Solutions for Insurance

​The rise of new distribution channels in the insurance market ​has led to increased price parity among providers. In response, insurers need to start differentiating based on the variety and quality of their product and services offerings. ​It's essential that insurance companies deliver fast quotes ​and quickly process claims, while effectively managing risk and complying to regulatory requirements. ​The Intelligent Enterprise harnesses the power of data, which is critical to understanding trends and risk exposure, streamlining processes, and delivering better customer service.

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Claims Management

Prevent fraud, increase customer satisfaction, and deliver a top-notch claims management process

Compliance and Audit

Better understand activities and trends related to audit, regulatory, and disclosure issues

Employee Digital Badge

Secure access to offices, systems, and sensitive information by leveraging smartphone-based multi-factor authentication

Financial Analysis

Streamline enterprise performance management and financial reporting processes and enable senior management to have constant access to critical data

Marketing

Optimize your marketing efforts and evaluate campaigns in real time

Policyholder Analysis

Better serve and engage with customers, build loyalty, and drive revenue growth

Remote Identity Authentication

Leverage Usher’s remote identity authentication capabilities to help prevent policyholder fraud.

Sales and Distribution

Boost the productivity and performance of insurance sales teams by providing them with instant access to critical systems and information

Underwriting/Project Management

Leverage powerful analytics to manage risk, portfolios, pricing, and customer attrition

Claims Management

The Challenge

Since the claims process is typically the single largest expense facing an insurer, efficiently monitoring and managing the process and associated payouts is a critical factor in determining long-term growth and profitability.

The Solution

MicroStrategy allows adjusters to access critical data such as policy information, police reports, and medical information via mobile apps. Adjusters have the ability to directly input photos or notes from accident scenes, auto repair shops, or other relevant locations. Office-based claims personnel can use MicroStrategy to analyze real-time claims metrics related to loss, exposure, earned premiums, recovery amounts, frequency, severity, and more. Our applications provide insurers with instant visibility into outstanding and closed claims and features, legal expenses, customer service, and potentially fraudulent activity.  Through more efficient claims and faster, more accurate payouts, MicroStrategy helps insurance companies prevent fraud, optimize settlements, and increase customer satisfaction.

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Compliance and Audit

The Challenge

The regulatory environment for insurers has become increasingly complex in recent years. The internal reporting structures of many insurance companies have struggled to keep up with the growing demands of ensuring compliance with complex regulations related to SOX, MAR, Solvency II, and more.

The Solution

MicroStrategy provides insurers with an enterprise analytics solution that enables them to more effectively manage corporate governance, risk, regulatory compliance, and audit processes. Our solution integrates data from various enterprise sources and provides real-time visibility into data that insurance companies need to help ensure regulatory compliance. Organizations can build comprehensive compliance dashboards that immediately highlight areas of concern. Our data discovery tool enables compliance and audit groups to quickly and easily analyze data on suspicious behavior, and threshold-based alerts can be incorporated into apps to immediately call attention to risky or noncompliant behavior. By providing a more holistic view of organizational risk, MicroStrategy helps insurers manage regulatory and disclosure requirements in a consistent and streamlined manner.

Compliance and Audit

Employee Digital Badge

The Challenge

Traditionally, insurers used separate types of credentials to control employee access to offices and enterprise IT systems, resulting in a fragmented approach to identity management and access control. Organizations need a way to deploy a single type of credential that can provide secure, frictionless access to both offices and sensitive IT infrastructure. Providing this type of enterprise access and authentication is key to avoiding data breaches and improving employee productivity and the overall end user experience.

The Solution

Usher’s digital badges enable authorized employees to securely and seamlessly access corporate and branch offices and critical information systems by leveraging their smartphones. With Usher, insurance institutions have a variety of options to protect enterprise information through strong, flexible multi-factor authentication including push notifications, biometrics, one-time passwords, face-to-face validation, and Bluetooth proximity. Usher helps provide visibility into user behavior and actionable intelligence across multiple enterprise systems, enabling insurance organizations to optimize asset utilization, improve productivity, reduce risk, and digitally transform their business operations.

Employee Digital Badge

Financial Analysis

The Challenge

Too often insurance companies are forced to rely on a variety of line-of-business reporting tools for their financial analysis. What they need is a single, integrated financial reporting tool that is secure, consistent, and built to handle large, complex datasets.

The Solution

Whether an insurer focuses on personal lines, commercial lines, or reinsurance, timely, accurate financial information is critical to success. MicroStrategy helps ensure that organizations are empowered with the insight they need to efficiently manage their daily tasks, make better decisions, and effectively collaborate with colleagues. MicroStrategy financial reporting applications integrate data from a wide range of sources to allow users to seamlessly access critical financial information related to profit and loss, solvency, risk, claims, and expenses. MicroStrategy gives users a secure, personalized view of the financial information that is relevant to their role in the organization. Insurers can also deploy MicroStrategy mobile apps to their executives and board members, giving them instant insight into financial performance. These secure apps help ensure data integrity, reduce costs by replacing large binders of paper, and can lead to significant time savings for the insurer’s internal reporting team.

Financial Analysis

Marketing

The Challenge

When it comes to buying insurance, consumers want more than just a policy, they want an insurer that delivers intangible qualities like security and peace of mind. For insurers, marketing is a great way to create competitive differentiation and relay the intangible benefits of their products. But to be successful, insurers need a way to measure and track the effectiveness of their marketing efforts and campaigns.  

