BusinessIntelligenceandInsurance-Wipro.pdfVIP

Business Intelligence and Insurance Application of business intelligence tools like datawarehousing, OLAP, and data mining in insurance Authors: Pawan Kumar S , Technical Manager, BI / DW Practice. Saurabh Swarup, Consultant, BI / DW Practice. Try this question: What is the most important pre-requisite to survive in today?s volatile marketplace? The answer is rather straightforward ? ?Information?, or more precisely, ?Actionable Information?. For no other industry is it as important as for the Insurance Industry, which is almost totally dependent on current and insightful information. This is exactly what Business Intelligence (BI) tools like data warehousing, data mining, and OLAP seek to provide. A close look at the insurance value chain suggests that BI can play a crucial role in almost every aspect of the chain. It can help identify the right customers for target marketing and analyze the reasons for customer attrition. It can help the insurer better manage its agents and sales force and improve the effectiveness of actuarial and underwriting functions. BI forms the most critical component of claims management, helping in fraud detection and claims estimation. On the asset management side, it can lower the insurer?s risk through sophisticated risk models developed using data mining tools. And most importantly, BI tools can help insurers provide crucial information to corporate clients, which can go a long way in cementing the insurer?s relations with the clients. Business Intelligence and Insurance Table of Content Introduction 01 Insurance Industry Overview and Major Trends 01 Business Intelligence and The Insurance Value Chain 02 Customer Relationship Management 03 Channel Management 05 Actuarial 06 Underwriting and Policy Management07 Claims Management 08 Finance and Asset Management 09 Human Resources10 Corporate Management 10 Conclusion11 Case Studies 11 References 1