(Image source: Prima Solutions Group homepage.)
Prima Solutions Group, a Paris-based software vendor for insurance and reinsurance professionals, has released version 9.6.1 of Prima Analytics, its cloud platform for predictive analytics. The vendor reports that the new version results from a complete technical and functional overhaul of the software.
The vendor notes that insurers have enormous amounts of data, including include the insured’s age, socioeconomic status, premiums paid, compensation, car brands and number of beneficiaries. However, they may struggle to make sense of data. For example, they may ask questions such as on which type of vehicles is the loss ratio worst? In which regions and on what types of contracts do salespeople get the best results? Is the trend in claims from one year to the next normal or is there potential fraud? With reinsurance contracts, what change in the commission rate would improve the combined ratio?
“The insurers and reinsurers we serve are asking these questions,” comments Hugues Delannoy, President, Prima Solutions. “Users of policy administration systems are very frustrated at not being able to obtain this information with traditional reporting functions.”
Prima Analytics says its solution lets insurance and reinsurance companies answer these strategic questions. The software was developed by Tricast, which Prima Solutions acquired in late 2017 and which now serves more than 50 customers in the insurance industry. Renamed Prima Analytics, the cloud platform lets insurers and reinsurers explore and segment data to obtain a dynamic vision of their portfolios, according to Prima Solutions.
“Prima Analytics has been completely redesigned to improve ergonomics and to allow all possible graphical representations, thanks to its advanced components,” explains Delannoy. “While streamlining navigation, the new version also simplifies functional coverage and increases computing power, thanks to a Spark engine that allows complex operations to be parallelized. Moreover, we used open-source big data technologies and frameworks—Hadoop—and a distributed Cassandra database to develop this new 100 percent cloud version, which is easier to deploy and maintain than the old version.”
Delannoy adds that Prima Analytics is of particular interest to its customers using Prima P&C for non-life, Prima L&H for life and health, and Prima XL for reinsurance. He describes Prima Analytics as an agnostic solution capable of connecting to all the tools on the market. “The strength of our software is that it is already truly adapted to the needs of the insurance sector, He says. “We know that because we’ve worked with dozens of companies using Tricast’s solution for years.”
“Prima Analytics gives management teams intuitive yet controlled access to a wealth of data, anywhere, anytime and through any device,” Delannoy continues. “Thanks to its power and simplicity, this software solution will fill a significant void in the governance systems of many insurance companies around the world.”