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Hexaware is a leading global provider of IT and BPO services. The company has achievedleadership position in domains such as Banking, Financial Services, Insurance, Transporta-tion, Logistics and HR-IT solutions, Hexaware focuses on delivering business results lever-aging technology solutions and specializes in Business Intelligence & Analytics, EnterpriseApplications, Independent Testing and Legacy Modernization.Hexaware has been providing business technology solutions for over 18 years and offersworld class service delivery, technology leadership and skilled human capital.INDIA Headquarters EU Headquarters152, Sector - 3, 4th Floor, Cornwall House, HEXAWARE’S E-BOOK ONMillennium Business Park“A” Block, TTC Inductrial Area 55-57 High Street, INSURANCE ANALYTICS Slough BerkshireMahape, Navi Mumbai - 400 710 SL1 1DZ, UK Actionable Intelligence EnabledTel.: +91-22-67919595, Tele: +44(0)1753 217160,Fax: +91-22-67919500 Fax: +44(0)1753 217161NA Headquarters APAC Headquarters1095 Cranbury South River Road, 180 Cecil Street,Suite 10, Jamesburn, NJ 08831 #09-03, Bangkok Bank Building,Main: 609-409-6950, Singapore 069546Fax: 609-409-6910 Tel.: +65-63253020 www.hexaware.com Hexaware Technologies. All rights reserved.
1. What is Insurance Analytics? Is there a need? 1 Click 2. What is the architecture behind Insurance Analytics? 2 Click 3. What went into designing the data model for Insurance Analytics? 3 Click 4. What is ACORD? Explain the framework. 4 4 Click 5. What is an Insurance Capability Model? How is it beneficial? 5 Click 6. Does Insurance Analytics pack have a Predictive Analytics edge to it? 6 7 Click 7. Mobile BI - Insurance Analytics, is it there yet? 7 Click 8. All this information sounds too good to be true. Can I access this 8 Click application right now to get a feel for its functionality?www.hexaware.comHexaware Technologies. All rights reserved.
1 What is Insurance Analytics? Is there a need? 2 What is the architecture behind Insurance Analytics? Insurance industry is faced with tough challenges in the form of increased compe- Hexaware’s Insurance Analytics provides a comprehensive data model and busi- tition, demanding customer base, ageing population, growing regulatory scrutiny, ness focused semantic layer along with the adoption of ACORD standards and rising healthcare costs, increased frauds, managing distribution channels, attract- model. ing and retaining customers. To overcome the challenges and gain strategic Data can be read from a wide variety of data sources. Using the mapping tools advantage, Insurance companies need to manage insured’s and claimant’s data available in the market they can be held in a central repository. We also realize that across all their product lines, understand the complex hierarchies and consolidate analytics derives its strength from clean and consistent data and from business data from multiple systems so as to derive meaningful insights on their products, intelligence frameworks that protects consistency. The analytical solutions can be accounts and claims data. deployed easily on various Business Intelligence tool. Hexaware’s expertise in providing high-end insurance analytical solutions is based Visually enriched on a sound understanding of the KPIs used to measure the performance of life, reports/dashboards general and specialty insurance businesses. Our Insurance analytics jumpstart kit covers key metrics and dimensions of channel performance, sales growth, claims TRANSACTION EXTRACTION , BI REPORTING APPLICATION TRANSFORMATION processing and underwriting and helps your managers quickly zero in on opera- DATABASE AND LOAD PLATFORM tional inefficiencies and remove process bottlenecks. Our intuitive charting of health indicators patterns in combined ratios, lapse ratios, channel persistency, Ad-hoc querying underwriting efficiency, campaign effectiveness, claims TAT etc. foster quick acceptance and adoption by the user community. This in turn facilitates fast rollouts and early returns on your investment in insurance business Intelligence frameworks. Data warehouse Canned Reports ERP Informatica Oracle Oracle BI Mainframe IBM Data Stage SQL Server Oracle Hyperion Custom Apps Oracle DI Teradata SAP BO MS SSIS Greenplum IBM COgnos SAP BODS Netezza MS SSRS/SSAS SQL Procs DB2 MicroStrategy Sybase SASwww.hexaware.comHexaware Technologies. All rights reserved. 1 2
3 What went into designing the data model for Insurance Analytics? ACORDs most widely known accomplishment is the publication and maintenance of a huge library of standardized forms for the insurance industry. Most claims in Hexaware’s Insurance Analytics data model is a star-schema dimensional model, the U.S. are recorded or transmitted on ACORD forms. closely following the Kimball approach for data warehousing. There are five parts, or facets, to the ACORD Framework. Each facet has one or The Insurance data model covers the entire insurance business domain. These more relationships to the others, and they collectively represent different views of domains include from Marketing to Underwriting Claims and Policy Administra- the business of insurance. This combination of deliverables not only makes using tion. ACORD