Insurance Business Intelligence That Lives Up to All the Claims.
In today’s market, insurance companies face a bewildering set of challenges from almost every direction: fluctuating financial markets, rapidly shifting political and economic forces and the combination of increased competition and growing customer demands. To address these issues, some leading organizations in this industry have implemented enterprise-wide insurance business intelligence (BI) systems that provide unprecedented insights into pricing, customer service and other vital areas.
HARKENDATA has extensive experience in creating enterprise information strategy and implementation plans that assist insurers in consolidating and transforming data into valuable, actionable insights. Our insurance Data Intelligence Solutions help to improve the customer experience, provide greater pricing flexibility, anticipate and mitigate risks, reduce redundancy, increase profitability and enhance integration and coordination between departments. We provide the technology, infrastructure and processes necessary to deploy advanced analytics across the enterprise, in such areas as:
- Integration Strategies – HARKENDATA provides a complete set of services to integrate data from various business lines (life, auto, home, flood, property, liability, etc.) to gain a better understanding of customers and a unified view of new business, policy renewal, adjustments and cash functionalities.
- Risk Score Monitoring – We assist insurers in governing, managing and analyzing customer data to enable more sophisticated decision-making based on anticipated and current risks factors, streamlining the development of initiatives from new policies to claims analysis.
- Modernization – HARKENDATA is skilled at moving core applications from a legacy system to a state-of-the-art consolidated system, supported by comprehensive business and technology components. In the process, we improve modernization planning and design, as well as visibility of policy issuance, billing, dividend calculation, endorsements and renewals.
- P&L Report Optimization – We have proven solutions for consolidating profit and loss information from various systems throughout the organization, generating period-specific management and financial reports to ensure increased operational efficiency. At the same time, our solutions feature better response to business user needs, faster turnaround reporting and consistently high-quality report development.
- Customer Analytics – HARKENDATA solutions help insurers improve revenue potential by gaining a comprehensive, detailed view of customers and their behaviors over a specific period of time. As a result, the insurer can fine-tune products and services to better meet customer needs, and also identify renewable policies with the greatest up-sell and revenue potential.
- Marketing Insight – Our solutions help clients more effectively target customers by understanding which sales and promotional channels are the most successful for a particular geographic region, product offering or service. Additionally, our BI solutions can help improve the customer experience by ensuring that they only receive product/service information that is relevant and of interest.