business intelligence planning & analysis services life
BUSINESS LIFE, HEALTH INTELLIGENCE AND ANNUITIES PLANNING INSURANCE & ANALYSIS ANALYTICS SERVICES Services Executive Executive BriefBrief The insurance industry is undergoing significant and wide-ranging transformations because of globalization, deregulation, competition and innovation.
WITHOUT DATA FROM WHICH TACTICAL AND STRATEGIC DECISIONS CAN BE MADE, INSURANCE COMPANIES CANNOT OPERATE EFFICIENTLY NOR CAN THEY HOPE TO DEVELOP COMPETITIVE DIFFERENTIATION IN TODAY’S MARKET. Since 1994, InEdge has been designing, developing and implementing analytical applications that improve the decision making process of Life, Health and Annuities insurance companies. Our professional services have helped many insurers meet their information challenges.
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LIFE INSURANCE AND INVESTMENTS The Life, Health and Annuities market has changed significantly in the past few years. Insurance companies have demutualized or consolidated and competition from the Financial Services industry has chipped away at the traditional customer base that Insurance companies have served for so long. In order to continue to thrive in an environment marked by growing change and competition, Life Insurance companies need to: •
Aim for the right combination of insurance, annuity, and investment products, as well as wealth management products and services to offer through their retail and wholesale distribution channels;
•
Understand the speed of adoption in the Product Development stage;
•
Gain a clear idea of the Source of Funds in the Wealth and Investments area;
•
Understand clearly the expenses associated with the business on book as they underwrite new risks.
The competition is also developing and implementing programs to manage customer and partner relationships more effectively. This creates a competitive environment in which access to information is the key to success. Easy and timely access to information therefore becomes critical to the diversified Insurance company and is in fact a clear priority for many Insurance companies. It is also clear that Analytics in general enable ease of access to corporate data. At InEdge, we understand the challenges the Life Insurance industry faces. Our work with industry leaders has let us to gain a deep understanding of specific needs. We know how to design and deploy Analytics solutions that are right for you.
RECENT LIFE INSURANCE ENGAGEMENT InEdge has implemented a Valuation Analytics environment for a major US Life Insurance carrier. This environment allows Valuation Actuaries to perform sophisticated reporting and analytics on massive amounts of in-force data for reserving and sensitivity analysis. The underlying data mart and reporting objects were implemented using InEdge’s Fellow Analytics Accelerator Solution for Insurance. The efficiency of the Valuation process has been greatly enhanced as actuaries will spend much less time assembling data to support their analysis. The solution is flexible to accommodate analysis of system generated reserves in order to meet regulatory requirements under Canadian GAAP, US GAAP, and IFRS; as well to understand the reserve capital requirements for the MCCSR calculations.
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ABOUT InEdge InEdge is a leader in Insurance Analytics solutions. Expert 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
NEED TO EVOLVE YOUR CURRENT ANALYTICS INITIATIVE? YOU NEED A GAP ANALYSIS! Our Analytics Gap Analysis is finely tuned and tailor-made for the analysis & evolution of insurance Analytics initiatives. Honed over dozens of engagements with carriers of all size, this service provides Insurers with everything they need to successfully review & analyze strategic Analytics initiatives.
FOR MORE DETAILS, CONSULT: Our Executive Brief on our Insurance Analytics Gap Analysis Service
STARTING A BRAND NEW ANALYTICS INITIATIVE? YOU NEED WISE PLANNING! Conducting an Analytics Roadmap can save you time, money, and a lot of aggravation. The InEdge Analytics Roadmap will only cost you a few thousands and will save you hundreds of thousands, if not more!
FOR MORE DETAILS, CONSULT: Our Executive Brief on our Insurance Analytics Roadmap Service
TALK WITH US 1 866 333.8184
InEdge.com
WITHOUT DATA FROM WHICH TACTICAL AND STRATEGIC DECISIONS CAN BE MADE, INSURANCE COMPANIES CANNOT OPERATE EFFICIENTLY NOR CAN THEY HOPE TO DEVELOP COMPETITIVE DIFFERENTIATION IN TODAY’S MARKET. Since 1994, InEdge has been designing, developing and implementing analytical applications that improve the decision making process of Life, Health and Annuities insurance companies. Our professional services have helped many insurers meet their information challenges.
PAGE 2 of 3
LIFE INSURANCE AND INVESTMENTS The Life, Health and Annuities market has changed significantly in the past few years. Insurance companies have demutualized or consolidated and competition from the Financial Services industry has chipped away at the traditional customer base that Insurance companies have served for so long. In order to continue to thrive in an environment marked by growing change and competition, Life Insurance companies need to: •
Aim for the right combination of insurance, annuity, and investment products, as well as wealth management products and services to offer through their retail and wholesale distribution channels;
•
Understand the speed of adoption in the Product Development stage;
•
Gain a clear idea of the Source of Funds in the Wealth and Investments area;
•
Understand clearly the expenses associated with the business on book as they underwrite new risks.
The competition is also developing and implementing programs to manage customer and partner relationships more effectively. This creates a competitive environment in which access to information is the key to success. Easy and timely access to information therefore becomes critical to the diversified Insurance company and is in fact a clear priority for many Insurance companies. It is also clear that Analytics in general enable ease of access to corporate data. At InEdge, we understand the challenges the Life Insurance industry faces. Our work with industry leaders has let us to gain a deep understanding of specific needs. We know how to design and deploy Analytics solutions that are right for you.
RECENT LIFE INSURANCE ENGAGEMENT InEdge has implemented a Valuation Analytics environment for a major US Life Insurance carrier. This environment allows Valuation Actuaries to perform sophisticated reporting and analytics on massive amounts of in-force data for reserving and sensitivity analysis. The underlying data mart and reporting objects were implemented using InEdge’s Fellow Analytics Accelerator Solution for Insurance. The efficiency of the Valuation process has been greatly enhanced as actuaries will spend much less time assembling data to support their analysis. The solution is flexible to accommodate analysis of system generated reserves in order to meet regulatory requirements under Canadian GAAP, US GAAP, and IFRS; as well to understand the reserve capital requirements for the MCCSR calculations.
PAGE 3 of 3
ABOUT InEdge InEdge is a leader in Insurance Analytics solutions. Expert 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
NEED TO EVOLVE YOUR CURRENT ANALYTICS INITIATIVE? YOU NEED A GAP ANALYSIS! Our Analytics Gap Analysis is finely tuned and tailor-made for the analysis & evolution of insurance Analytics initiatives. Honed over dozens of engagements with carriers of all size, this service provides Insurers with everything they need to successfully review & analyze strategic Analytics initiatives.
FOR MORE DETAILS, CONSULT: Our Executive Brief on our Insurance Analytics Gap Analysis Service
STARTING A BRAND NEW ANALYTICS INITIATIVE? YOU NEED WISE PLANNING! Conducting an Analytics Roadmap can save you time, money, and a lot of aggravation. The InEdge Analytics Roadmap will only cost you a few thousands and will save you hundreds of thousands, if not more!
FOR MORE DETAILS, CONSULT: Our Executive Brief on our Insurance Analytics Roadmap Service
TALK WITH US 1 866 333.8184
InEdge.com
