly growing health insurance company specializing in Medicare Supplement approached Insight to help address gaps in the information available to the CEO. The project was quickly adopted by the actuaries, who saw an opportunity to improve their statutory filings with automated calculation of loss ratios.

When the marketing department realized that loss ratios were available for the sales channels, from the agency right down to the individual agents, they quickly used it to manage and improve the quality of sales. Even though the data would not be statistically credible at an individual level, it proved invaluable in managing sales quality and providing feedback to agents.

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Source of Earnings

A large Canadian insurer needed to implement earnings by source rapidly. Having read ‘The Analysis of Insurance Earnings’ by John McGarry, and had seen a presentation on the topic, they turned to Insight for the solution.

Insight Enterprise was implemented in a few months to contribute to the financial reporting requirements that year for individual life business. The scope of the project was later extended to include the Investment and Group Business divisions that had previously been operating on an IBM data warehouse solution. The conversion of these divisions to Insight Enterprise allowed the company to carry out a full range of actuarial analysis across all product lines, as well as provide comprehensive management information.

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Disability Insurance

A health insurance company specializing in disability insurance implemented Insight Enterprise to improve their overall reporting and analysis of their disability business.

Critical functionality included incidence and termination studies, claim movement and interest adjusted loss ratios. The system brought together data from two major administration systems originating from two seperately managed companies, two legacy systems, a new claim system and data from legacy claim systems that had been converted to a new system where closed claims had not beed converted.

To meet the experience study needs of the business 15 years of historical data was loaded into the system from the outset.

Insight Enterprise is also used to select model points for dynamic testing and sales award recognition.

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Multi-sponsor Experience Study

Insight Experience was used for the Society of Actuaries Retirement Plan Education Committee mortality study. Data had been provided to the SOA by six of the the largest pension plans.

The project had originally been attempted by an external researcher, who had been overwhelmed by the volume of the data and different formats that had been provided. This presented no challenge to Insight’s ETL (Extraction Transformation and Loading) processes and the data loaded into the Insight Experience system for dynamic analysis.

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Worksite Marketing

Originally selected as a solution for mortality studies, Insight Enterprise was adopted to manage the distribution function. As a decision management tool Insight Enterprise is recognized to enable distribution decisions that make the company millions of dollars each year.

At the same time as implementing Insight Enterprise the success of this organization meant that the original data volume more than doubled in the first year. One of the benefits of the Insight Enterprise is its ability to model performance and to meet the needs of each organization within its changing environment.

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Insight Experience for Reinsurance

A US reinsurer wasn’t sure if Insight Enterprise was right for them. As an initial proof of concept they licensed Insight Experience to test experience studies which would be critical to their business. This proof of concept used back cast data provided by the reinsurer, effectively the same process that is used to load the hosted Insight Enterprise.

This proof of concept was an outstanding success and resulted in wider adoption of Insight Enterprise.

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Credit Union

Insight Enterprise is being used by an insurer of credit unions for a complete range of analytics and reporting. The unique marketing features of this bancassurance business were incorporated in the Insight Enterprise system.

As part of the implementation of Insight Enterprise, the legacy reporting systems had to transition seamlessly to the new environment, enabling continous sales and credit union reporting.

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Transforming Life and Annuity Business

Insight Enterprise was selected to be a core component for a medium sized insurer looking to transform its business. This transformation including consolidating the operations from another insurer it had acquired, but to date operated independently, and improving data governance and operational aspects of the business.

Insight Enterprise was originally used as a source of data for the Business Objects Reporting tool that had been selected, although the SharePoint Interface was also widely adopted.

The system was implemented covering all disciplines within the organization and all their data and utilizing the Insight Enterprise daily delta load functionality.