BI360 for Insurance Companies. Enabling World-class Decisions for Insurance Companies A Solver Vertical Industry White Paper

Transcription

1 BI360 for Insurance Companies Enabling World-class Decisions for Insurance Companies A Solver Vertical Industry White Paper Updated: Nov 2017, Document Version 4 Solver, Inc. Copyright 2017

2 Table of Contents Introduction... 3 Architecture Overview... 4 INS01 Benchmarking Dashboard... 5 INS02 Executive Dashboard... 6 INS03 Sales Dashboard... 7 INS04 Marketing Dashboard... 8 INS05 Claims Dashboard... 9 INS06 Profit and Loss Report INS07 Balance Sheet Report INS08 Cash Flow Report Appendix Terminology used in Examples Copyright Solver, Inc., 2017 BI360 White Paper Page 2

3 Introduction BI360 is a leading web-based Corporate Performance Management (CPM) suite made up of budgeting, reporting, dashboards, and data warehousing, delivered through a web portal. BI360 is offered for cloud and on-premise deployment and represents the next generation of CPM solutions. BI360 empowers business users with modern features including innovative use of Excel in the model design process. End users have anytime, anywhere access from a modern Web Portal and Mobile Apps. The features that differentiate BI360 the most from other CPM applications are: 1. Available both for cloud and on-premise deployment. 2. Third generation Excel add-in for simple or complex reporting and budgeting template design. 3. Modern Excel, Web and Mobile end-user front-ends for easy access to information and powerful collaboration. 4. Pre-Configured and extensible, smart data warehouse. 5. Deployed as individual modules or as a single, comprehensive CPM Suite with a single security model and deployment. Copyright Solver, Inc., 2017 BI360 White Paper Page 3

4 Architecture Overview Below, you can see a simplified architecture with all of the BI360 modules. The Reporting, Budgeting and Dashboard modules can both run live on a number of different ERP systems, as well as off the BI360 Data Warehouse. Note: For more detailed information about BI360, please info@solverglobal.com and request the document: BI360 White Paper Overview of the BI360 Suite. You can also learn more about BI360 for Insurance Companies here. Copyright Solver, Inc., 2017 BI360 White Paper Page 4

5 INS01 Benchmarking Dashboard This dashboard example compares key financials between your own company and selected sample competitors. It shows the capability of using the BI360 Data Warehouse to load data from external data sources and then, to design dashboards with the BI360 Dashboard module for user-friendly graphical analysis, in this case used for benchmarking. This example will compare against three top insurers and Industry average for the following Metrics: Premiums Written Market Share Retention Claims Paid Copyright Solver, Inc., 2017 BI360 White Paper Page 5

6 INS02 Executive Dashboard This is an example of a dashboard for insurance executives. It shows the use of the BI360 Data Warehouse to combine numerous important data sources and on a single dashboard, present whatever a company determines as the most essential information to an executive. In this sample dashboard, the following information is included: Actual vs Budgeted Revenues - Monthly Gross Margin YOY Top Producers Top Product Lines Total Claims by Category Copyright Solver, Inc., 2017 BI360 White Paper Page 6

7 INS03 Sales Dashboard This dashboard example focuses on Sales from a Office/Producer standpoint. The following information is included: Top Producers by Policies Written (List) Productivity (Quotes to Policy) Current Pipeline (New vs. Renewal, by Stage) Compensation vs Policies by Office - with drill down to Producer New Policies vs Renewal by Office - with drill down to Producer Channel vs Direct Copyright Solver, Inc., 2017 BI360 White Paper Page 7

8 INS04 Marketing Dashboard This dashboard example focuses on marketing as a cost/profit center and looks at performance from a Marketing Manager s standpoint. The following information is included: Campaign Calendar Win-back Analysis Top Producers Campaign Revenue Analysis Campaign Spend by Product Line Copyright Solver, Inc., 2017 BI360 White Paper Page 8

9 INS05 Claims Dashboard This dashboard example focuses on claims and loss across all product lines from the Office/Adjuster standpoint. The following information is included: Claims Expense by Category drill down to product line Claims Count by Product Line Claims Growth vs Premium Growth Claims - # Days Open Copyright Solver, Inc., 2017 BI360 White Paper Page 9

10 INS06 Profit and Loss Report This BI360 report example shows a formatted Profit & Loss report. Virtually any financial or operational report can be designed with BI360 s flexible report designer. As with all BI360 Reports, Forms and Dashboards, filters can be used to run the input form for any time period, any department/office, etc. Copyright Solver, Inc., 2017 BI360 White Paper Page 10

11 INS07 Balance Sheet Report This BI360 report example shows a formatted Balance Sheet Report. Virtually any financial statement can be designed with BI360 s flexible report designer. The example below includes charts for key figures in order to draw the reader s attention to the most important information in the report. Users can drill down to analyze the details behind the numbers. As with all BI360 Reports and Dashboards, filters can be used to run the report for any time period, any office, etc. Also, the report can be run and published by , or run on-demand in Excel, in the Web Portal or on a Mobile device. INS08 Cash Flow Report This BI360 report example shows a formatted Cash Flow Report. Virtually any financial statement can be designed with BI360 s flexible report designer. Copyright Solver, Inc., 2017 BI360 White Paper Page 11

12 Copyright Solver, Inc., 2017 BI360 White Paper Page 12

13 Appendix Terminology used in Examples This demo model seeks to provide relevant insurance industry examples while also showcasing certain benefits of the BI360 product suite as it pertains to their business. INS01- Benchmarking Dashboard TKO Ltd and AGG, Inc. are fictitious competitive firms. Also, note that AGG is referenced as a joint venture participant in some reports. While uncommon, this does happen. INS02-Executive Dashboard Producers refers to sales people. This is an industry standard. INS03-Sales Management Dashboard First year Premium Value is frequently the amount by which producers are measured and compensated for as the bulk of their performance-based pay. INS04-Marketing Dashboard Winbacks is an important metric in insurance. In most instances, these are opportunities they previously lost and bid upon the following year. Copyright Solver, Inc., 2017 BI360 White Paper Page 13