National Harbor, MD – May 18, 2015 – Insurers looking for a competitive edge have found that the answer lies in an asset they already own. The data that resides in policy administration and claims systems can be mined for insights that can help shape new products, set pricing and evaluate risk. No wonder Big Data has been a top priority for IT departments at insurance companies of all types and sizes.
Instec makes it easy for users of its Quicksolver policy administration software to leverage the policy data stored in its system to discern patterns and build predictive models to drive better business decisions faster. Quicksolver now supports Microsoft’s Excel Power Pivot for reporting and analytics and Azure Machine Learning for predictive modeling, providing insurers and their channel partner MGAs and MGUs with affordable and actionable insight.
“We’ve seen market data that shows up to 75% of smaller commercial lines insurers and up to 88% of larger insurers are using predictive models, most commonly to drive pricing and underwriting decisions. With so much of the market pursuing business analytics and modeling, we felt compelled to offer our customers an easy way to gain actionable business insights from the data stored in our system,” said Kevin Mason, Instec vice president of product development.
With Microsoft Excel Power Pivot, Quicksolver users can now create ad hoc reports from stored policy data or use standard dashboards, which Instec includes with the product. As only a few examples, insurers can determine whether average rates are too low, where the company is overexposed, or where it is underrepresented. With this option, users can derive new business insights from a tool they already apply almost daily to steer the ship and optimize returns.
For customers that prefer a solution in the cloud, Instec has tested and validated Quicksolver data sets with Microsoft’s Azure Machine Learning, a cloud-based system that features drag-and-drop predictive modeling and also supports custom-coded models using the R or Python languages. With this option, users can leverage Quicksolver data to predict future trends and outcomes, as they plan new products or determine which risks to take on.
These two new options come on the heels of Instec’s announced alliance with SNL iPartners (September 11, 2014), which provides Quicksolver users with standardized, insurance-specific reports that can be used with Quicksolver policy data. Now, in addition to this off-the-shelf solution, Instec clients can use the Microsoft tools to run more customized reports and apply predictive analytics to their decision-making processes.
“Building and implementing analytical models often takes a significant amount of time and requires specialized skills. Instec’s out-of-the box analytics and reports, complemented by the ability to create insurer-specific models, is a high value add for Instec customers,” says Karen Furtado, partner at Strategy Meets Action.
“With our new analytics support, we look forward to seeing our customers reap the benefits that business intelligence and modeling can provide, including greater profitability, reduced exposure, and short time-to-revenue. In the end, it’s all about writing profitable business and taking advantage of new market opportunities. We’re helping our clients get there faster,” said Mason.
Instec delivers best-of-breed rating and policy administration solutions to P&C commercial insurers, MGAs, MGUs, and the solution providers that serve them. Since 1982, Instec’s solutions have empowered insurers and general agents to get and keep their competitive edge, efficiently create highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint. To learn more, visit www.instec-corp.com.