By Louis T.Cherian,
The success of a firm in the highly competitive insurance industry depends not only on its ability to get new customers, but also retaining the most valuable customers. One way to do this is to offer these customers the most suitable policies at the best rates. So how can a company the size of Safety Insurance, which has been in existence since 1979 identify their most valuable customers?
And how could they maintain consistency when offering multi-policy incentives, given that they deal in dozens of types of policies to millions of policyholders, when the customer data is fragmented across numerous policy systems? Moreover, with its customer data fragmented across numerous policy systems, the actuaries were spending all their time building new databases instead of analyzing them, and eventually ending up in getting multiple versions of the truth, making it difficult for the business to make informed decisions.
This is where the combination of IBM PureData System for Analytics and Cognos opened up a whole new world of analytics possibilities that enables Safety Insurance to run their business more wisely and more efficiently.
How did they do it?
- Switching to a powerful analytics solution
Safety Insurance teamed up with New England Systems, (IBM Business Partner) and decided to deploy the IBM PureData System for Analytics to provide a high-performance data warehouse platform that would unite data from all of its policy and claims systems. They also implemented IBM Cognos Business Intelligence to provide sophisticated automated analysis and reporting tools.
- Accelerating delivery of mission-critical information
Harnessing the immense computing power of IBM PureData System for Analytics enables Safety Insurance to generate reports in a fraction of the time previously needed. Moreover, automating report generation enables actuaries to focus on their actual job which is analyzing figures rather than building and compiling and them. Automation also standardizes the reporting process, which improves consistency and reduces the company’s reliance on a particular analyst’s individual knowledge
- Identifying and retaining high-value customers
By providing a “single view” of the customer across all types of insurance gives a new level of insight into customer relationships and total customer value. By revealing how valuable a particular policyholder is to the overall business, the company will be able to provide more comprehensive service, better combinations of products, and consistent application of multi-policy discounts.
To know more about this success story, watch this video where Christopher Morkunas (Data Governance Manager) from Safety Insurance Company talks about how they were able to gain a better view of their existing data and its products with the combination of IBM PureData System for Analytics and Cognos.
About Louis T. Cherian,
Louis T. Cherian is currently a member of the worldwide product marketing team at IBM that focuses on data warehouse and database technology. Prior to this role, Louis has held a variety of product marketing roles within IBM, and in Tata Consultancy Services, prior to joining IBM. Louis has done his PGDBM from Xavier Institute of Management and Entrepreneurship, and also has an engineering degree in computer science from VTU Bangalore.