Ramco Analytics Suite - Insurance
Insurance companies across the globe are passing through a phase of increased regulatory intervention, volatile market conditions, falling organic growth rate and fast changing customer preferences. Each of these factors significantly impact both the top and bottom line of insurance businesses.
Being an industry which works on the principle - ‘Law of Large numbers’, the Insurance Industry today has to grapple with Big data to arrive at meaningful information. With the rapid changes facing the industry, a good business intelligence tool can provide you with deeper and more incisive insights into the multiple facets of the insurance business.
Ramco Analytics Suite - Insurance is a comprehensive BI suite that supports analysis across different phases of insurance operations -- right from the identification of prospects until maturity of the policy or settling of claims. It can help you improve the performance of your key business levers like channel productivity, customer retention and claims management. With Ramco Analytics, you can be assured that your decisions are based on accurate and validated data.
- 360-degree view of critical business functions enables total performance management
- Draws data captured in various operational and financial systems into a comprehensive data warehouse and couples it with the right tools,
- Ensures that your organization outperforms competition in all core areas through instant information and intelligent analyses
- Uncovers trends, patterns and key comparisons to give you complete understanding of your best markets and target them for growth
- Delivers interactive business intelligence to your digital devices, fostering paperless reviews and monitoring .
The Agent Management module of Ramco Analytics Suite helps you compare new businesses achieved as across geographies, channels and products. This helps you to achieve the planned profitability as you will be able to identify and analyze trends across channels, leading to mid-year corrective measures.
- Understand the sales behavior of agents, managers and channel partners, leading to better reward programs, relationship maintenance matrix and key partner retention strategies
- Compare the performance of various distribution channels and provide drill down capability to the level of individual agents and products
- Assess the effectiveness of developmental actions initiated through periodical measurement of performance.
This module provides analytical reports to help you assess interalia the operational efficiency of the policy issuance primarily. A ‘Cause analysis’ can help in understanding the delay in processing across channels, geographies and product lines and help in quick follow up and , leading to least proposal withdrawals.
Ramco Analytics Suite - Insurance allows you to analyze the leakages in the new business like Cheque Bounces, Proposal Withdrawals and Not Taken Up (NTU) by customers across geographies and channels, thus helping in early identification of wrong sales practices.
- Monitor trends in lapsation, in terms of products, premium modes, channels and geographies
- Aid in devising suitable policy revival strategies
- Connect with customers directly and pave the way for up selling and cross selling with a close monitoring of High Value premium
- Improve customer retention by helping insurer address the underlying causes of lapsation
Claims module helps in constant tracking and reporting on registered claims and their progress in terms of settlement, thus avoiding unnecessary delays in claim payment and leading to higher customer satisfaction and compliances.
- Understand the trends in claims in terms of products, channels and geographies and provide insight into product profitability and pricing
- Analyzing trends in claims and loss patterns across channels, products, and geographies, thus helping to spot fraud and optimize reserve requirement
- In respect of health insurance, any abuse by medical practitioners can be easily identified through analysis of patterns of payouts.
The Customer Management module supports detailed analysis of product wise customer demographics and throws light on the customer segment across product lines.
- Help devise strategies for furthering the business
- Customer segmentation can be used for devising the most appropriate customer engagement activities like communication and performance updates to ensure retention and upsell to customers.
The Profitability Management module provides a periodical analysis of key ratios like Retention Ratio, Conservation Ratio and Expenses Ratio, which can throw light on the profitability of the business and help avoid costs and underwriting over runs. These key ratios are presented in a dashboard format.
- Premium analysis allows you to closely track the performance of a product or product line by geography, and by distribution channel
- Assess the productivity and profitability of each product, geography and distribution channel