standards easier, but will also open new doors to innovation. • The model is designed in a way to deliver quick results. • Indexing and creation of fact tables & hierarchies have ensured quick querying capabilities. Listing and defination of • Also taken into consideration are the ACORD standards. things that are important to the business. The building blocks for 4 What is ACORD? Explain the framework. insurance systems Based in New York, ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to What insurance facilitate the development and use of standards for the insurance, reinsurance and companies do related financial services industries. With offices in London as well, ACORD accom- plishes its mission by remaining an objective, independent advocate for sharing Logical persistence The relationships model based on the information among diverse platforms. ACORD Standards and services improve information model among insurance efficiency and expand market reach. Affiliated with ACORD are hundreds of insur- concepts ance and reinsurance companies and thousands of agents and brokers, related financial services organizations, solution providers, and industry organizations worldwide.www.hexaware.comHexaware Technologies. All rights reserved. 3 4
5 5 What is an Insurance Capability Model? How is it beneficial? The below capability diagram is adopted from ACORD (www.acord.org) Capabilities - Top Level The Insurance Capability Model provides the "inventory" of insurance industry capabilities. Some capabilities are unique to a domain or can be shared across <capability> <capability> <capability> <capability> <capability> domains (Property & Casualty, Life & Annuity or Reinsurance). Business Claims Customer Finance Product Management Service An example of a shared capability is "Underwriting". Still other capabilities are used <capability> <capability> <capability> <capability> across the entire enterprise and are packed into the Enterprise Services top-level Channel Contract Enterprise Marketing capability. Management Administration Services ACORD’s Insurance Capability Model is one of five specific components that collec- tively create the ACORD Standards Framework. These components establish an architectural foundation that enables companies to build their overall business 6 Does Insurance Analytics pack have a Predictive Analytics edge to it? architectures and gain competitive advantage. ACORD’s Insurance Capability Model defines insurance industry business capabilities and is used by ACORD Predictive analytics can help insurance firms in business practices such as: members and the industry to accomplish the following goals: • Optimizing products and pricing • Identify the common and unique industry capabilities and areas for ACORD • Acquiring new customers Standards asset reuse • Retaining existing customers • Provide the basis for the definition of business process models and business • Performing sophisticated campaign management process service definitions • Detecting fraudulent claims • Identify where existing ACORD Standards can be leveraged and where • Estimating outstanding loss reserve opportunities exist for further development of ACORD Standards Hexaware has built specialized Predictive Analytics components that can be ACORD ensures that the IT solution(s): customized for specific customer situations. • Meet the business needs (function and ROI) • Respond to business changes • Are more cost eﬀectivewww.hexaware.comHexaware Technologies. All rights reserved. 5 6
7 Mobile BI - Insurance Analytics, is it there yet? Business Intelligence & Analytics Hexaware’s Insurance Analytical pack is mobile enabled to provide Our Business Intelligence & Analytics solutions help you transform into a • Better & faster business decisions dynamic enterprise through actionable intelligence. We have more than • Support for on-demand, ad hoc, self-service operational reports 50 patent pending innovations which help you with faster & efficient • More eﬀective management deployment & over 85 plus satisfied customers across diverse industries. • Real time access to the organization KPI’s and decision making on the go From consulting, articulation and development, to deployment and support, Hexaware can architect and implement data warehouses and BI systems, employing solution accelerators, process frameworks and 8 All this information sounds too good to be true. Can I access this jumpstart analytical kits, for any part of your business process. application right now to get a feel for its functionality? http://188.8.131.52:443/analytics/saw.dll?Dashboard&NQuser=Autoclaimuser& NQPassword=Autoclaimuser. Thank you for reading our E- Book, in case you have any queries please write back to us at firstname.lastname@example.org Suggested Reading: • http://www.acord.org/Pages/default.aspx For more information on our BI&A services please visit us at • http://www.acord.org/resources/framework/Pages/default.aspx http://hexaware.com/business-intelligence-analytics.htm • http://hexaware.com/insurance-analytics.htm To keep up with the industry’s latest trends in BI/ DW please visit our blogs @ http://blogs.hexaware.com/index/business-intelligencewww.hexaware.comHexaware Technologies. All rights reserved. 7 8