business intelligence planning & analysis services insurance analytics
BUSINESS INTELLIGENCE INSURANCE PLANNING ANALYTICS & ANALYSIS ROADMAP SERVICES Services Executive Executive BriefBrief In some cases Insurance Companies embark on data management and Analytics initiatives by only addressing technology aspects of the problem and jumping right into shopping for solutions. Such an approach is like walking blindfolded into a maze and hoping for the best.
PRESENTING THE INEDGE APPROACH. AN ANALYTICS ROADMAP FINELY TUNED AND TAILOR-MADE FOR THE CREATION OF INSURANCE ANALYTICS INITIATIVES. One of our most valued services is our Analytics Roadmap. This service provides Insurers with everything they need to successfully plan and evaluate the benefits of Analytics initiatives. Our method delivers a deployment plan aligned with business benefits for all areas of the company including Underwriting, Product Management, Claims and Actuarial. We strongly believe in customizing our approach and therefore, our services are always tailored to your specific needs.
“Working with InEdge in developing our Analytics Roadmap allowed us to clearly envision the path to success with enough details to make the right decisions, establish our priorities and in the end, maximize the return for our business.” — Peter Balisteri, CIO at Merchants Insurance Group
DO YOU HAVE A PLAN?
3 PAGE 2 of 6
01
02
03
Information Needs Modeling
Consumption Needs Modeling
Business Value Modeling & Sequencing
04
Program Estimates
05
Executive Presentation
THE InEdge ANALYTICS ROADMAP PROCESS The InEdge Analytics Roadmap service is both efficient and effective, conducted by seasoned Analytics experts that can cut through business, process and technology issues. Our Analytics Roadmap service is conducted as follows: 01.
Information Needs Modeling (INM);
02.
Consumption Needs Modeling;
03.
Business Value Modeling & Sequencing;
04.
Program Estimates and Sequencing;
05.
Executive Presentation to Executive Leadership Team.
PAGE 3 2 of 6 3
THE InEdge ANALYTICS ROADMAP DELIVERABLES The Analytics Roadmap deliverables include a number of support artifacts such as the following four key deliverables:
1
2
3
4
INFORMATION NEEDS MODEL
CONSUMPTION NEEDS MODEL
ANALYTICS VALUE MODEL
ESTIMATION AND SEQUENCING
Indicating opportunities for analytics
How users need to consume information
Business value assessment of required analytics
Relative returns and costs per iterations and analytical domains
For each business
In terms of + Data + Report Analysis + Process
Made along + INM Relative Return + Business Value + Relative Cost
Using both + Business Modeling Results + Our Incremental Iterative Delivery approach
PAGE 4 of 6
INFORMATION NEEDS MODEL
1
Fully indexed information needs model per business area indicating opportunities for analytical applications. It provides the analysis and perspective needed to understand the task at hand, set milestones, and obtain the attention and buy-in of key stakeholders. — EXAMPLE • of of 5 typical Business Area — — • Information InformationNeeds NeedsModel Modelforfora sample a sample 5 typical Business Area Product Management
Underwriting
Actuarial
Operational Efficiency analysis
Claims Claims volumetric analysis
Sales Performance analysis
Sales Performance analysis
Rate indication analysis
Budget analysis
Losses analysis
Agency Performance analysis
Quality of service analysis
Loss trend analysis
Billing & Collection analysis
Reserving analysis
Web Channel analysis
Productivity analysis
Production performance analysis
Customer analysis
Processing efficiency analysis
Survey analysis
Compliance analysis
Reserving analysis
Pricing Deviations analysis
Fraud detection analysis
Recovery, Salvage, Subrogation
Agent Efficiency analysis
Predictive modeling analysis
…
Sales & Marketing
…
…
…
Data exist and can be used as is
2
…
Some views may not be possible
Data does not exist or cannot be used as is
CONSUMPTION NEEDS MODEL
Fully indexed consumption needs model providing visibility across business areas on how users need to consume information. —— EXAMPLE —— EXAMPLE••Consumption ConsumptionNeeds NeedsModel Model Data
Report & Analysis
Process
History Retention
Self-Service
Consistent Definitions
Integration
Data Exploration
Data Accuracy Validation
High-level Granularity
Data Mining
Report Quantity Reduction
Timeliness
Web Portal Integration
Accurate Reporting Requests
