The insurance industry is replete with data, ready to be consumed by analytics and reporting systems to generate critical business insights. So, equipping stakeholders in an organization to effectively analyze and use data in a timely manner, is imperative for enabling effective data-driven decisions. Dashboards empower rapid understanding of business performance by tracking critical business data in easily ingestible and analyzable forms and actionable insights to drive optimization. Developing a comprehensive analytics dashboard that serves all levels of business leadership, while being scalable enough to accommodate large volumes of data from legacy systems as well as form new or additional sources, is a key requirement of the insurance industry.
- Growth: Metrics related to quotation and inquiries (new business activities) were not reported anywhere. Lack of comprehensive reports beyond written premium and policy volumes impeded management from having a transparent view into business lines and tracking areas of growth.
- Efficiency: Multiple channels generated a number of disparate reports, based on Excel, PowerPoint and premium layouts. Absence of a standard layout for reports, created challenges in comparison of performance across diverse channels.
- Further, the client’s core system was not capturing outbound quote related data. This hindered effective performance management of brokers, since it is dependent on parameters such as strike rate, referral rate, etc. Lack of a unified reporting platform to analyze data from multiple systems for policy management and quote management reports posed additional challenges.
- The absence of a single reporting platform also created challenges in seamless coverage of metrics related to diverse channels. The incumbent system generated hundreds of discrete reports for every channel, covering multiple metrics. Consolidation of these reports for performance tracking proved to be a tedious process, impacting productivity and efficiency.
- Customer experience: Manually intensive processes overseeing the generation of regular reports, and manual efforts expended in integrating data from multiple sources into the dashboard resulted in long delays and high turn-around times. Further, the customer had to consolidate data from several reports generated this way to arrive at any important business decision, resulting in negative customer experience.
- Virtusa built a graphic Management Information (MI) dashboard that generated reports in standardized layouts for all key channels. The new dashboard integrated data across various systems (Premium, Quotation and online solicitation systems). It, thereby eliminated dependency on finance and operations manual processing.
- The new comprehensive dashboard used data from multiple systems and locations, and provided a consistent and appealing presentation to all brokers. Data was automatically updated every week to reflect the latest metrics. The dashboard, in addition to addressing the key challenges elated to growth and efficiency, also enhanced scalability of the solution. Virtusa facilitated the necessary training on the functionalities and usage of the tool to drive adoption and empower the business team to eliminate dependence on IT.
- Growth: Latest insights were derived from existing data, and were made available to channel partners. Business processes were refined based on information derived from the tool. The dashboard was scalable to accommodate new channels; any new channel could be seamlessly integrated into the dashboard system with minimal development effort. The platform also captured metrics related to new business and renewals, thereby providing a comprehensive, unified platform for all data-driven decisions across the organization.
- Efficiency: Significant reduction in OpEx: OpEx was reduced by 20,000 in the very first month of operation, on an investment of USD 1, 00,000 for development of the tool. Time and effort of both the user community and the IT team was significantly cut down as dependence on IT was eliminated, for generating reports.
- Improved management: The reports generated by the MI system played a key role in managing the performance of channels, such as reviewing lead indicators to check opportunity conversion, identification of issues, tracking opportunities versus Sales targets, analysis of drivers of performance, etc.
- De-risking business impact on different teams: Apart from eliminating dependence on IT for generating reports, the MI tool integrated data across various systems, eliminating dependence on Finance and Operations teams, as well.
- Customer experience: Two major issues impacting customer experience were addressed: high turnaround time for generation of reports and lack of a single reporting platform that covered all metrics under one roof. This enabled better decisions.
- With the new MI dashboard, data to any channel, intermediary, line of business, or any business metric was just a click away. It was presented with appealing and insightful visualizations, resulting in rich user experience.
- Further, automation of all processes feeding data into the dashboard enabled on-demand generation of reports. This resulted in significant customer delight.