Digital transformation for insurance Part 2: Operational analytics

Sutherland Editorial

Data analytics is transforming the global business community at a rapid pace, and many opportunities exist for insurers to leverage information to grow their bottom line. All insurance companies are sitting on a wealth of information about their customers and operational processes. The biggest challenge insurers face with this data? There’s too much data to sort through, and it’s both difficult and time consuming to translate information into actionable insights.

In 2016, Sutherland acquired leading data analytics firm Nuevora, a premier cloud analytics platform. The Sutherland Cloud Analytics platform has had a significant impact on many companies on a global scale, combining the power of data analytics with artificial intelligence (AI) to drive insights to fuel decisions that will positively impact your bottom line and customer experience.

Guardian Group, an integrated financial services organization with a focus on life, health, property and casualty insurance, pensions and asset management, recently partnered with Sutherland to rapidly monetize its data assets to meet their business needs.

Prior to engaging Sutherland, the leading insurer was challenged with disparate, unsynchronized databases and inconsistent data across their organization, and basic financial and operational reporting did not deliver valuable information for executive decision making. The time was right for Guardian Group to make agile adjustments to address changing customer expectations, market needs, and regulatory mandates.

Sutherland’s Cloud Analytics Platform and associated consulting established an ongoing big data capability to facilitate a culture of leveraging insights for business decisions. Thanks to Sutherland’s cloud-based solutions, Guardian Group saw an approximate 25 percent reduction in manual efforts and associated labor cost for some activities, 20 percent reduction in claims-related processing turnaround time, and 100 percent digitization of forms now available online.

Core components of the data analytics solution for Guardian Group include:

  • Suspense amount management for cloud: AI-leveraged analytics that enables insurers to wade through complex data streams and meaningfully allocate premium suspense amounts to the right policies. It is designed to optimize cash flows, thereby improving loss ratios, combined ratios, and current ratio.
  • Operational lapse accounts analytics to better understand Agent Performance and drive optimal account management processes.
  • Operational solutions to help drive efficiencies and automation in customer-facing and claims management processes.
  • Precise customer service and predictive modeling powered by analytics capable of churning customer and market behaviors into models.
  • Strategic customer, agent and policy profitability analytics to assess emerging risks, identify new revenue sources and optimize enterprise-wide profitability.

Now is the time for insurance companies to leverage data analytics to drive competitive advantage and positively transform processes throughout your organization.

Learn more about our data analytics capabilities.

Up next? Digital transformation for insurance, part 3: Optimal Process Efficiency.