Insurance data

Many insurers have invested in Enterprise Data Systems. These systems hold millions of pieces of data and are often unwieldy when it comes to extracting relevant data that can inform commercial decision making.

The data warehouse feeds insurance processing but does not generate the insightful business reporting data that is needed by claims teams and actuaries to plan for the future. The design of these systems often uses data fields that are not frequently used and therefore it can be hard to track down the right data at the right time.

Insurance is a highly competitive business and quality data can be the key to building and retaining a market advantage. So, insurers are increasingly looking for data experts to help them extract the right data and put it in a format that is easy to access and use for planning across the business.

Turn data into viable business information

We have built a reporting DataMart for the claims and underwriting functions for a large insurer providing insurance cover to commercial enterprises and reinsurance protection to other insurance companies around the world. This is to help the business turn the data from the source systems into viable business information.

This allows actuaries, for example, to see the ‘triangles’ that are essential to understanding how the company is performing across various classes of business and when, during policy cycles for each class, the biggest period of risk occurs. This in turn allows the business to see how to manage premiums within each class of business in the coming year.

Working with data specialists like Red Olive is helping insurance companies to:

  • Make better commercial decisions
  • Have a clearer understanding of their risk exposure and loss ratios
  • Consider reinsurance opportunities
  • See which classes of business are most commercially viable
  • Manage catastrophe modelling
  • Significantly reduce costs on data management
  • Access more accurate data on a reliable and repeatable basis
  • Meet governance and regulatory requirements

Contact us for more information on how you can extract more value from your data.

Get more value from your data

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