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Life Sciences Foundation

Read more about how Rapid BI worked with a Life Sciences Foundation organization to gather and track their data with pin-point accuracy.

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Financial Services & Insurance Provider

Read more about how Rapid BI supported an insurance provider in designing an integrated reporting framework.

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Cable Manufacturer

Read more about how Rapid BI assisted a global manufacturer in enhancing their financial reporting.

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Insurance

This industry must comply with strict government and industry regulations, and deal with increasing challenges every day. Enterprise systems for the insurance industry must ensure adequate protection of consumer and financial data. In today’s rapidly changing business landscape, these systems must also integrate information from various sources and provide up-to-date data for analysis and decisions. Faced with uncertain economics, escalating risk, market competition, strict governance and regulation and demanding customers, insurance professionals must identify and support profitable customers, improve operations and establish and monitor action-oriented business intelligence to understand and improve corporate performance.

The identification and analysis of risk is crucial to the success of an insurance enterprise. Users must have the ability to view and analyse data and to make swift corrections to strategy, processes and objectives with a full understanding of the underwriting strategy, client portfolio and customer demographics, claim analysis and current and planned profitability.

Business Intelligence for Insurance

True business intelligence (BI) can support, grow and ensure the success of the insurance enterprise and the insurance business user and professional:

  • Sales, Marketing, and Channel Management – Sales, marketing and channel management analysis enables the business user to monitor information from various distribution channels and identify which customers are more profitable and forecast results with complete insight into which channels are the most cost efficient
  • Agent Performance Analysis – Agent performance analysis identifies cost saving opportunities and increases yield. Managers can quickly ascertain which agents have the highest customer retention rates and monitor actual results against plan
  • Claims Analysis – With Rapid BI, you can monitor claims results and look for trends and patterns to detect fraud and risk. Your users can establish automated alerts to notify them of specific issues so the user can take immediate action to resolve problems or determine the root cause before the enterprise misses targets
  • Actuarial and Risk Management – Actuarial and risk management analysis evaluates trends, identifies areas and markets where risk is increasing and enables swift risk analysis with robust reporting, charts, graphs, gauges, alerts and other tools to support decision-making and help the enterprise to mitigate risk


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