A BI solution will help an insurance company to get a holistic 360 degree view of customers, issues faced. Helical has got immense experience in developing BI solution in Property and casulaty insurance domain. Having built more than 50 reports, 20 dashboards, geographical dashboard, adhoc reports and OLAP cubes, these BI solution can be used across many different departments like underwriting, claims, billing, reinsurance, insurance etc.
Below present are snapshots of some of the reports dashboard developed by us for client.
This report includes stratification of total incurred with claim count within each stratum. This report includes the ability to define the bands ($0-$100K, $100K-$250K, etc.) to meet your needs.
This information is useful in reviewing severity patterns. For example, we see in this report that approximately 60-65% of claim count is generated by losses valued at $1,000 or less. Loss stratification provides information that can be used in several ways. It is an important consideration in insurance program design – retentions, limits, etc. And, this report is also useful in setting severity reduction goals and monitoring performance.
A table of loss experience showing total losses for a certain period at various, regular valuation dates, reflecting the change in amounts as claims mature. Older periods in the table will have one more entry than the next youngest period, leading to the triangle shape of the data in the table. Loss triangles can be used to determine loss development for a given risk.
Large Loss Report
This report provides detailed information on individual claims. It allows selection of claims over a certain threshold.
The amount of detail shown on this type of report can be completely customized to meet each client’s needs.
By isolating claims over a chosen dollar amount, clients are able to focus upon claims making the greatest contribution to total incurred. Uses include claim reviews with administrators, insurance submissions, actuarial analysis and focusing operations staff on opportunities such as lost time reduction.
These reports can provide a simple listing with relatively little detail or much more complete information for specific claims.
It is often valuable to focus specifically on open claims. We have worked with clients to develop a number of approaches and reports to address this need. Often the focus is to mitigate lost time and close claims. Most effective claim management programs include reinforcement of this objective to both operations staff and claim administrators.
Examples provided here show all open claims, open claims with total incurred
Average Claims by Severity
The Report displays business KPIs like Incurred Loss, Paid Amt, Claim Frequency and Avg Incurred Loss summarized by Adjusting Office.
Description:This report helps identify specific causes of loss.
Description: The report provides detailed information of all the claims which are registered. An end user will have the option to filter the data according to dates (month and year), company, line of business, dealer group etc. Based on those input parameters which are selected, the report gets populated up
Claims Schedule – By Company
Description: The report provides detailed information regarding the Payments, Loss Adjusting Expense, Outstanding Loss Reserves, Incurred Loss and Salvage Amount by claims.
Claims Recovery Summary
Description: The report displays summary of recovery amount by Country, Company, Agent, Line of Business, Claims, Coverage and Date of Loss.
General Premium Summary Report
Description: The report displays summary of premium amounts by Country, Company, LOB, Dealer group and Coverage.
Inforce & Unearned Premium Summary Report
Description: The report displays summary of new/renewal Inforce amount and new/renewal Unearned amounts premiums by Dealer Group and coverage
Loss Paid and Reserve by LOB
Description: The report displays summary of Loss Paid (MTD), Loss Paid (YTD), Loss Reserve, Expense Paid (MTD), Expense Paid (YTD) and Incurred Amount by LOB.
Policy Transaction Report
Description: The report gives details of policy transactions in given period.
Written & Earned Premium Comparison
Description: The report display comparison between Policy count, Written and Earned Premium for current period and previous period.
YTD Loss Listing
Description: The report displays YTD summary of Loss Payments, Recoveries and Incurred Loss by Company, Coverage, Dealer Group, Dealer, Claim Number and Date of Loss.
Premium production by agent
Description: The report allows user to view Written Premium, Average written Premium, and Policy Count for New and Renewal premiums by Agent
Profitability – Top 10 Agents
For the selected duration this report will show the amount earner from different companies.
Description: Description: The report provides detailed information of all policies registered for s
There could be various dashboards. For example the below dashboard shows information like loss ratio, incurred losses amount and change percentage, written and earned premium, money earner in new versus the renewals etc.
The below dashboard, for the selected product, shows things like written versus earner premium, revenue growth over a period of time from new business / renewal / retention. It is also showing the loss ratio.
What – If Analysis
A what if analysis to in which there will be input parameter to select the product. Once the product is selected, end user can select different parameters like policy premium, policies per month, renewal retention, claim severity etc and accordingly he can see what how it will affect the loss ration, earner premium, written premium etc.
For having a demo of the same please get in touch at [email protected]