Business Intelligence for Insurance

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Complete Video Transcript
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hello and welcome to today’s presentation on business intelligence
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for insurers
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this brief video will step you through several insurance scenarios using
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dashboards reports so hope give you an idea
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how your organization can run better using business analytics
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My Name Is Khan fen and I’ll be your guide on the store
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if at any time during the presentation you’d like to speak directly with
0:25
someone about your business intelligence needs
0:27
you can call the following number also be including this information at the end
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to the demonstration
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if you like to chat with someone then the start by looking at some other key
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performance indicators are keep your eyes
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that insurance companies track these figures represent best in class
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performance
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according to independent analysts top insurers have an expense ratio
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lesson ten-point a percent of the premiums they also retain more than 95
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percent to the customers
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and have a combined ratio no more the ninety-five percent
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but there are several headwinds to achieving numbers like these
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as you may know insurers face competition
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for increasingly more educated customers from both traditional
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and non-traditional players in the market the insurance industry is also
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been marked by mergers and acquisitions
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is Will’s increase regulations all these factors
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impact your cost structure customer retention rates
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your earned premiums the questions how to best in class insurers
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keep ahead of their competition running better
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can mean different things to different people one way successful insurers about
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to maximize the earned premiums
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missed optimize to distribution network this often means sharing key reports and
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dashboards with your sales channel
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via in action at it’s not only helps you enable and motivator for Salesforce
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but also allows you to bring your products to market more quickly than
1:55
your competition
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other successful insurers have been able to secure Bingley reduce their
2:00
operational costs
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you can do so by streamlining processes eliminating redundancies
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in getting the right data to the right people at the right time
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let’s take a look at some specific examples how business intelligence can
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try good performance
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here you have a dashboard
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tailored to the office the sea APO your financial Alice can quickly scan your
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key metrics
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analyze performance on a regional basis and see how your trainee again specific
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goals
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in this example you can see that the combined ratio for
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all products is trending upwards which is a good and has a yellow
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or caution status let’s take a look
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at the numbers for just your life insurance products well
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trending in the right direction in our the green your status
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what about your property and casualty products this is where things get
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interesting
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you see the all regions are struggling with this metric
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the train has been going in the wrong direction for the last six months
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and that the most recent I breed push you but your target
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let’s take a look your key ratios from a geographic perspective
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immediately the problem areas jump out at you
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now you can view not only the combined ratio
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which we’ve been focusing on so far but also the subcomponents
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up the expense and loss ratios here we can see
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from all the green States you doing very well from
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expense perspective the problem %uh sly
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with our loss ratio switching to look at losses for just property in casually
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you can quickly see the states that are having issues having information like
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this at your fingertips
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allows you to address issues before they significantly impact performance
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earlier we talked to go
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how you could optimize your distribution shall a given your brokers
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another channel partners visible the into key information help increase both
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earned premiums and customer retention here’s a sample report that shows the
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policies
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will be expiring during different time periods salesperson might be interested
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in following up with customers whose policies exploring the next seven days
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here you can drill into different categories see the breakdown for a
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regional perspective
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drill down to the state city level right down to the client contract
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so cease types analytic capabilities they can help drive performance
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the low market leaders to grow and differentiate
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distancing themselves from the competition
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it also enables them to choose specific products or competencies to focus on
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to drive success and innovation across our enterprise
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and the ecosystem
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thank you for your time same if you’d like to find out more about the
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solutions he seemed
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get a deeper dive and how SEP can help your organization
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please contact the following number thanks for inviting me into your office
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cubicle or home today
5:01
hope you enjoy the presentation bye for now

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