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Insight Enterprise is the first and only business intelligence system designed specifically for insurance. Unlike traditional data warehouses, Insight Enterprise is built on a business model designed specifically for the unique attributes of insurance business. The system comes complete with pre-built insurance analysis and reporting applications, including Management Information, Financial Analysis, Sales and Operations. Insight Enterprise makes it possible to switch seamlessly from one view of your information to another, and eliminates the need to reconcile reports to confirm accuracy of data. These are interrelated so results are always meaningful and consistent. Applications can be broadly grouped in three areas:
Enterprise Business AnalysisInsight Enterprise provides both breadth and depth of business analysis. This is achieved thanks to the flexibility with which measure sets and dimensions can be combined to create meaningful analytics, without compromising the fundamental business logic that makes insurance unique. Policy Analysis gives users the ability to slice and dice policy and coverage information, build reports at any point in time, trends and profiles of business. Application Analysis covers business through the underwriting stage – from receipt of application to completion of underwriting (e.g. issue, decline or not taken). This is typically used to analyze new business and underwriting processes, and as such it will likely be updated more frequently than inforce policy analysis. Claim Analysis covers analysis of claims that cover a sequence of payments, as well individual claim payments.
Financial Management Insight Enterprise combines analysis of earnings from the General Ledger with policy-level earnings analysis and Earnings-by-Source. This addresses the issues traditionally seen in many companies caused by fragmented analysis, where earnings presented from the GL don’t reconcile with earnings-by-source.
Enterprise Earnings analysis includes the following analytics: Review of the valuation process to ensure the assumptions are reasonable and applied correctly. Analysis of profitability of the sales structure, and to identify factors that improve profitability. Production of policy earnings statements, by line of business, company, or any specific policy attribute.
General Ledger AnalysisPowerful slice and dice of transactions from the GL are supplemented with a number a pre-built ‘quick ratio’ metrics. Earnings-by-SourceEarnings-by-source is a powerful tool for understanding how earnings arise in a life insurance company. It identifies the impact of new business on earnings and apportions the remaining earnings amongst the main insurance variables, e.g. mortality and interest. The financial impact of divergences from assumptions, particularly over time, is also a useful indication of the appropriateness of those assumptions. Traditional systems deliver a “black-box” source-of-earnings analysis, divorced from actual corporate earnings and often requiring large balancing items to reconcile with earnings presented from the General Ledger. Management are expected to jump from a corporate income statement to a series of sources without any way to tie the two together. Practical issues around the reality of data residing in various insurance systems, the complexities of managing the required extracts, and integrating inconsistent data sources are addressed by Insight Enterprise. Experience Studies  Experience Studies are critical to any insurance company. Insight Enterprise provides a comprehensive suite of applications covering: Mortality, withdrawal and other exits Disability incidence and termination rates. A range of DI claim specific attributes include the claim cause (typically accident or sickness), diagnosis, claim closed reason and claim duration. Long Term care studies for incidence and termination are similar to those described above for DI. In addition, Insight Enterprise includes transition studies specific to Long Term Care. Transition Studies are used to analyze transitions between the various care stages.
All rates are calculated internally by the system which allows the user to slice and dice the information on the fly with immediate results. Study measures include: Sales and MarketingSales and Marketing applications cover both: Agent Analysis covers agent information pertaining directly to the agent, as well as policy information pertaining to the policies sold by the agent, and Sales analysis based on metrics based on the share of a policy attributed to a specific agent.
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