(Mantoloking, N.J. in the aftermath of Hurricane Sandy. Photo credit: Master Sgt. Mark C. Olsen, USAF.)
American Family Insurance (Madison, Wisc.) has selected Innovation Group’s (Farmington, Conn.) Insurer Analytics, a component within the vendor’s Innovation Insurer suite, as part of the insurer’s claim process transformation.
American Family sought an insurance-focused analytics solution that could be tightly integrated with the carrier’s existing claims system and which featured an extensive array of insurance key performance indicators (KPIs), at-a-glance executive dashboards and pre-built and user-configurable metrics, according to a vendor statement. American Family—which is the third-largest mutual P&C insurer in the nation—regarded as vital the implementation of an analytics system which enhanced its ability to scale quickly during catastrophe events, the Innovation Group statement adds.
“We were looking for an analytics solution that would help refine our growing insurance data and make it immediately relevant,” comments Paul Choi, national claims product director, American Family. “Innovation Group demonstrated that they truly understand insurance data. We are looking forward to using Insurer Analytics’ enhanced reporting capabilities to improve our day-to-day management.”
Among the benefits American Family will enjoy from implementation of Insurer Analytics will be the ability to do the following, according to Innovation Group:
- Leverage near real-time analyses and reports based on current and trusted data;
- Share important data rapidly and securely through web-enabled distribution of analysis, management information and exception reporting;
- Easily modify or enhance any pre-built or ad hoc analysis with just a few mouse clicks and without IT training; and
- Save money by focusing management on areas where it is most likely to improve processes, eliminate waste and enhance best practices.
The vendor describes Insurer Analytics as providing business intelligence (BI), dashboard reporting, real-time analytics and management reporting to assist in managing the business of insurance. The solution runs on Microsoft SQL Server and leverages its BI capabilities. Insurer Analytics’ configuration, robust insurance data model, broad out-of-the-box BI and dashboard reporting specific to insurance, provides real-time analysis and critical reporting capabilities, according to Innovation Group.