Insurance Sector Data Warehousing

Examine how BIReady helps insurance companies meet the challenge of Policy handling, complex audit requirements and large data volumes

Innovative insurance companies like Arch Insurance Group and Mondial Assistance choose BIReady to handle the complex life-cycle management of their Data Warehouses. This is no co-incidence. Insurance is a data-intensive business and that data must be carefully managed.

Aside from tightening regulatory requirements, care and precision is needed in order to streamline the provision and management of policies so that costs and risk are kept as low as possible. If policies cannot be processed efficiently enough, the organization simply cannot compete against its competitors.

Insurance companies deal with huge volumes of data, and reporting requirements often necessitate recording snapshots of policy details that rarely change. This causes even greater burden on storage and performance of the Data Warehouse. With BIReady, a new and entirely unique kind of Fact table (the State Oriented Fact Table) brings insurers greater efficiency in storing and auditing policy history, solving this issue in a snap.

Another complex issue arises when recording policy claims or changes to policy details, since changes are always entered into the systems after the event. This poses serious issues during audits. The time delay between the change of a client's address and the date it is entered into the database can be months. Even if that change is carefully entered with the correct date, how does the system account for the intervening months where it is now known that the data held was incorrect?

BIReady handles this issue seamlessly with a sophisticated new history algorithm called History of History (HoH). HoH takes care of these complex issues with a single click for any chosen detail held in the Data Warehouse. With BIReady, Insurers are meeting the challenge of tightening regulatory requirements for auditing and reports.

Insurers work hard to keep policy details correct. Some policies last for a year, other types of policies such as travel insurance last for only one or two weeks. This represents a vast and intense stream of change-data that must be captured and stored, integrated and reported on. To handle such volumes of data, and to provide instant flexibility of new and adapted reports, insurers need a tool that builds Data Warehouses automatically, that changes and adapts that data to meet new requirements. Insurers are choosing BIReady to provides this level of felxibility at breakthrough speed while significantly lowering the cost of Business Intelligence.

To Find out more about BIReady and see the benefits it will bring to your Insurance organization, contact us to book a personal demo.