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Leveraging Business Intelligence in the Insurance Industry for Enhanced Decision-Making

Join Tom Chesbrough, President & CEO of Kapstone Systems, Inc., at our Emerging Technologies & Data Management Seminar on April 23-24, where we'll explore the transformative role of Business Intelligence (BI) in the insurance sector. Understand how to assemble and analyze disparate data to enhance decision-making in areas such as pricing, risk analysis, and customer retention. Discover the key steps to successful BI implementation, including data transformation and access, to harness the power of data for competitive advantage.

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Leveraging Business Intelligence in the Insurance Industry for Enhanced Decision-Making

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  1. Business Intelligencein theInsurance IndustryTom Chesbrough, President & CEOKapstone Systems, Inc. Emerging Technologies &Data Management SeminarApril 23rd & 24th

  2. INSIGHT KNOWLEDGE INFORMATION …management in action. DATA

  3. What is Business Intelligence? Business Intelligence is a process of assembling disparate data, transforming it to a consistent state for business decision making, and empowering users by providing them with access to this information in multiple views.

  4. Why is it Important? • Data overload • Competition from all sides • A need to “know your customer” • Immediate reaction to marketplace shifts

  5. Pricing Risk Analysis Retention New Business Acquisition Complexity of Information Harness the PowerWithin Complexity Billing Policy Claim Policy Reporting A/P Claim Policy Billing

  6. The Business Benefits of Data Warehousing Better Quality of Data 35% Better Understanding of the Business 20% Exploit New Market Opportunities 15% More Timely Decisions 30% Meta Group Survey of 300 Companies Implementing Warehouses

  7. Six Key Steps to a SuccessfulBusiness Intelligence (BI) Implementation • Step 1: Define business issues and related information requirements. • Step 2: Develop logical and physical architectural models, determine appropriate sources for the required data, and validate accuracy and consistency of data. • Step 3: Assemble the relevant data identified in step two above.

  8. Z-ALERTTM Z-WEBTM Z-QUERYTM Z ALERT A N A L Y T I C A L D A T A M A R T S OLAP (On-Line Analytical Processing) Z-CATTM DATAMART BUILDERTM INSURANCE WAREHOUSETM WAREHOUSE BUILDERTM O P E R A T I O N A L D A T A B A S E S OLTP (On-Line Transaction Processing) Thazar Architecture

  9. INSURANCE WAREHOUSETM Thazar Warehouse Builder Multiple Databases

  10. Lack of Legacy Standards • Unlimited: • formats • structures • attributes • code sets • all within fields • with the same • meta labels! FILE 1 FILE 2 FILE 3

  11. Data Surprises in Individual Fields Meta data -- “What you wish you had in your data values” - Ken Orr Meta Actual Data Values

  12. External Data

  13. Key Steps of a SuccessfulBI Implementation • Step 4: Transform data to a user-focused view. • Step 5: Distribute data where it is needed in the organization.

  14. Desktop User/Managers Multiple Datamarts Thazar Datamart Builder INSURANCE WAREHOUSETM

  15. Heterogeneous Products in Insurance • Multiple Custom Schemas: Month_key Auto_Coverage_key Agent_key Customer_key Policy_key Status_key Written_Premium Earned_Premium Num_Transactions Auto_Limits Auto_Deductibles Other_Auto_Facts Month dimension Auto Coverage dimen Agent dimension Customer dimension Policy dimension Status dimension

  16. Key Steps to a SuccessfulBI Implementation Step 6: Provide users access to data for intelligent queries and business decision making.

  17. Software Agent Software Routine that waits in the background and performs an action when a specified event occurs.

  18. User/Manager Desktop PCs Multiple Datamarts Active Software Agent

  19. THAZAR Z-WEB Internet/Intranet Decision Support • Affordability and Rapid Development • Scalability • Maintainability • Reliability • Security

  20. Internet Decision Support Environment Z-WEB Decision Support Client/Browser Web Server Decision Support Server Data Warehouse Server

  21. For more information onbusiness intelligence for the insurance industry,please contact: Tom Chesbrough or Dennis Lynch 888-KAPSTONE -or- 816-760-5000 marketing@kapstone.com

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