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An embedded analytics solution that is changing the game for insurance firms.
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
- Application Infrastructure & Middleware - Data Visualization
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Data Science Services
- System Integration
The Challenge
Traditionally, insurers have been starved when it comes to underwriting data. They rely heavily on risk and pricing actuaries to underwrite their Protection products. And in the case of reinsurance firms, they need to provide additional data insights to insurers as part of their reinsurance process. Previously, underwriters might gain access to updated underwriting data on a monthly basis, and this data is crucial to understand how their rules have performed. So being able to analyse and make changes to their pricing rules, and deploy those changes into production, used to take months. Lead Consultant, Rikus van der Merwe of UnderwriteMe, explains, “We turn that feedback loop around in minutes, so underwriters can make changes to the rules engine and deploy those changes once they are tested and are completely happy with them. They can get Management Information (MI) feedback in fifteen minutes, which is previously unheard of.” For intermediaries, UnderwriteMe, wanted to break down the traditional, fractured sales process by delivering real-time underwriting. This means that when customers are comparing prices and products, they know that the premiums they are seeing are accurate, personalised, and fully underwritten by insurers.
About The Customer
UnderwriteMe is a global fintech organisation that uses digital technology to transform the way life insurance is bought and sold. By offering insurers a new way to consume and serve up rich data services, UnderwriteMe delivers significant cost and time efficiencies to existing sales processes. At the heart of UnderwriteMe’s integrated suite of software products is a revolutionary quote and underwriting rules engine, which gives insurers hands-on control of their Protection products. For intermediaries, UnderwriteMe delivers a seamless comparison service that provides clients with access to a single process to quote, underwrite, and buy multiple insurance products from a wide range of providers.
The Solution
UnderwriteMe understood the challenges that insurers and intermediaries faced. They worked with key decision makers and potential customers to design an integrated suite of software that allows underwriters to rapidly create brand new rules, or amend rules to suit their own philosophy, interact fully with live cases, and create customised reports and dashboards with drill down capability for more detailed analyses. As part of this suite, Yellowfin was selected as the front-end analytics and data visualisation tool. Yellowfin is a white-labelled, fully embedded solution which means that customers can apply its ‘plug-and-play’ capabilities and completely brand the reporting interface in line with their corporate palette. Furthermore, customers can create and schedule their own reports and maintain full auditability. UnderwriteMe is a feature rich platform that captures purchase data, on web or comparison sites, and augments it with statistically available data such as Mosaic and Google Analytics. All of this rich data flows into Yellowfin, primarily via ETL layers, and it gets populated into non-aggregated data marts. With Yellowfin seamlessly integrated into UnderwriteMe’s rules engine, it becomes incredibly easy for their customers to create their own reports, drill down into individual records, where required, and easily compare different business routes.
Operational Impact
Quantitative Benefit
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