| |
| Case Study |
| |
Reinsurance giant enhances underwriting profitability through data warehousing and business intelligence solution
|
Patni helps leading reinsurance company integrate its internal data systems and speed up its underwriting decision making process.
The Client
The client is the US arm of one of the leading reinsurance companies in the world. Its assets exceed USD $1 billion and gross written premiums exceed USD $600 million annually. The client reinsures various coverages including Ordinary Life, Group Life, Annuities, Accident and Health and Special Risks.
The Challenge
The client wanted to enhance its underwriting profitability and maximize its capital efficiency. It wanted to profit from the full embedded value of the information traversing through its transaction streams. The lack of a centralized and consistent source of customer data, however, hampered its underwriting capabilities. Though various departments within the organization captured critical transactional data, no system provided a unified view of the same. The client wanted to make the underwriting process more efficient and transparent to its underwriters as well as its customers.
Controlled and intuitive access to customer information was necessary to analyze the causes behind early claims and understand the reasons for declining or not issuing a policy. It would provide insights into why the underwriter overruled certain automated system decisions. This would enable better and more informed decision making. Integrating its internal data systems would also enable quicker transaction processing.
This necessitated the need for a solution that would speed up the underwriting decision making process, and increase the flexibility in gathering and analyzing data. The client wanted a partner with the requisite expertise to:
 |
Analyze the data and identify rules that impact profitability. |
|
Define the reporting requirements for different functions and identify any data gaps. |
|
Integrate the multiple reporting tools. |
|
Provide flexibility in underwriting rules to increase go-to-market speed for new insurance products. |
|
Enable better risk selection and risk management. |
The Solution
After analyzing various options in the market, the client identified Patni as its solutions partner for its expertise in the business intelligence and insurance space. Patni assessed the clients’ BI readiness in terms of the latter’s business and organizational needs, information and technical architecture, and processes.
Patni gained an understanding of the strategic objective of the client and then created a short, medium and long-term roadmap for BI implementation for the client. The BI readiness assessment service also included evaluation of various ETL & OLAP tools based on the client’s specific requirements.
Patni developed the data infrastructure, the technical environment, and the overall coordination of various data and reporting needs of the client. It developed a central data warehouse to act as the key data store for reporting and analysis for all customers. The solution has streamlined the flow of information between and across the clients’ various departments. Patni’s solution also analyzes the percentage of policies jet issued and those referred to underwriting.
The Technology
|
SSIS |
|
Case Studio 2.0 |
|
SQL Server 2005 |
|
Patni BI Readiness Assessment Methodology |
|
Patni ETL & OLAP Tool Evaluation Methodology |
|
Pervasive Business Integrator |
|
Hyperion Product Suite |
| |
 |
The Benefits
The benefits from the solution provided by Patni are many.
|
Unified view of the customer data |
|
Detailed examination of the reasons for early claims |
|
Complete report on the number of policies the client has reinsured for a particular client, the types, face amounts, etc of those policies. |
|
Provides marketing information on the number of policies actually issued against quotes, number of policies accepted and the reason for underwriter decline |
|
Disengages resources from mundane transactions to focus on more complex accounts |
|
Ability to underwrite more business without incurring expenditure on additional resources. |
|
Easy integration with other claims and underwriting applications within the company |
|
