InsFocus Systems Ltd., a global provider of business intelligence software specifically suited for property and casualty companies, announced that Hachshara Insurance has chosen InsFocus’ Business Intelligence Analyst system for its property and casualty division.
Hachshara company officials said that the system will primarily be used by the actuarial unit to study different P&C reserve and reinsurance actuarial models, insured driving habits and the effect of new automotive technologies on insureds’ behavior. The unit will manage the company’s pricing policy in a changing economic reality, responding to market trends and to customer needs, deepening price differentiation based on customer risk profile and maintaining portfolio profitability.
Hachshara’s actuarial unit will use the InsFocus tool for profiling risk quality in its auto insurance property coverage. This tool will be also used by the company’s underwriters to price policies according to specific risk profile.
“We chose InsFocus after thoroughly checking a few BI systems,” says Omer Rakover, chief actuary, general insurance, in Hachshara. “The process included integrating the system in the company for a pilot study. After our pilot study we decided that this will be the system that will take us to the next level. InsFocus helped us in the actuarial analysis department to develop a practical working tool for managing underwriting and sales profitability.”
“InsFocus executed a quick implementation project, which allowed the company to embed the system in a short time-span, while providing extensive insurance and underwriting information”, says Uri Taiber, InsFocus CEO. “The system in Hachshara includes hundreds of insurance measurements and dimensions, based on InsFocus’insurance data model”.
About Hachshara Insurance Company Ltd.
Hachshara Insurance Company Ltd. provides general and life insurance products and services. The Company provides auto, home, commercial property, commercial liability, engineering, travel, personal accident, as well as long term life and health insurance. The Company markets its products to customers throughout Israel. Its combined life and general premium written is $380m.