TIA Technology, a company offering standard insurance software applications for the P&C and life insurance industries, has released a cloud-based business intelligence application, TIA BI Cloud.

TIA BI Cloud improves analytical support and decision-making abilities, the company said. The application supports the different kinds of information needed to run an insurance organization, supporting top management, underwriters, sales managers, regulators and actuaries. It is intended to help address the BI process and make all metrics and decision factors 100-percent transparent.

TIA BI Cloud includes a management information system that offers the management team an overview of the main company KPIs; advanced statistical methods and tools that enable analysts and actuaries to perform analyses, forecasts and simulations; the ability for business specialists to do ad-hoc analyses and create custom reports; and automation of relevant regulatory reporting, meeting compliance standards.

“In many insurance companies, analysts spend too much time searching, cleansing and preparing data instead of actually analyzing and using it,” said Liselotte Munk, CEO at TIA Technology TI. “BI Cloud flips this ineffective model on its head, allowing analysts to use the majority of their time to support sound business decisions.”

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