The Solution

MicroStrategy helps provide insurers with a real-time analytics solution that enables them to optimize their marketing spend and increase campaign effectiveness. Whether it is weblogs that track browsing behavior, purchase history, customer reviews, or unstructured social media data, MicroStrategy can access data from multiple sources and bring it together in a single dashboard application. Powerful visualizations, mapping features, and data discovery capabilities enable marketing professionals to explore data and better understand trends. These valuable business insights help insurance marketing professionals better define target markets and further refine their messaging. Our analytics solution also provides them with real-time insight related to key marketing metrics like email open rates, video plays, and website-driven leads. This knowledge allows insurers to agilely adjust their marketing efforts to increase the effectiveness of campaigns.

Marketing

Policyholder Analysis

The Challenge

Once a policy is sold, insurers don’t frequently interact with customers unless an individual is filing a claim or looking to move their business elsewhere. Given the limited opportunities for face time with customers, it is essential that insurers make the most of every single customer interaction to build loyalty, prompt good word-of-mouth marketing, and drive revenue.

The Solution

MicroStrategy makes it easy for insurers to quickly comb through large amounts of customer data on activities related to website browsing, call center and social media interactions, demographics, and policy purchases. Insurers can extract valuable insights from this data that help them to appropriately group customers for marketing programs, predict customer defection, and personalize interactions they have with their policyholders. By providing better visibility into call center metrics such as wait times, quality and length of calls, and customer satisfaction, MicroStrategy helps insurers to refine their operational, customer service, and sales strategies. MicroStrategy enables insurers to be proactive with customer relationships so they can make the most out of every interaction, build loyalty, and drive revenue growth. 

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Remote Identity Authentication

The Challenge

Call center fraud has grown by an alarming 45% since 2013. Scammers are looking to gain access to funds or key assets like money, merchandise, and proprietary information. Many businesses, especially financial and insurance organizations, have fallen prey to social engineering fraud attacks conducted over call center phone lines. These attacks mimic internet‐ and email‐based phishing schemes, in which criminals attempt to acquire personal information such as usernames, passwords, and credit card account information by pretending to be trusted entities.

The Solution

Usher helps prevent consumer fraud by offering secure, remote authentication methods. Insurance call center employees can authenticate a customer’s identity over the phone using one-time Usher codes or push notifications that are available via a user’s smartphone. With Usher, call center personnel can also offer password alternatives, like QR codes, for accessing sensitive applications and customer information. Usher provides organizations with highly configurable and convenient multi-factor authentication including push notifications, biometrics, one-time passwords, face-toface validation, and Bluetooth proximity.

Remote Identity Authentication

Sales and Distribution

The Challenge

Traditional sales and CRM systems only provide a fraction of the capabilities demanded by modern sales organizations. They are not equipped to handle the demands of a mobile sales team, and struggle to provide the type of in-depth insight into individual customers or prospects that salespeople need to be effective.

The Solution

To succeed in the insurance industry, it is critical for companies to provide their sales representatives with the information they need to make fast, informed recommendations while on-site with brokers or clients. MicroStrategy provides insurance sales representatives with the ability to quickly view their book of business and analyze real-time information related to quotes, buying patterns, demographics, products, regions, and more. In-app multimedia content such as presentations, brochures, and marketing and training videos help to drive more meaningful conversations with brokers, customers, and sales management. With on-the-go processing of mobile transactions, sales reps can update account information and forecasts, create sales quotes, and log meeting activities, regardless of their internet connectivity. That means sales representatives can focus their energy on growing business and closing deals instead of completing time-consuming administrative tasks. MicroStrategy can also be used to provide a comprehensive view of sales activities across distribution channels, in order to help ensure that the organization is working together to drive revenue and deliver exceptional customer experience.

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Underwriting/Project Management

The Challenge

Underwriters are tasked with quickly analyzing massive amounts of data to accurately forecast risk and determine individual pricing levels and coverage eligibility. The accuracy of these calculations is a critical factor in the overall success of an insurance company. If the calculations are not precise, the company runs the risk of being overpriced in comparison to the market, assuming too much financial risk, or suffering significant losses due to unexpected claim payouts.

The Solution

MicroStrategy helps underwriters analyze and act upon massive amounts of data from various sources by arming them with sophisticated analytics and easy-to-use visualization tools. Our powerful tools provide underwriters with a comprehensive view of information related to customer credit history, additional insurance policies held, risk location factors, market information, and more to help them accurately assess risk and provide more informed premium and coverage recommendations. Underwriters can take advantage of MicroStrategy predictive analytics to help further refine their risk scoring processes and customer attrition forecasts, as well as leverage “What-if” analysis to explore the potential impact of various risk factors on an individual’s risk scoring rating. By providing underwriters with an enterprise-grade analytics tool, MicroStrategy can help insurers boost underwriter productivity, increase revenue, and reduce risk and losses.

Underwriting/Project Management

Success Stories in Insurance

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"We've been on this long journey of taking all of our tools around pricing and analytics and bringing them together. Sitting at the top of that is MicroStrategy telling the story."

Shajay Mathai Analytics Technical Officer

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"When I showed him [the Vice President] the [MicroStrategy] capabilities of collaboration, he just smiled from end-to-end. It's a real game changer...”

Jason Smith Associate Vice President, User Experience, The Co-operators

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"Mobile Business Intelligence totally changed the way our Board Members looked at their weekly meetings. Interaction and decisions replaced presentations of static numbers in PowerPoint.”

Zoltan Hans Project Leader BI, AEGON Hungary

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"MicroStrategy is helping us to achieve our goals through a single integrated platform and a Web interface, and by providing a way of managing standard reporting across the company so that we have consistent and well-defined information sources that we can rely upon.”

David Harris Chief Operating Officer, Amlin

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AIG

The Co-operators

Aegon

MS-Amlin

Insurance Resources

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