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Introduction

The insurance industry has always relied upon actuarial science, a discipline that uses mathematical models and data analytics to predict risks. Actuary science can trace its roots back to the 1600s with the creation of the first life insurance policies and pension funds. To know how much money insurers needed to set aside, they had to have a way to estimate mortality and risk. By the 1700s, property insurance companies also began applying calculations, models, and risk management principals to cover homes and other physical objects.

These early actuaries and risk managers were among the first data scientists. Acceptance of and familiarity with predictive models may account for why the insurance industry can enjoy so many benefits from advanced business intelligence platforms from Bit Wave Solutions.

Insurance Management System

Comes with power full Insurance Tracking System - a complete management app for your insurance and risk tracking problem. It provides impeccable solution to all insurance and broking companies to manage their clients, insurers, underwriters, prospects, risks & policies under one single & secured domain.

Main features of it:

  • Manage your client Prospects & Risks
  • Manage Layers of each Insurance & Risk
  • Manage Policies of each Layer
  • Manage Claims & Renewals
  • Manage New Business Approvals
  • Manage Healthcare Ratings

Meet Challenges

Almost every insurance houses, insurance brokers and risk management consultants are dealing with enormous volumes of data flow – either manually or through management systems each day. Enquires are received, clients are communicated, premium received, renewal reminder are sent back to the customers, etc. How do they harness the information generated for value-added delivery? Insurance databases can be considered a repository of established knowledge and a source for new knowledge from which to build a framework for business intelligence and decision making.

Traditionally, if an insurance manager wanted to create a client report, they had to ask their Finance or IT department to pull together the data and create the desired report. In recent years, insurance informatics companies are crafting products specifically designed to deliver Business Intelligence to their customers and clients. Business Intelligence (BI) is a set of computer-based tools that provide organized, well structured and understandable views of insurance operational and financial data. BI can greatly assist management to better understand their insurance operations and make well founded, prudent decisions to meet insurance objectives. Best of all, real-time dashboard reports can often be delivered directly to the manager’s desktop, iPad, or mobile device, helping her/him to make better decisions and improve processes.

Bit Wave’s Business Intelligence for Insurance Houses, Insurance Brokers and Risk Management Consultants

The insurance industry has always relied upon actuarial science, a discipline that uses mathematical models and data analytics to predict risks. Bit Wave’s Insurance BI is a plug-in-play tool that applies exploratory analytics to optimize insurance operations by

Main features of it:

  • Maximizing company’s productivity & efficiency
  • Tracking new and existing sales prospects
  • Managing risks, policies, renewals, claims
  • Boosting insurance business sales and capacities

Bit Wave’s Insurance operations specialists combine global experience and in-depth knowledge with insurance data analytics to turn everyday insurance information into actionable insights that match up with business strategies and operational goals.

Bit Wave’s Insurance BI help insurance houses, insurance brokers and risk management consultants to evaluate its performance using KPIs from data generated in our insurance management system. Each company can configure KPIs allowing effective use of the analytical data to support strategic decision making. It allows the generation of excellent graphs for the representation of data that can then be shared with other business processes.

GET VALUABLE INFORMATION ON YOUR INSURANCE OPERATIONS

To run insurance operations efficiently, insurance management should know how operational costs are divided and how the income is structured. With Insurance Intelligence solutions, you can get valuable insight into the insurance operation statistics and trends from any perspective. Policies, renewals and KPIs are dynamically generated, and you can share your analytics with colleagues online, resulting in a more effective, more competitive insurance.

DISCOVER HIDDEN INFORMATION IN DATA MASS

Insurance Business Intelligence helps to detect silent or hidden information or non-plausible results from vast amounts of customer data, thus avoiding biases in information handling. Insurance Intelligence offers a visual, interactive and associative way to handle and analyze masses of information.

