Adding Power and Dynamics to Business Intelligence Solutions for the Insurance Industry

The insurance industry is all about statistics and the handling of sensitive data.  The industry shift toward real-time analysis of “bigger, faster and wider” data flows also dictates new directions for the development of data warehousing and Business Intelligence (BI) solutions for insurance.  


To satisfy the requirements of today’s insurance companies, we need to understand the following:

  • What data is being collected?
  • How clear is the data?
  • Where is it stored?
  • In what form is it stored?
  • How can it be reached?

A critical imperative for any insurance practice is the ability to process volumes of stored data from a variety of different sources, such as CRM, CMS, RMIS (risk management information systems), etc., and turn them into well-structured integrated Business Intelligence and analytics for meaningful reports, planning, and forecasting.

Properly leveraging such a massive amount of data requires a single, well-organized system that can help identify new business opportunities, and support related business decisions on both strategic and operational horizons, e.g., underwriting and claims management, sales and distribution, customer management, etc.  

Based on experience, the CoreValue data team has identified key aspects of building a comprehensive data and Business intelligence solution for insurance enterprises that includes extended infrastructure for streaming data processing for improved BI, and a Cloud-based data warehouse for improved performance and scalability of complex data volumes that saves on capital and operating expenses.

The Cloud

The Cloud and big data for insurance business is compelling from both financial and educational perspectives. The Cloud allows enterprises to focus on important business aspects like innovation and value-based insights, instead of infrastructure maintenance and the overhead of servers, deployment, equipment and IT staff management.

Cloud service is also moving swiftly toward resolution of particularly challenging data cyber-security concerns. By applying the latest security and encryption solutions, which meet industry-specific compliance constraints and requirements for a Cloud-based data warehouse, the insurance industry now has a powerful instrument for data protection.

Real-Time Data

Real-time data provides on-demand access to all types of business-critical information, e.g., historical data, market data, user input, etc.  Such an approach provides instant tactical support and allows insurance companies to react immediately to various events as they occur, e.g., early-stage fraud detection, end-user reminder push notification, etc.

Real-time data processing is also vital for customers, who prefer to pay premiums, file claims and see their status on-line and on-demand.  Add this to skillfully applied BI analytics, which helps insurers manage and pay out valid claims more efficiently, and customer satisfaction becomes another benefit.

Data Science Modeling Infrastructure – Sandbox

Data science modeling infrastructure (Sandbox) empowers data experts to build models for later production implementation. It makes data available for live data monitoring, continuous query processing, automated alerting and reaction, and machine learning.

Data scientists can address complex analytical projects by pulling data from all layers with Sandbox. It also facilitates implementation of Data Science models for a larger number of projects/applications, and therefore delivers Business Intelligence and analytics programs faster.

For example, insurance data professionals engage machine learning algorithms to manage expenses and risk analytics, monitor fraud, and aid other general insurance issues. The critically important risk assessment and event probability computed with machine learning methods predefine underwriting and claims decisions.

Imagine being able to leverage accurate claims management, risks analytics, loss inspections, fraud detection and other important insurance operations based on real-time data access. Then imagine being able to do that without the overhead of equipment, maintenance and staff management.  Big data and Business Intelligence analytics holds a great promise for every industry, but unquestionably, a comprehensive, Cloud-based BI solution can transform any insurance business into a more efficient, cost effective and customer-oriented enterprise.

Ready to think about business intelligence for insurance?

Lyubomyr Senyuk

Chief Technical Officer, CoreValue

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