Executives in Life Insurance companies are under considerable pressure to find innovative ways to reduce operational cost, acquire and retain customers, accurately assess risk with effective underwriting, optimize reinsurance policies, adhere to regulatory compliance, streamline marketing campaigning and balance agents’ commissions with the sales revenue.
According to Gartner, using a combination of new technologies, process improvement and organizational transformation, the insurance companies can reinvent themselves and align with emerging customer demands. In their latest research, Gartner outlines Business Intelligence and Analytics as one of the top three technologies that will have greatest impact on the life insurance industry.
Cube Intelligence Master Data Management, Business Intelligence and Analytical solution for Life Insurance companies provide a common platform and a single source of authoritative truth to sales, marketing, finance and IT executives to :
- Grow revenue by identifying cross-selling opportunities
- Improve customer relationship visibility across business lines
- Accelerate time to market and business value
- Manage risk and ensure compliance
- Lower the cost of doing business
- Manager ACORD-compliant customer, policy and agent data
- Optimize reinsurance payments
- Trend, analyze agent performance and paid commissions
- Perform Issued and Issued Paid Analysis
- Improve Service Level Agreement – Detect the bottleneck for issuing high face value policies
- Run Counter reports to view policy by face amount, by gender, by age, by occupation etc.
- Identify policy response time (based on date applied and date issued)
- Integrate data from multiple life insurance systems, specialty insurance and subsidiary companies
A national insurance provider was able to* :
- Deliver a trusted view to boost cross-sell marketing campaign response rates by 15%
- Reduce claim fraud by 22%
- Decrease redundant data process in IT by more than $1.5 Million
* Based on information from our partner company Informatica Corporation.