InsFocus Systems Ltd., an Israeli-based developer of business intelligence (BI) solutions, has introduced a Web-based version of its BI software suite that includes built-in data management and analytics. Using InsFocus BI 3.0, the vendor claims insurance companies can take advantage of advanced Web technologies, reporting tools and dashboards to better analyze actuarial, claims and underwriting data.
Turning the vast amounts of data insurance companies collect into useful information remains an industry priority. A 2014 survey by State Street found that 50 percent of respondents will pursue technology investments to help them capture new customer insights over the next three years.
“Much of the actuary’s work involves collecting and normalizing data for the actuarial calculations,” InsFocus CEO Uri Taiber said. “InsFocus BI is a convenient infrastructure enabling the actuary to prepare the data required for various analyses quickly and easily. It saves him hours of grunt work, allowing him to focus on professional actuarial work. It also gives other company stakeholders - in financial, underwriting, marketing and claims - analyzed information needed in the course of their work.”
Web-based technologies incorporated into InsFocus BI 3.0 include HTML5, ASP .NET MVC, jQuery and CSS3. According to the company, these provide for faster, easier data analysis and report preparation that can be managed directly from the Web. The new version supports a variety of browsers, including IE 9+, Chrome, Firefox and Safari, and reports can be customized and viewed in many different languages. The software’s core framework features embedded insurance calculations and algorithms, including earned and unearned premium calculations and exposure calculations, and IBNR allocation algorithms can be customized per client request.
Data within reports can be sorted, filtered, aggregated and triangulated. InsFocus added that the sharing of libraries—a new feature—enables systems administrators to split the company’s reports library into various sub-libraries to meet the specific needs of different groups or departments.
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