Q: We are in the process of identifying new opportunities for business intelligence (BI) use in insurance, mainly in life and property and casualty in the area of policy administration, claims handling and underwriting. Can you consultants suggest what should be the next level as we provide support for BI development, and customized reports? Our group is also looking for trends and what a software vendor's expertise in BI/DW can do for an insurance company. We work on ETL as well as reporting.
Property and casualty fraud runs about 30 billion dollars each year. Analysis and data mining could uncover much of this expense. The amount that's paid compared to what should be paid ("claims leakage") lends itself very well to BI analysis. Every dollar saved from a fraudulent claim or an overpaid claim goes directly to the bottom line. In both life and property and casualty the agent network is critical to sales. A BI application would help your organization understand your agents, both employees and independents, analyze compensation, bonuses and the affect of perks.
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