Insurance Solutions
MicroStrategy Solutions for Insurance Briefing
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Insurance providers use Business Intelligence software to improve their level of service to customers, optimize product marketing strategies, and analyze risk levels with more accuracy.
Four of the top five global Insurance providers and other leading companies in the Insurance sector rely on the MicroStrategy BI platform to make more effective decisions, especially in the following business areas:
Customer Analysis
» Identify clients with renewable policies that could be converted to longer term fixed-rate policies, guaranteeing the insurer ongoing revenue flow
» Incorporate sophisticated time analysis of customer segments (i.e., in X years, how many customers will portray behavior Y) to better predict revenue flow or create product strategies
Operations Analysis
» Improve customer service by geographically placing the optimal number of agents, fixed assets, and mobile assets (e.g., crash vans) based on location analysis of both current and target customers
» Attract and retain sales agents by providing the information and analytical tools to better identify candidates for cross-selling and up-selling and to provide more specialized customer service
Sales & Marketing Analysis
» Understand which sales channels are most effective by analyzing the amount of new premium dollars in geographies and product lines where channels or promotions were used
» Establish a trusted customer dialog by eliminating unnecessary communications such as redundant renewal requests or mis-targeted product offerings
Product Analysis
» Predict portfolio performance considering economic scenarios that involve external inputs such as interest rates, market volatility, weather patterns, and natural disasters
» Decrease the lapse ratio of a portfolio by identifying trends in customer segments that tend to terminate policies
Risk & Fraud Analysis
» Determine the optimal amount of reinsurance required in order to maximize revenue flow of incoming customer premiums and outgoing reinsurance premiums
» Assess more accurately the full amount of a claim, throughout the length of all involved coverage payments
Customer Quotes
"MicroStrategy is helping us to achieve our goals through a single integrated platform and a Web interface and by providing a way of managing standard reporting across the company so that we have consistent and well defined information sources that we can rely upon." – David Harris, Operations Director, Amlin Plc
"Building on our existing platform, we selected MicroStrategy because we needed an integrated reporting and analysis solution that would provide a single dashboard for each individual agent with advanced reporting capabilities. MicroStrategy creates content-rich, user-friendly reports that empower our associates to make more strategic and proactive decisions allowing us to better assess performance and enhance operational efficiencies." – Tony Simpkins, Project Lead, Grange Insurance