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Analytics Grows as Software Priority

Two companies make system selections that underscore the importance of analytics across the insurance enterprise.

Despite evidence that shows customers are reluctant to accept big data, analytics remains a hot topic in insurance. Recent system selections from Western World Insurance Group and The Phoenix Insurance Company Ltd. demonstrate its popularity.

Commercial insurer Western World has chosen to implement the SaaS solution from Clearwater Analytics to streamline, automate and integrate the reporting, accounting and analytics for its $1 billion investment portfolio. The solution will help to reduce manual processes, provide further insight into daily investments, and improve the investment portfolio’s speed and accuracy.

[ How Foremost Got Data Faster from Customer Surveys. ]

Western World had previously been using an installed investment software solution that required time-consuming manual processes and caused challenges in portfolio accounting and reporting. The Clearwater solution automates and simplifies investment accounting processes, provides custom reports, and runs integrated portfolio performance and risk analytics.

Israeli insurer Phoenix selected the Earnix Insurance solution to enhance its customer analytics strategies and improve pricing management for its Safe Driver auto insurance line. The Earnix Professional Service experts, in conjunction with the Phoenix’s actuarial and data teams, will conduct the implementation.

“We are confident that with Earnix Insurance, we will gain a better insight into our customers’ preferences, which will eventually allow us to serve them better,” says Mr. Motti Mor, VP and head of general insurance headquarters at Phoenix. “Earnix represents a unique combination of top-notch technology, alongside deep analytical and domain expertise, which are two assets we expect our partners to bring to the table.”

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Kelly Sheridan is an associate editor for Insurance & Technology. Prior to joining InformationWeek Financial Services, she was a staff writer for InformationWeek and InformationWeek Education. Kelly has also written for trade publication Promo Marketing and a number of ... View Full Bio

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Nathan Golia
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Nathan Golia,
User Rank: Author
3/24/2014 | 7:44:26 PM
re: Analytics Grows as Software Priority
What makes these selections interesting is that they are wildly different business areas, but both leverage analytics platforms that theoretically are fairly similar from a back-end perspective. As each insurance business unit looks to apply analytics, there could be a lot of tension around which platforms are best for each unit and where consolidation could occur.
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