Reliable source of insurance reporting

June 18, 2021

Business Intelligence (BI) is a term that includes the applications, infrastructure, tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance.

Something very important is that the objectives to be achieved with the indicators that we obtain with the help of BI tools (Customer Satisfaction, KPI, Complaints), are limited by the tools themselves. The requirement is that we must use technology that allows us to create indicators of business objectives and benchmarks, and test if these indicators are useful to determine whether these objectives have been achieved and, furthermore, to be able to improve and modify them quickly with rapid BI methods to include new requirements.

BI solutions (e.g. Jaspersoft) to be used must be intuitive and easy to handle so that the end-user can give them the value they are looking for without depending on the IT department. They must allow data to be interpreted without the need for complex analysts, and they must provide the user with the security that the data is consistent and necessary, eliminating null or irrelevant data.

Everyone in their role will see the information identified as important for that role so that they can identify the strengths and weaknesses of their organization to achieve the defined objectives. It is important to emphasize at this point that the training of users in the tools and their possibilities is a key factor in achieving the objectives.

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Advantages of Jaspersoft BI

Profitability

The presentation of information in a structured way contributes to the monitoring, optimization, and analysis of the business. Thus, it facilitates the evaluation and decision making that maximize the profitability in the insurance area.

Pre-installed and optimized data models

It is based on a pre-established data model. It contains hundreds of key performance indicators - KPIs, dimensions, and reports. These are the tools that enable an efficient and flexible sophisticated analysis of information.

Self-service

The graphical user interface is distinguished by its easy access to create and run reports. By reducing dependence on the IT department, users benefit from instantaneously updated information.

Project Execution

The integration module contains dozens of scripts that enable rapid implementation of the system in just a few months.

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Functionality for Insurance Companies

  • Historical analysis and time bases
  • Data access control
  • Flexible risk parameters
  • Risk Management
  • Triangulation of claims
  • Dynamic calculations

Reporting by the department.

Marketing and Sales

  • Sales Analysis
  • Analysis of Periods of Coverage
  • Renovation control Cross-selling
  • Control of mediators

Data Collection / Collections

  • Profitability analysis
  • Accident rates
  • Frequency
  • Risk parameters
  • Detail at product or business line level

Claims

  • Claim indicators
  • Payments and reservations
  • Service Providers
  • Claimant follow-up
  • Run off behaviour

General

  • Reinsurance
  • Actuarial
  • Financial
  • Internal and external audit

Without a doubt, Jaspersoft BI is one of the most used tools in the market, thanks to its friendliness, support, and costs. If you want to make a presentation or simply learn more about Business Intelligence, do not hesitate to contact us.