Applications
Business Analysis
The Insight Enterprise Business Analysis applications allow integrated or separate analysis and reporting of policy, application, claims and fund information over time. Operational data is transformed into qualitative, meaningful, values within a clearly defined product framework, liberating business knowledge from the technical requirements of a distributed system environment.
The Insight Enterprise Business Analysis applications give a true, historical accessible picture of operational data over time. The Business Analysis set of applications includes the following:
Application Analysis - Analysis of applications from receipt to issue or cancellation. There are four applications in this category to help you better understand and manage you new business processes.
Policy Analysis - Analysis of inforce business from issue to termination. There are four applications in this group.
Claim Analysis - Analysis of claims. Four application support the analysis of claims for DI and LTC business, and three applications support cash claims such as medicare.
Reinsurance Analysis - Reinsurance analysis can be added to the other analysis, this requires additional data and so can be switch off if not required.
Experience Analysis
The Insight Experience Analysis applications provide the continuous monitoring of policyholder and claimant behaviour against a variety of assumptions allowing for more accurate and flexible pricing, negotiation of reinsurance and information for management and regulators. The data demands of experience studies mean that the data warehouse infrastructure is the natural environment for such an application. But that isn’t the whole story; Insight Enterprise is designed to support temporal queries so events and exposures are calculated easily from the same data. It also means that the system is stable without delaying loads for experience to emerge. Studies use a monthly seriatim methodology; this gives the ability to study over any time period with detailed accuracy.
Insight Enterprise includes a wide range of measures including actual events, expected events, A/E, Exposure, Standard Deviation or rates and A/E; by benefit and count. These measures can be based on any standard, modified or custom table, or even composite basis constructed by applying specific tables to products depending on product.
Financial Analysis
Insight Enterprise’s Financial Management applications bring together reported earnings with the detailed valuation and operational data and future projected earnings. Advanced applications provide detailed analysis of the sources of earnings both as cash-flows and with respect to the underlying policy behaviour. Earnings Management - Profile and trend actual and projected policy income and gains by the full set of policy attributes, with drill-through to individual records.
Earnings-by-source functionality (also known as Source of Earnings) provides an understanding of actual and planned earnings, and causes of deviations from planned earnings by source, with slicing by the full range of policy attributes. Measures are only part of the story; the ability to slice and dice results makes the difference between simply reporting experience and analyzing it.
Experience studies can be sliced and diced by any policy or claim attribute. Flexible date definitions include the ability to define study period by selecting dates, or from the study period and the study end date; automatically updating reports as new data is loaded.
Financial Management applications are grouped as follows: Reserve Analysis - This allows profiling and trending of reserves, reserve movements and outstanding claims by the full set of policy attributes, with drill-through to individual records. This provides an understanding of reserves and outstanding claims in the context of inforce contract amounts.
Earnings Analysis Applications provide profiling and trending of earnings by the earnings and policy attributes, with extended management ratios and drill-through to individual records.