Business intelligence in insurance case study

Grange is experiencing a dream solution, because users now have the interactivity to drill into their reports, and can build pixel-perfect business reports for internal and external presentations.

These reports contain over 35 attributes, and single and multi-variable analysis and basic arithmetic functions are used to make these comparisons. Employees review approximately 1, independent agencies annually, and shortlist 25 percent of them for deeper analysis.

Business Wins Grange is experiencing the benefits of having one massive, centralized metadata; they do not have to rebuild the same attributes or metrics multiple times.

The Need for Business Intelligence in Insurance Organizations

Two of the six staff are full-time employees who work on MicroStrategy. Business units also conduct subsequent quarterly reviews on a subset of agencies with profitability issues. End users access reports developed using MicroStrategy Report Services that uncover the demographics and other characteristics of select books of business, looking for trends and characteristics from the more profitable books.

But after MicroStrategy Report Services was introduced, Grange noted a cultural change in business processes and reporting. End users can run additional reports and drill into the details.

Approximately users access the MicroStrategy-based applications, while approximately employees from the total user population regularly access the data warehouse. The Agency Analysis application is accessed by over associates—including territory managers, portfolio managers, and customer management personnel—to analyze agency effectiveness, drive decision making regarding agency relationships, and provide insight into opportunities to make agencies more profitable.

According to Tony Simpkins, data warehouse program manager at Grange Insurance, interactive reporting provided by MicroStrategy was a cultural shift for end users.

With MicroStrategy, Grange has reduced the entire process from the beginning of the data load to running the report from six months to less than a six-week cycle. Another two employees work on maintaining the back end of the data warehouse. This application, the most profitable application at Grange, examines personal property and casualty insurance for auto and homeowners.

Grange employees, for example, can track how much money they are spending and where it is being spent in order to correlate new premium dollars with ad spending in a given geographic region. The application supports the most visible agency analysis performed at Grange.

There is one massive data warehouse project and one massive metadata, resulting in a total of three SQL Server databases.

Another MicroStrategy-based application is Book Management. Today, users want more interactivity and want to run report subsections independently. Grange counts six people in report development roles.

Grange employees are able to use this insight to assist them in seeking to increase the profitability of each product, region, or agent. The metadata reuse is a huge benefit of metadata centralization with MicroStrategy.

Grange selected MicroStrategy for its pixel-perfect and interactive reporting, scalability to large data and user volumes, and its ability to deploy applications quickly over the Web.

Grange Insurance uses MicroStrategy to identify areas of improvement in product design, customer management, and to recognize cross- and up-sell opportunities. Grange currently does business in 10 states.Business Intelligence – A Case Study in Life Insurance Industry Zhenming Xu, [email protected] MingYa Insurance Brokers Limited Mia Zhang, [email protected] MingYa Insurance Brokers Limited.

CASE STUDY - Enabling Insurance Success with Enterprise Business Intelligence. October 13, ; Commentary by Tony Simpkins, Data Warehouse Program Manager, Grange Insurance.

With over a billion dollars in written premiums, Grange Insurance is a property and casualty insurer that offers home, auto, and business insurance and a. Building the Case for Business Intelligence in the Insurance Industry 1 Executive Overview To manage through volatile times in a highly competitive market, insurance companies need a.

The case explores the need for creating a Business Intelligence (BI) environment and a framework for managing information. It discusses the use of Decision Support Systems (DSS) for improving the efficiency of operations of insurance firms.

Insurance Business intelligence In today's highly-regulated insurance market, diminished customer loyalty coupled, represents a major challenge where insurers no longer control their brand message; consumers do.

improved customer retention, and new business opportunities. View Case Study.

Insurance Turning Challenges into. Business intelligence for insurance: Research suggests that many companies are still struggling to see the bigger picture as a result of underlying issues with their approach to data. How can Business Intelligence transform the insurance industry?

These are companies with real, tangible goods – and they often provide the best use case.

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Business intelligence in insurance case study
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