Consolidated View
Dashboard & Report Drill-down
Rapid Report Creation
Security & Confidentiality
Dashboard & Report Distribution
Recovery, Salvage,Subrogation
Unstructured Data Access
Geo-mapping Representation
Insured Solution Evolution
Difficulty to achieve
Low
Medium
High
PAGE 5 of 6
ANALYTICS VALUE MODEL
3
Analytics value model providing business value assessment of required analytics to support the informational and consumption requirements. The assessment is made along the 4 key metrics of Complexity Assessment, Relative Cost, Business Value Assessment and INM Relative Return: — EXAMPLE • Business Value Assessment of Required Analytics — — EXAMPLE • Business Value Assessment of Required Analytics — Underwriting
Internal Audit
Claims
Sales & Marketing
Finance
Actuarial
Product Management
Corporate Services
00
20
40
60
80
100
120
00
20
40
60
80
100
120
00
20
40
60
80
100
120
Relative Importance
Total INM Relative Return
Total Relative Business Value
Total Relative Cost
ESTIMATION AND SEQUENCING
4
A Program Estimation and Sequencing is delivered using the results our Business Modeling and devised with InEdge’s Iterative-Incremental approach as a delivery foundational approach. — EXAMPLE • Relative returns and costs per iterations and analytical domains — — EXAMPLE • Relative Return by Iteraction Block and Analytical Domain — 70
50 40 30 20
Distribution
8
9
10
11
12
13
Total INM Relative Return
Operations
Product devlopment
7
Product devlopment
6
Losses
5
Product devlopment
4
Operations
3
Operations
Customer
2
Distribution
Distribution
1
Sales
Sales
Iteration Blocks
Losses
Analytic Domains
Sales
10
Losses
Relative Importance
60
Total Relative Cost
PAGE 6 of 6
The InEdge team can also provide a high level estimate of costs if enough supporting data can be provided in the timeframe of the Analytics Roadmap engagement. Data includes planned analytics framework, internal resource availability and maturity with analytics implementation.
ABOUT InEdge InEdge is a leader in Insurance Analytics solutions. Experienced at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Since its creation in 1994, InEdge has designed and implemented some of the most sophisticated analytical applications available today. Our clients add up to an impressive roster of Property & Casualty and Life Insurance companies. Our Analytics solutions improve and make easier decision-making at all levels for our clients.
BENEFIT FROM OUR INSURANCE ANALYTICS EXPERIENCE, KNOWLEDGE AND SOLUTIONS
START ON THE RIGHT FOOT WITH WISE PLANNING! The InEdge Analytics Roadmap is cost effective, offered at a fixed price and can be delivered in a matter of weeks. It is a wise investment that can save you money, time and frustration.
FOR MORE DETAILS, CONSULT: Our White Paper on How to develop an Analytics Roadmap for P&C Insurance Companies
TALK WITH US 1 866 333.8184
InEdge.com
PRESENTING THE INEDGE APPROACH. AN ANALYTICS ROADMAP FINELY TUNED AND TAILOR-MADE FOR THE CREATION OF INSURANCE ANALYTICS INITIATIVES. One of our most valued services is our Analytics Roadmap. This service provides Insurers with everything they need to successfully plan and evaluate the benefits of Analytics initiatives. Our method delivers a deployment plan aligned with business benefits for all areas of the company including Underwriting, Product Management, Claims and Actuarial. We strongly believe in customizing our approach and therefore, our services are always tailored to your specific needs.
“Working with InEdge in developing our Analytics Roadmap allowed us to clearly envision the path to success with enough details to make the right decisions, establish our priorities and in the end, maximize the return for our business.” — Peter Balisteri, CIO at Merchants Insurance Group
DO YOU HAVE A PLAN?
3 PAGE 2 of 6
01
02
03
Information Needs Modeling
Consumption Needs Modeling
Business Value Modeling & Sequencing
04
Program Estimates
05
Executive Presentation
THE InEdge ANALYTICS ROADMAP PROCESS The InEdge Analytics Roadmap service is both efficient and effective, conducted by seasoned Analytics experts that can cut through business, process and technology issues. Our Analytics Roadmap service is conducted as follows: 01.
Information Needs Modeling (INM);
02.
Consumption Needs Modeling;
03.
Business Value Modeling & Sequencing;
04.
Program Estimates and Sequencing;
05.
Executive Presentation to Executive Leadership Team.
