Learn how insurance organizations can leverage FastTrack Analytics to improve financial, underwriting, agent & customer service operations. Use your data to gain competitive advantage in challenging economic times.
Why Analytics for Insurance?<br />Why should I be considering analytics?<br />Enhanced customer service, extendable to Agents<br />Move from avalanche of data to actionable information<br />Ad-hoc capabilities, remove the need for IT <br />Analyzing information vs. searching for data<br />Self-service access to key data points<br />Visual hotspots, no more searching reports<br />
FastTrack! Analytics – Insurance Focus Areas<br />Build on the core dimensions by adding others to address specific business questions in one of these areas:<br />Customer Service<br />(Policy status, cash value, complementing products)<br />Operations(Efficiency, Planning, Forecasting, Quality <br />Metrics)<br />Core Dimensions:<br />Policy, Product, Client, Group, Eligibility, Claim<br />Core Metrics:<br />Sales, Persistency, Status, Premiums. Losses<br />Agency(Products across region, TPA tracking, Agency production, Lapse rates, license / appointment tracking)<br />Actuarial (Product types by region, profitability, rates)<br />Finance(Planning and Budgeting Metrics, Customer or Item Profitability)<br />Underwriting(Policy Status, Time to Issue, Declination rates, Replacements)<br />
Declination Rates by region / product / age band
Policy Profitability by Underwriter</li></ul>Sample Questions<br /><ul><li>How long does it take to issue policies from application? Why?
What are my issue vs. declination / NTU rates by “factor”?</li></ul>Potential Benefits<br /><ul><li>Smoother faster Underwriting workflow?
Identify possible product issues?</li></li></ul><li>Insurance Analytics – Customer Service Focus Area <br />Potential Customer Service Subject Areas<br />Customer Service Performance<br />Customer Satisfaction<br />Cross-Sell/ Upsell<br />Key Product Analysis<br />Optional Rider targets<br />Sample KPI’s<br /><ul><li>Products / riders by client type
Wait time vs. Call time and transaction volumes / types</li></ul>Sample Questions<br /><ul><li>What are the most popular optional riders and products for the client? What cross / up sell could gain traction?
What are my most common CSR call requests? What transactions and how long do they take to perform?</li></ul>Potential Benefits<br /><ul><li> Increased product sales by targeted messaging
Increased ROI on budget allocations</li></li></ul><li>Why Clients Haven’t Pursued Analytics<br /><ul><li>“I’ve heard about data analytics, but don’t really understand what it means or how it would benefit us.”
“It required too large of an investment to get started”
“I’m just too busy and short-staffed to get involved with a major initiative like data analytics”
“I’ve looked at several data analytics software packages, but it doesn’t really fit our unique business”
“I already get all the reports I need, why would I want more?”</li></li></ul><li>What is FastTrack! Analytics?<br />The FastTrack! Analytics is a customizable, cost sensitive, business-issue focused solution-based approach designed to quickly demonstrate the power of analytics to your business<br /><ul><li>Not a “shrink-wrapped” product that doesn’t fit your business model
Based on accelerators that can be quickly customized to meet your specific business needs
Allows for expansion at your pace</li></ul>Customizable<br /><ul><li>Designed to provide insights into the your most challenging business questions
Not a generic product that doesn’t always provide the answers you need most</li></ul>Business Issue Focused<br /><ul><li>Doesn’t require a high up-front investment (in both dollars & resources)
Designed to leverage current in-house technology
Allows for expansion at your pace</li></ul>Cost/Risk Sensitive<br />
What are the Benefits of FastTrack! Analytics?<br />
How does FastTrack! Analytics Work?<br /><ul><li>Confirm the subject area and business problem(s) in scope
Define/confirm the data visualization capabilities required
Decompose the business problem(s) into required data
Confirm the high-level business-centric data model
Review results of demo(s) with FastTrack! Sponsor</li></li></ul><li>How do Accelerators Work?<br />Accelerators are a collection of analytics components tailored to specific industries and are designed to significantly reduce the delivery time of analytic solutions<br />Data Visualization Component Library<br />Default Analytic Views <br />Data Model Component Library<br /><ul><li>Dashboard formats,designs & templates
Extending FastTrack! Analytics<br />The FastTrack! Analytics pilot can be extended in many different ways towards the creation of an enterprise analytics platform<br />More <br />Sophisticated<br />Analytics<br />Extended to Other Departments<br />Additional<br />Integrated<br />Subject Areas<br />Additional<br />Users/Roles<br />More <br />Analytical<br />Views<br />Expanded<br />Metrics<br />Additional<br />Data Sets<br />Expanded<br />Dimensions<br />