Underwriting Profitability: Leveraging Policy And Claims Data Together
This PowerPoint report features presentations by Robert Hartwig, President of the Insurance Information Institute (I.I.I.), and Jason McDonald, Director of Development and Strategy at Oracle Corporation. The report begins with a financial overview of the insurance industry by Dr. Hartwig, including data on underwriting performance by segment; catastrophe loss trends; and underwriting and profitability factors. The remainder of the report focuses on “Knowing What and Asking Why.” It identifies four key components of a Business Intelligence (BI) model: (1) predictive analysis and data mining to predict what might happen; (2) dashboards and scorecards to monitor what’s happening now; (3) online data processing (OLAP) and advanced visualization tools to analyze why something happened; and (4) data base/query tools for reporting what happened. Modeling and analytical tools are said to help in three pivotal areas of the insurance industry: underwriting discipline; cost control; and claims efficiency and responsiveness.
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