During Times of Uncertainty and Tough Competition, an Insurance Broker is Racing Ahead
How data driven approach helped to anticipate market disruptions and resulted in organizational transformation leading to new competitive positioning.
Sterling, VA, January 26, 2017 --(PR.com)-- ASSYST’s client, a US top 20 Insurance Brokerage firm has been able to transform their business by relying on data analytics and insights. With two decades of experience in Insurance Brokerage, presence in 30 locations and over 500 professionals, their client is one of the leading brokerage firms in the USA.
The brokerage was processing and storing vast amounts of data within their agency management systems and those data contained untapped potential for business. Executives and producers within Insurance Brokerage wanted to constantly innovate to attract new clients, while retaining and growing their existing clients through new offerings. CFO’s office typically analyzed their financial projections by reviewing historical premiums, revenues, producer commissions by lines of business and geographical locations. But it was soon realized that tracking agency's financial progress by the client, line of business, departments, producers, agencies and carriers with real-time data and actionable insights is critical for competing in today’s rapidly disruptive and digitally connected insurance distribution industry.
By choosing ASSYST’s PanBI Big Data Analytics, a web-based Insurance data analytics and data visualization solution, the customer enabled management of employees, customers, producers and partners with data-driven insights. PanBI delivered more value to existing Agency Management System (AMS) investments, uncovered the potential of all available existing data and promoted team collaboration and analysis of data for decision making and accountability for actions. PanBI accelerator pack provided a number of most commonly used Dashboards and KPIs such as Premium vs Revenue Analysis, New Commission Revenue, Renewals, Book of Business by Producer, Revenues by the line of coverage, Retention / Loss rate of business, Percentage of cross-sold account and Close Ratio. KPI accelerator pack also helped to springboard the company wide Data Analytics program, facilitated easier integration with existing business processes and rapid adoption by departmental business users.
According to Mr. Vinod Nair, ASSYST’s Insurance Analytics Practice Director, “With PanBI, small and mid-sized traditional agencies and brokerages can quickly transform to growth mode by embracing data-driven insights, reevaluate their business models and use agility in their response.”
With PanBI, Insurance brokers and agencies will now able to operationalize data-driven approach to face existing and emerging competition. They will be able to use insights from multidimensional analytics to benchmark, track and predict business performance by product offering, pricing, commission structures, customer base, geographical presence, transaction channels and brand visibility.
PanBI facilitated data-driven analysis of Insurance agency’s performance in terms of policy volume and revenue, new business and activity across all carriers. These insights enable to quote and book policies with the most responsive and profitable carriers to create a new business with higher profit margins. Follow this link to a sample Insurance Analytics Dashboard - http://www.panbi.co/insurance-data-visualization-tool/, download the whitepaper & request for a trial access to PanBI for Insurance Analytics.
About ASSYST Insurance Practice:
ASSYST’s home office is in Northern Virginia in the Washington, DC metro area. We have operations in Southeast Asia. As a CMMI and ISO certified company, we maintain the highest level of Dun and Bradstreet (D&B) rating. ASSYST is structured as an employee-owned corporation that helps us retain the best talent and promote innovation to create products and offer services that greatly benefit our Insurance sector, customers.
ASSYST has been offering solutions to the Insurance sector for the past 15 years with specific focus on mid-sized brokerages and agencies. ASSYST’s practice includes functional knowledge of systems such as Business Acquisition, Quoting, Policy Administration, Claims Processing, Distribution, Reporting and Regulatory Compliance, CRM, Billing and Carrier Workflow across P&C, Life, Auto and Home lines.
Our solutions, platforms, and managed services offer agility and speed needed to make technology adoption, transformation and sustainment goals, and a reality. We operate centers of excellence in the areas of Core systems modernization, Digital, Portals, Data Analytics, and Knowledge Management, two critical components in today’s digital strategy portfolio. To accelerate adoption, ASSYST offers ready to deploy platforms, access to subject matter experts and good practice templates. Our customers include some of the fastest growing insurance brokerage firms.
The brokerage was processing and storing vast amounts of data within their agency management systems and those data contained untapped potential for business. Executives and producers within Insurance Brokerage wanted to constantly innovate to attract new clients, while retaining and growing their existing clients through new offerings. CFO’s office typically analyzed their financial projections by reviewing historical premiums, revenues, producer commissions by lines of business and geographical locations. But it was soon realized that tracking agency's financial progress by the client, line of business, departments, producers, agencies and carriers with real-time data and actionable insights is critical for competing in today’s rapidly disruptive and digitally connected insurance distribution industry.
By choosing ASSYST’s PanBI Big Data Analytics, a web-based Insurance data analytics and data visualization solution, the customer enabled management of employees, customers, producers and partners with data-driven insights. PanBI delivered more value to existing Agency Management System (AMS) investments, uncovered the potential of all available existing data and promoted team collaboration and analysis of data for decision making and accountability for actions. PanBI accelerator pack provided a number of most commonly used Dashboards and KPIs such as Premium vs Revenue Analysis, New Commission Revenue, Renewals, Book of Business by Producer, Revenues by the line of coverage, Retention / Loss rate of business, Percentage of cross-sold account and Close Ratio. KPI accelerator pack also helped to springboard the company wide Data Analytics program, facilitated easier integration with existing business processes and rapid adoption by departmental business users.
According to Mr. Vinod Nair, ASSYST’s Insurance Analytics Practice Director, “With PanBI, small and mid-sized traditional agencies and brokerages can quickly transform to growth mode by embracing data-driven insights, reevaluate their business models and use agility in their response.”
With PanBI, Insurance brokers and agencies will now able to operationalize data-driven approach to face existing and emerging competition. They will be able to use insights from multidimensional analytics to benchmark, track and predict business performance by product offering, pricing, commission structures, customer base, geographical presence, transaction channels and brand visibility.
PanBI facilitated data-driven analysis of Insurance agency’s performance in terms of policy volume and revenue, new business and activity across all carriers. These insights enable to quote and book policies with the most responsive and profitable carriers to create a new business with higher profit margins. Follow this link to a sample Insurance Analytics Dashboard - http://www.panbi.co/insurance-data-visualization-tool/, download the whitepaper & request for a trial access to PanBI for Insurance Analytics.
About ASSYST Insurance Practice:
ASSYST’s home office is in Northern Virginia in the Washington, DC metro area. We have operations in Southeast Asia. As a CMMI and ISO certified company, we maintain the highest level of Dun and Bradstreet (D&B) rating. ASSYST is structured as an employee-owned corporation that helps us retain the best talent and promote innovation to create products and offer services that greatly benefit our Insurance sector, customers.
ASSYST has been offering solutions to the Insurance sector for the past 15 years with specific focus on mid-sized brokerages and agencies. ASSYST’s practice includes functional knowledge of systems such as Business Acquisition, Quoting, Policy Administration, Claims Processing, Distribution, Reporting and Regulatory Compliance, CRM, Billing and Carrier Workflow across P&C, Life, Auto and Home lines.
Our solutions, platforms, and managed services offer agility and speed needed to make technology adoption, transformation and sustainment goals, and a reality. We operate centers of excellence in the areas of Core systems modernization, Digital, Portals, Data Analytics, and Knowledge Management, two critical components in today’s digital strategy portfolio. To accelerate adoption, ASSYST offers ready to deploy platforms, access to subject matter experts and good practice templates. Our customers include some of the fastest growing insurance brokerage firms.
Contact
ASSYST
Ali Alakalamchi
703-230-3138
www.panbi.co
Ali Alakalamchi
703-230-3138
www.panbi.co
Contact
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