The Innovation Group plc released a new version of Insurer Analytics, which includes new functionality for policy analysis, insurance analytics, usability and extract/transform/load (ETL) process. The new version is designed to enable users to measure, monitor and manage and uncover insights and opportunities.
Innovation Group says the new version includes: out-of-the-box 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.
"These enhancements to Insurer Analytics add further value to an already robust data-mastery solution for insurance," said Andy Roberts, Group CEO for 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 offers data mastery components including analytics, BI presentation layer, ETL, a data warehouse / data mart, data sets and enterprise roadmap, the company says. Out-of-the-box solutions within the application are intended to maximize revenues, manage performance across the insurance value chain, prevent cost leakage and improve efficiencies.
It can be used in multiple areas, such as: customer data, distribution/channel management, underwriting, policy service, claims, pricing, enterprise risk management (ERM), catastrophe management, fraud management and supply chain management.
Insurer Analytics uses Microsoft SQL Server 2008 R2 for data warehousing and BI capabilities and Microsoft Silverlight to deliver a 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," said Tony Jacob, managing director, Worldwide Insurance at 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."
Insurer Analytics is available with Insurer Policy and Insurer Claims and as a stand-alone solution. It was profiled in the “Celent Data Mastery Spectrum 2012 report,” and recognized with the “Celent Model Insurer and VIP” awards in 2011. The underlying Microsoft BI technology used in Insurer Analytics was described as a leader in the "The Forrester Wave: Self-Service Business Intelligence Platforms, Q2 2012" report in June, and in the "Gartner 2012 Magic Quadrant for Business Intelligence Platforms" in February.
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