Today’s insurance industry is more challenged than ever to expand products and services, reduce costs, enhance efficiency, and engage customers via new communications channels –with the need to gain insight from these interactions and use it for competitive advantage. Global insurers see an increasing need to expand in core and emerging markets, create innovative products and services for changing consumer demographics, optimize costs while meeting stringent regulatory norms. With interest rates at historic lows, life insurers are being challenged to increase revenue and improve operational efficiency like never before. Property and Casualty insurers need more innovative ways to model and analyze risk.
Policies. Claims. Payouts. Premiums. The insurance industry is chock-full of data ready for analytics and reporting. But equipping stakeholders in your organization to effectively analyze and use that data in a timely manner has been a challenge. Business Intelligence provides Insurers with valuable information to better analyze and manage risk, improve customer service levels, maintain regulatory compliance, and develop new products and services.
BI Consultant Group’s solutions can offer the advanced insight you need to aggregate, analyze and isolate important information- the kind of data that helps increase revenue and drive innovation. Imagine if you had instant access to your critical business data in just a few clicks. BI Consulting Group solutions deliver that and much more. Use your data to build existing pricing schemes and policyholder data, to create effective pricing plans, analyze risk factors and expand into new markets with confidence.
BI Consulting Group provides insurance carriers, agencies, and other firms with industry standards-based solutions that ease IT complexity and connect all facets of the insurance process, including policy administration, claims servicing, advisory services and regulatory compliance. Our solutions give you real-time insight into all aspects of your business allowing you to tailor your insurance products according to market needs, enabling you to use your sales force more efficiently and allowing you to proactively manage risk and compliance and streamline all of your core processes.
- Set premiums based on more accurate risk predictions
- Increased gross written premiums
- Improved expense ratio
- Higher customer satisfaction index
- Gain greater visibility into complex sales channels and agent networks
- Enhance policyholder support through self-service access to claim status and other important information
- Greater rate of renewals
- Improved margins on new business
- Better total return on investment
- Improve inter-enterprise information sharing
- Track and evaluate the effectiveness of key administrative activities
- Facilitate comply with regulatory guidelines such as HIPAA
- Proactively detect and combat claims fraud and other illegal activity