BACKGROUND: Plymouth Rock Assurance Corporation, a subsidiary of the Plymouth Rock Company, issues property and casualty insurance in the state of Massachusetts. Since the state of Massachusetts sets automobile insurance rates and mandates that no person can be denied coverage, Plymouth was faced with the challenge of providing coverage to risky drivers while minimizing costs and claims to remain competitive. Faced with rising claims expenses, Plymouth needed a way to analyze its risk exposure and reduce costs by finding and retaining more profitable customers while still providing excellent service.
PLATFORMS: The Broadbase EPM server is a Compaq Proliant 3000 server, dual processor (333 MHz) with 1.08GB RAM. The server is administered across a Novell/NT network.
PROBLEM SOLVED: Broadbase EPM, a Web-based analytic application that integrates and analyzes information across all customer touchpoints including e-business, sales, marketing and customer service, allows Plymouth to optimize business performance and profitability by measuring sales deals, analyzing claims, computing compensation and assessing risk exposure. In addition, Broadbase delivers actionable information to the internal business-user community at Plymouth Rock and three of its sister companies, comprising a total of 100 business users and over 150 networked insurance agents, to identify sales opportunities while providing details on demand for expedient customer service. Broadbase EPM allows Plymouth to easily access, analyze and deliver strategic information about operational costs, agent productivity and customer profitability from mainframe and distributed database systems via a Web-based interface.
PRODUCT FUNCTIONALITY: Plymouth selected Broadbase EPM because it was a complete, Web-based, ready-to-deploy solution that would work seamlessly within the existing IT environment by integrating multiple sources of data. In addition, Broadbase's graphical user interface with drag-and-drop data access made it easy for Plymouth to set up links to data sources, populate tables and generate business views. Business users can easily use the intuitive point-and-click capabilities for specific reporting and analysis to give them the details about risk exposure, sales compensation and claims. A customer value-based compensation optimization application is planned for the future. In this analytic application, Broadbase EPM will analyze the risk profiles of closed deals to tie back into HR and payroll systems and optimize compensation of agents and brokers.
STRENGTHS: The choice of Broadbase has delivered significant quantifiable benefits for Plymouth including reduced claims processing costs, reduced vendor costs due to on-line verification and reduced claims' expenses due to targeted marketing. A low resource burden and cost of ownership combined with significant revenue benefits from cost and risk reductions make Plymouth Rock's ROI significant, rapid and compelling.
WEAKNESSES: Broadbase EPM contained inconveniences such as not being able to rename objects, and the development/design and production environments were too intertwined. These issues have all been rectified in the new version.
SELECTION CRITERIA: When Plymouth began looking for analysis solutions, it was faced with a "build vs. buy" approach. After evaluating several options, Plymouth found that none of these solutions fully met the company's analysis needs, budget and timing requirements. Each of these solutions would only address part of the problem and would require a lot of customization. Broadbase EPM provided a complete solution that fit in with the existing technical environment, was within the budget parameters and could be rapidly deployed.
DELIVERABLES: Broadbase EPM is at the hub of delivery of information and reports to agencies and departments for various applications. The most critical reports are agency status, compensation reports and policy premium collections.
VENDOR SUPPORT: Plymouth is extremely satisfied with the functionality, ease of use and rapid deployment of the Broadbase solution. The total elapsed time for the implementation of the solution and the development of all applications was only three months and well under the anticipated budget. This rapid implementation was due in part to the excellent team from Broadbase and DST/Condor, the systems integrator that helped with the installation, which implemented the system seamlessly and helped with all follow-up training and technical support.
DOCUMENTATION: All documentation was very intuitive and easy to follow.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access