Analytics and BI KPI Framework

The tools and techniques of business analytics help you better understand your data to gain meaningful insight into your business. Proper implementation of analytic techniques can improve your consistency and efficiency in product development, underwriting and claims processing, and fraud detection. It can also help define target markets and market selection, increase the number of policy price points, and identify customer and market segmentation for strategic action.

Gain key insights into your business with our insurance analytics services:
  • Data Analytics — Predictive analytics, data analysis and performance analytics
  • Interaction Analytics — Speech and text analytics
  • Social Media Analytics — Social media tracking and reporting for social reputation management

BI KPI Framework
Because key performance indicators (KPIs) are excellent gauges of business performance, insurers have increased their use over the past few years. The key is to implement KPIs in such a way that you net valuable and actionable insights for your business.

Let us help you build a KPI-based organization. First, we identify processes and events that would be likely to have the highest impact on the business, as well as their frequency of occurrence. We then analyze how these processes and events would be measured and validated. Finally, we hone in on the technology stack that can help you implement the KPIs in your business. Claims, underwriting, risks and operations are a few of the functions that are good candidates for analysis and KPI implementation . Each of these areas has a visible impact on business performance — well-defined KPIs in these areas result in tangible benefits for your operations.

We recommend that you establish a center of excellence for analytics or a KPI organization to measure and monitor your KPIs. These entities help identify and establish a strategy for implementing business intelligence solutions, performance management and analytics — all mapped to KPIs. Because KPIs need to evolve over time alongside changes in the business climate, it is important to have solid, measurable KPIs that provide direction to your business — lean on Dell to guide you.

Contact a Dell insurance expert to learn more.