Innovation Group (Farmington, Conn.) has released a new version of its Insurer Analytics solution, the business analytics component of the vendor's Innovation Insurer product suite. The new release includes what the vendor calls major enhancements for policy analysis, advanced insurance analytics, usability and ETL process.
A vendor statement describes Insurer Analytics as providing insurers one version of the truth through a single enterprise view, thereby empowering the business operationally to measure, monitor and manage, as well as strategically to uncover, insights and opportunities. The solution's expanded capabilities include:
- additional out-of-the-box (OOB) content for policy around adjustments, coverages and active policies;
- an extension of the data warehouse to provide basis for expanded policy analysis;
- comparison of result data against baseline and trend;
- large data set visualization including time based progression;
- global, ranking and dynamic filter capability;
- set key performance indicator (KPI) targets for service level agreements (SLAs) from the user application;
- grid enhancements;
- dashboard manipulation;
- analysis input manipulation;
- search capability and extended parameterisation; and
- auditability for ETL.
An Innovation Group statement says that Insurer Analytics provides key data mastery components including analytics, BI presentation layer, ETL, a data warehouse / data mart, data sets and enterprise roadmap. The OOB solutions contained within Insurer Analytics are geared around maximizing revenues, managing performance across the insurance value chain, preventing cost leakage, and improving efficiencies. Insurer Analytics can be used in multiple functional areas within an insurer, including customer data, distribution/channel management, underwriting, policy service, claims, pricing, enterprise risk management (ERM), catastrophe management, fraud management, and supply chain management. Insurer Analytics supports all property and casualty (P&C) lines of business.
"These enhancements to Insurer Analytics add further value to an already robust data mastery solution for insurance," comments Andy Roberts, Group CEO, Innovation Group. "Since the release of the Microsoft-based solution in April, we have seen a significant increased interest across a wider spectrum of the market because of the affordability, deployment options and business user-friendly design the solution provides."
Insurer Analytics uses Microsoft SQL Server 2008 R2 for data warehousing and its BI capabilities and Microsoft Silverlight to deliver an advanced BI presentation layer.
"Microsoft's BI technologies are receiving accolades from analysts and customers for simplicity of use, robust and dynamic visualization and the ability to empower the business with self-service BI while IT maintains control of the data," says Tony Jacob, managing director, Worldwide Insurance, Microsoft Corporation. "Now we're seeing Innovation Group -- a great, strategic partner with insurance expertise -- using that technology to deliver and continuously improve a solution tailored for P&C carriers globally. We believe it's the right solution delivered at the right time to address what the P&C business demands."