Bit Wave’s INSURANCE BI IS CONFIGURABLE

BWS IBI is a set of ready-made data analytics functionalities that enables quick and cost efficient implementation. The application is usable as is, after plugged-in to your environment. Furthermore, it can also be used as a starting application for a continuous enhancement, according to your own data analytics needs

DISCOVER HIDDEN INFORMATION IN DATA MASS

A DYNAMIC AND USER-DRIVEN DATA ANALYTICS TOOL Bit Wave’s IBI is an Insurance Management System (IMS) add-on with advanced and dynamic data analytic capabilities. It provides user-friendly tools for handling large and dispersed insurance data, including:

  • Visual indicators and statistics
  • Easy drilling into details
  • Dynamic navigation to any direction within the data
  • Revealing and visualizing relations between data
  • Possibility to combine data from other sources

Exploratory Visualizations – Different range of Dashboards & KPI

Interactive visualizations are a powerful approach for data exploration. Bit Wave’s IBI provides standard and custom visualizations with modern technology visualization tools. A suite of defined dashboards allows the insurance operations people at different departments to effectively explore the data to uncover key insights.

Prospects Dashboard – KPI

The Prospects Dashboard is a quick overview of all current and existing prospects. It also shows detailed comparison with periodical data. This particular dashboard help to manage your sales pipeline, premium enquires from existing clients, lead generation metrics baking in all sales related information with a prospect in one place with built-in reporting functionality.

Glimpse of Analytics in Prospect Dashboard

  • Prospect Count - By Team/Status/Probability
  • Prospects Comparison - Periodically
  • Top Brokers /Producers - By Prospects
  • Top Prospects - By Various Categories
  • Prospects Summary - Quick Overview
  • Prospects Conversion & Funnel
  • Prospects Vs Order Ratio
  • Prospects Trend
  • Prospects - Team Achievement Vs Goal

Claim Dashboard – KPI

Improving Customer Claims Support Is a Top Priority for Insurance Heads

This dashboard make sure insurance professionals, and administrators work together to ensure that insurance claims and queries provide real lab benefit to customers while ensuring that repeat business or timely insurance renewals is both properly handled. In short, it’s confirming the right claim, at the right time, for the right customer, and at the right payment

Glimpse of Analytics in Prospect Dashboard

  • Claim Count - By Team/Category/Status
  • Top 10 CLAIMS - By Amount
  • Claims Comparison (Last Year Vs Current Year)
  • Recent Claim Payments
  • Average cost per Claim
  • Average time to settle a Claim
  • Frequency of Claim – Periodically
  • CLAIM Count - By Layer
  • Rejected Claim Statistics and more

Insurance/Policy Dashboard – KPI

  • Which are upcoming client’s policy renewals?
  • How many customers did you lose?
  • Are you tracking and notifying your customers timely?
  • Which broker is in top notch?
  • Are outstanding policies dealt correctly?

The Insurance/Policy Dashboard help you track the above elements in real-time. You will measure how you’re doing in terms of tracking risks, policies, renewals and customers. It is a very important part of the business strategy.

Glimpse of Analytics in Insurance/Policy Dashboard

  • Policies - Due for Renewal
  • Top 10 Risks - By Brokerage Fee
  • Risk (Assured) Count - By Team/Status
  • Top 5 Clients - By Premium
  • Policy Tracking - By Various Categories
  • Outstanding Policies – Periodically/By Layers
  • Policy Issuance - By Time Layer
  • Top 5 Insurers - By Gross Premium
  • Number of Risks (Last Year Vs Current Year)
  • Risks Count - Non-Renewed Vs Renewed
  • Top 10 Policies - By Class of Business

Brokerage Dashboard – KPI

Managing brokers’ transactions is not easy

Although it can be easily forgotten about, it remains one of the single most effective ways to bring more business to the company and improve productivity.
No matter the size of your internal sales, relation with brokers is one of the most important things you can do to make everything run smoothly. Monitoring brokerage summary and dealing transactions can be a big task. But doing so efficiently will increase productivity and reduce costs.

