InsFocus Systems Ltd., a global Insurance BI specialist, will showcase its analysis and reporting system for the insurance industry – InsFocus BI – at Analytics for Insurance Europe 2014, to be held October 6-7, 2014 in London. InsFocus BI will be presented at a joint booth of InsFocus and Mastek, a global, enterprise-level technology solutions provider to the insurance industry.
Built by insurance professionals and experts, InsFocus BI meets the specific requirements of insurance companies and includes a variety of pre-built, out-of-the-box, insurance-specific dashboards, analyses, functions and reports. The system’s user-friendly interface uses familiar insurance terminology, enabling business users to generate reports and analyses with great flexibility. InsFocus BI allows executives and professionals in the marketing, underwriting, claims, reinsurance, actuarial and accounting spheres, to gain insight into their business performance and profitability.
In a benchmark test conducted at Microsoft Technology Center (MTC) in Bangalore, India, InsFocus BI ran complex reports over 93 million policies and got results within seconds. A typical sales analysis returned results in 2.2 seconds, while an exposure-based agent profitability analysis was completed in 12 seconds.
Mastek, an implementation partner of InsFocus, will showcase its agile methodologies, which deliver early business value and enable organizations to adapt to dynamically transforming IT environments. The company will present its Business Intelligence Solution for Life Insurers as well as its products for policy administration and for digital enablement of insurers. It will also present its core IT services portfolio, covering application development, service management, testing, maintenance, IT consulting, systems integration, mobility, data warehousing, business intelligence and analytics.
“InsFocus BI delivers unparalleled value to insurance companies,” said Uri Taiber, InsFocus CEO. “It enables insurers to improve underwriting results and control risks. The system supports distribution channels and operations, and includes self-service and flexible drill-down capabilities.”
Mastek endeavors to offer an entire bouquet of IT solutions to enable Insurers to deliver world class results and service. “While we have a large suite of our own solutions in the policy management, digital and business intelligence space under our Elixir and STG suites, we found InsFocus the best partner for business Intelligence in the General Insurance space,” said Vinay Nagwekar, Insurance Solutions Director, Mastek. “As a team we bring a compelling solution to the needs of general insurers in the UK and Europe.”
InsFocus BI includes pre-built 60 business logic scripts and packages, over 40 calculation templates, more than 300 measurements and key performance indicators (KPIs), and 170 reports. The system’s time roll-back mechanism enables executives to view data at any point of time in the past. It includes triangulation reporting templates that can be applied to any insurance data type at any level required. It can also be applied to unlimited product-specific risk parameters.
InsFocus BI has been installed at a number of companies, including Shirbit, Bituach Haklai and Shlomo Insurance Company in Israel; Middlesea Insurance of Malta’s MAPFRE Group; and other companies in India and the Netherlands.