PAGE 3 2 of 6 3
THE InEdge ANALYTICS ROADMAP DELIVERABLES The Analytics Roadmap deliverables include a number of support artifacts such as the following four key deliverables:
1
2
3
4
INFORMATION NEEDS MODEL
CONSUMPTION NEEDS MODEL
ANALYTICS VALUE MODEL
ESTIMATION AND SEQUENCING
Indicating opportunities for analytics
How users need to consume information
Business value assessment of required analytics
Relative returns and costs per iterations and analytical domains
For each business
In terms of + Data + Report Analysis + Process
Made along + INM Relative Return + Business Value + Relative Cost
Using both + Business Modeling Results + Our Incremental Iterative Delivery approach
PAGE 4 of 6
INFORMATION NEEDS MODEL
1
Fully indexed information needs model per business area indicating opportunities for analytical applications. It provides the analysis and perspective needed to understand the task at hand, set milestones, and obtain the attention and buy-in of key stakeholders. — EXAMPLE • of of 5 typical Business Area — — • Information InformationNeeds NeedsModel Modelforfora sample a sample 5 typical Business Area Product Management
Underwriting
Actuarial
Operational Efficiency analysis
Claims Claims volumetric analysis
Sales Performance analysis
Sales Performance analysis
Rate indication analysis
Budget analysis
Losses analysis
Agency Performance analysis
Quality of service analysis
Loss trend analysis
Billing & Collection analysis
Reserving analysis
Web Channel analysis
Productivity analysis
Production performance analysis
Customer analysis
Processing efficiency analysis
Survey analysis
Compliance analysis
Reserving analysis
Pricing Deviations analysis
Fraud detection analysis
Recovery, Salvage, Subrogation
Agent Efficiency analysis
Predictive modeling analysis
…
Sales & Marketing
…
…
…
Data exist and can be used as is
2
…
Some views may not be possible
Data does not exist or cannot be used as is
CONSUMPTION NEEDS MODEL
Fully indexed consumption needs model providing visibility across business areas on how users need to consume information. —— EXAMPLE —— EXAMPLE••Consumption ConsumptionNeeds NeedsModel Model Data
Report & Analysis
Process
History Retention
Self-Service
Consistent Definitions
Integration
Data Exploration
Data Accuracy Validation
High-level Granularity
Data Mining
Report Quantity Reduction
Timeliness
Web Portal Integration
Accurate Reporting Requests
Consolidated View
Dashboard & Report Drill-down
Rapid Report Creation
Security & Confidentiality
Dashboard & Report Distribution
Recovery, Salvage,Subrogation
Unstructured Data Access
Geo-mapping Representation
Insured Solution Evolution
Difficulty to achieve
Low
Medium
High
PAGE 5 of 6
ANALYTICS VALUE MODEL
3
Analytics value model providing business value assessment of required analytics to support the informational and consumption requirements. The assessment is made along the 4 key metrics of Complexity Assessment, Relative Cost, Business Value Assessment and INM Relative Return: — EXAMPLE • Business Value Assessment of Required Analytics — — EXAMPLE • Business Value Assessment of Required Analytics — Underwriting
Internal Audit
Claims
Sales & Marketing
Finance
Actuarial
Product Management
Corporate Services
00
20
40
60
80
100
120
00
20
40
60
80
100
120
00
20
40
60
80
100
120
Relative Importance
Total INM Relative Return
Total Relative Business Value
Total Relative Cost
ESTIMATION AND SEQUENCING
4
A Program Estimation and Sequencing is delivered using the results our Business Modeling and devised with InEdge’s Iterative-Incremental approach as a delivery foundational approach. — EXAMPLE • Relative returns and costs per iterations and analytical domains — — EXAMPLE • Relative Return by Iteraction Block and Analytical Domain — 70
50 40 30 20
Distribution
8
9
10
11
12
13
Total INM Relative Return
Operations
Product devlopment
7
Product devlopment
6
Losses
5
Product devlopment
4
Operations
3
Operations
Customer
2
Distribution
Distribution
1
Sales
Sales
Iteration Blocks
Losses
Analytic Domains
Sales
10
Losses
Relative Importance
60
Total Relative Cost
PAGE 6 of 6
The InEdge team can also provide a high level estimate of costs if enough supporting data can be provided in the timeframe of the Analytics Roadmap engagement. Data includes planned analytics framework, internal resource availability and maturity with analytics implementation.
ABOUT InEdge InEdge is a leader in Insurance Analytics solutions. Experienced at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Since its creation in 1994, InEdge has designed and implemented some of the most sophisticated analytical applications available today. Our clients add up to an impressive roster of Property & Casualty and Life Insurance companies. Our Analytics solutions improve and make easier decision-making at all levels for our clients.
BENEFIT FROM OUR INSURANCE ANALYTICS EXPERIENCE, KNOWLEDGE AND SOLUTIONS
START ON THE RIGHT FOOT WITH WISE PLANNING! The InEdge Analytics Roadmap is cost effective, offered at a fixed price and can be delivered in a matter of weeks. It is a wise investment that can save you money, time and frustration.
FOR MORE DETAILS, CONSULT: Our White Paper on How to develop an Analytics Roadmap for P&C Insurance Companies
TALK WITH US 1 866 333.8184
InEdge.com