Glimpse of Analytics in Brokerage Dashboard

  • Booked Brokerage Summary - By Team
  • Booked Brokerage Vs Budget Brokerage
  • Top 10 Clients - By Booked Brokerage
  • Top 10 Clients - By Brokerage
  • Top 10 Producers - By Brokerage and more

Customer Dashboard – KPI

The key to earning repeat business is by providing great customer service, superior quality, and creating a unique customer experience. To gauge your performance as insurance and a business, you need to elicit analytics from your customers. Customer Dashboard is the true measure of performance for how your business serves its clients.

Glimpse of Analytics in Customer Dashboard

  • Upcoming Renewals
  • Customer Satisfaction Index
  • Customer Retention %
  • Customer Request Volume Vs Service Level
  • Revenue Vs % of Support Cost
  • Cost per Customer Support
  • On-time Claim Settlement
  • Average Claim Solving Time

Sales Dashboard – KPI

  • Are you on track regarding the Insurance sales targets?
  • Is your insurance business growing steadily?
  • Which team brings you the best results?
  • Is your conversion ratio stable?

In this overview, Sales KPI enables you to manage your sales more effectively and optimize as well as analyze insurance sales process in detail. In order to make a complete picture of your sales development and data, we have created a powerful sales dashboard that will centralize your KPIs in an interactive form and enable you to dig even deeper. That way, you will be able to control your sales activities, identify potential bottlenecks, and optimize your sales BI processes more effectively.

Glimpse of Analytics in Sales Dashboard

  • Sales by Team
  • Sales Trend
  • Sales by COB (Class of Business)
  • Sales Quick Overview
  • Sales Comparison (Yearly)
  • Sales Growth
  • Top 10 Customers by Sales
  • Top 10 Producers by Brokerage
  • Sales Conversion Funnel
  • Sales Achievement Vs Target and more

Popularity Dashboard – KPI

Keeping Eye on Everything in nutshell Is a Top Priority for Insurance Directors

Having Popularity Dashboard in place opens a whole new opportunity to optimize the shining elements that brings revenue or solving serious concern. When planning next stage activities tasks you first need to determine whom to target. By having this KPI in check you will ensure that you produce data of high quality and that you keep everything under control. You will be able to identify the bottlenecks and poor performing parts of your lab to act upon it.

Glimpse of Analytics in Popularity Dashboard

  •  Top 10 Clients - By Risk Premium
  • Top 10 Insurers - By Gross Premium
  • Top 10 Prospects – By Sales/ Brokerage
  • Top 10 Pending Renewals
  • Top 10 Brokers - By Prospects
  • Top 10 Producers - By Prospects/ Brokerage
  • Top 10 Risks - By Brokerage Fee/ Class of Business
  • Top 10 Clients - By Booked Brokerage /Brokerage

Productivity Dashboard – KPI

Over the past few years, nearly every insurance manager has been faced with the seemingly contradictory demands from management to shrink budgets and from clients to increase services. Is it possible for an insurance manager to resolve this contradiction to meet both performance expectations? The solution may be the same one that has driven economic expansion for years–increase productivity.
Gaining a better analysis with graphs will enable greater productivity and more effective conversations with decision makers.

Glimpse of Analytics in Productivity Dashboard

  • Productivity Results
  • Team Productivity – Sales
  • Team Productivity – Support
  • Top Performer – New Sales
  • Top Performer – Existing Sales and more

Financial Dashboard – KPI

  • How to manage insurance financing?
  • How to manage TP (Third Party) accounts?
  • Are you able to track incoming and outgoing payments properly?
  • How to optimize insurance operating expenses?
  • Are you making profit or loss?

Financial Dashboard is a measurable value that indicates how well a insurance business is doing regarding generating revenue and profits. Monitoring KPIs shows whether a business is achieving its long-term goals. With our financial business intelligence, you have the opportunity to make your financial data and insights better, more informative, and easier to manage.

Glimpse of Analytics in Financial Dashboard

  • Profit Margin – Net/Operating/Gross
  • Booked Fees – Periodically
  • Third Parties (TP) Unpaid - By Team
  • Paid Summary - Third Parties (TP)
  • Recent Invoice Payments
  • Recent Payments Received
  • Payments Queried - Summary
  • Top Paid Customers
  • Invoices - Summary & Comparison and more