How can BI help in adhering to insurance industry regulations?
Developing an adaptable strategy for regulatory challenges and adhering to industry regulations, along with a good ROI for each investment is a tough nut to crack.
Every big insurance company has multiple portfolios which are managed by different managers. Each investment manager should adhere to 3 levels of regulatory compliance, being –
- NAIC guidelines
- State regulations
- Company’s investment policy
Prior to any decision making, investment managers need to assess 2 important aspects regarding any investment –
- Any issues which can arise out of this investment
- Any regulatory compliance which this investment might generate
Old accounting tools are powerless in providing transparent, deeper insight of the data, which can help investment managers make investment decisions on their portfolio without creating regulatory compliance issues at any level. The new tools in the industry help managers explore new opportunities on today’s portfolios and expand their portfolio for better results.
Here, Business Intelligence (BI) comes in the picture.
According to a recent study, many insurers have planned investments in various BI tools over the next 12 months in order to create an environment for faster, more informed decision-making.
Business intelligence reports are usually developed on top of data warehouse, which is a collection of your whole data whether it’s CRM data, ERP data or from any other source (historical data along with the current data). These BI reports will provide a transparent view for the data in the form of graphs and charts at aggregated level which can be further drilled down to the granular level to gain deeper insights.
Using these reports investment managers can easily come up with a plan according to the current trends of the market and also ensure that their investment portfolio adheres to industry regulations. The amount of data and variables that go into insurance analytics is huge and needs tools and approaches that help insurance professionals to quickly identify trends and act on them. Microsoft Power BI helps you analyze the health of your business, collaborate, and explore silos of data to build robust, reusable models.
Power BI in the insurance sector provides the right information, to the right people, in a timely manner, allowing employees to solve complex issues, react quickly to market trends and drive efficiencies throughout the business. In an industry that is so incredibly unpredictable, BI can bring in the much needed visibility to your business health and work to grow it via avenues which would have been else unknown to you.
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A data warehousing and analytics engineer experienced in working with Qlikview, Qliksense and PowerBI reporting tools. Table tennis and music take up the rest of my day usually.All stories by: Ankit Jain