The insurance industry is facing many unique challenges that require more than basic financial analysis and reporting capabilities. Today insurance companies need monitor the financial and operational performance while appraising and controlling risk in underwriting, pricing, claims, marketing and reserving.
The QueBIT team delivers solutions in each of these areas to make sure that have the best access to information on current performance but also have the best insight to improve performance in the future.
Financial and Operational Performance Management (FOPM):
- Reporting on actuals for external and internal requirements.
- Premium and loss planning of future revenue streams and expected losses.
- Reserve planning to determine statutory requirements for planned business.
- OpEx planning to manage the cost of running a company.
- Underwriting policies to determine the right competitive price
- Actuarial pricing and rating policies based on the attributes of the policies and the associated risk. The results can be fed to our FOPM solution for premium and loss planning
- Assessing claims to identify potential fraud and fraud networks, fast track claims, and identify subrogateable claims
- Managing customer risk to understand high and low value customer segments as well customers with high potential to attrite using predictive customer analytics
- Reserving to determine the amount of money that needs to be held in reserves. These results can be fed into the FOPM solution for reserve planning
- Organizing and consolidating your general ledger, customer, policy, pricing, and 3rd party data for analytics and reporting
- Warehousing your data more efficiently
The QueBIT Team is comprised of technology and services experts with deep knowledge in IBM, Open Source, and QueBIT technologies including:
- Cognos Analytics
- Cognos BI
- Cognos TM1
- Planning Analytics
- SPSS Modeler
- SPSS Statistics
- Collaboration and Deployment Services
- Decision Optimization
- Netezza Analytics
- DB2 BLU