Insurance Sector
Insurance sector is probably one of the lagging sectors compared to others when it comes to leveraging on its data.
While this sector has to keep abreast of changes in regulatory compliance, they also have to help themselves in getting value out
of data they handle. Most of the insurance agents are coming up with smart tools for comparing among the product offerings,
the companies in this sector are to be agile enough in augmenting their product-portfolio to attract more customers.
CHALLENGES:
Few of the top pressing challenges of Insurance companies are:
Integrating Governance,Risk and Compliance (GRC)
Getting IT and Business on the same page - All insurance companies, reinsurers, intermediaries and agents / brokers, program managers
need to be focused on how to leverage IT to solve business problems.
Melting down the silos structure created by existing automated solutions - Most of the existing automation solutions have taken
each operation as a separate silo rather than an integrated part of whole. Because of this, the data involved has to be rekeyed into each system.
This is the major hurdle these companies have to overcome in order to be agile enough.
Standardization of data - The customer data is to be verified at various stages and in various forms. Unfortunately, most of the companies
in this sector are not giving priority to adopt standard taxonomy for the data exchange. Instead, there is a rising trend where the data entered
by the retail agent will be passed to the main system in real time for further usage
BENEFITS:
KPIwoven can assist in 'melting the operational silos'. And at the same time assist in getting a clear visibility to the key drivers in order to
overcome the business challenges stated earlier. It provides visibility to the operational efficiencies, synergy among various functions,
performance of projects across enterprise, bottom line of business and profitability.
Easy integration of standard taxonomies including ACORD, XBRL
Captures data from all across your enterprise and from all existing automation software solutions
Provides automation of reporting from single source of 'authentic data'
Easy integration with technology infrastructure and other business applications
Provides holistic view of technology performance
OUTCOMES:
Our web-based Strategy Execution Management platform provides enterprise class scalability, responsiveness and security,
ensuring lower TCO while providing visibility to business drivers and functional alignment.
This Evidence based system enables you to easily configure multiple strategies and to systematically track them through for achieving desired
operational efficiencies. And at the same time, it can manage your enterprise data effectively in order to provide a single source of
'authentic data'.
CASE STUDY:
We have chosen this case study of one of the leading Multi-national Insurance company with its Asian HQ in South Asia. The case study showcases KPIwoven
implementation at this company.