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The nature of the insurance introduces a number of challenges not seen in other industries. In particular, insurance contracts run over many years. Unlike traditional retail business, where sales are simple self-contained transactions, with insurance business the sale of an insurance policy is often a starting point for analysis.
Traditional data warehousing techniques, developed for retail analysis, do not convert well to insurance analysis. Insight Enterprise is a unique temporal system capable of providing consistent analysis over time and at any point in time, at the same time experience analysis is restated based on current information.
Insight Enterprise features a wide range of dimensions that are applied consistently across all applications. These can be used to filter reports to a specific business attribute, investigate changes across attributes and trend or filter on time. Dimensions include: attained age, duration, issue age, adjusted issue age and age adjustment, benefit status, issue period, issue location, residence location, benefit band, benefit frequency, gender, rating type, payment method, preferred class, service area, community, underwriter, underwriting modifications, underwriting exclusions, company, contract period, alterations, plan code, renewability, renewability period. In addition, Insight Enterprise supports multiple product definitions, such as GL, marketing, actuarial definition etc., group business attributes, such as group location, group policy id, group size, type, industry; and contract level supporting policy and coverage level analysis in the same application.
Key Performance Indicators include mortality trends, lost premium, lapse trends, premium, amount at risk, sales and new premium. |