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State Volunteer Mutual Insurance Company Gains Competitive Edge With Insurance Performance Foundation
Technology Category
- Analytics & Modeling - Predictive Analytics
- Analytics & Modeling - Real Time Analytics
Applicable Functions
- Business Operation
Use Cases
- Predictive Quality Analytics
- Predictive Replenishment
Services
- Data Science Services
- System Integration
The Challenge
State Volunteer Mutual Insurance Company (SVMIC) was seeking to augment its current information resources by empowering its business decision-makers with fresh, data-driven insight. The company wanted to enhance its competitive advantage and financial stability. SVMIC needed to manage its financial solvency to ensure the physicians and group medical practices that depend on their malpractice coverage could continue treating patients with confidence. The company required access to real-time data to get their pricing right, which involved choosing risk carefully and pricing their insurance policies appropriately. This required a deep understanding of their data points and a thoughtful assessment of risks and trends.
About The Customer
State Volunteer Mutual Insurance Company (SVMIC) is a mutual insurance company headquartered in Brentwood, Tennessee. The company provides medical malpractice insurance to more than 19,000 physicians and advanced practice providers. SVMIC was formed in the mid-1970s by a group of Tennessee physicians to mitigate their own medical liability risk during a time when many commercial insurance companies ceased to offer medical malpractice insurance coverage due to escalating claims and judgments. As a mutual insurance company owned entirely by its policyholders, SVMIC's profits are either retained as surplus to cover future claims or returned to policyholders in the form of dividend distributions or reduced future premiums. Today, SVMIC insures physicians and advanced practice providers in Tennessee, Arkansas, Virginia, Kentucky, Alabama, Mississippi, and Georgia.
The Solution
SVMIC partnered with Information Builders to implement the pre-built Insurance Performance Foundation (IPF). The initial deliverables included a new analytics portal called Insight, along with interactive dashboards for accessing, visualizing, and drilling into property and casualty (P&C) data. SVMIC's staff worked with the Information Builders team, using its iWay integration technology to migrate 42 years of production data from SVMIC’s proprietary source systems to a new data warehouse. The warehouse underpins a flexible consumption model that includes a growing base of WebFOCUS analytic assets. The new Insight interface and data warehouse provides business units and executive users with the ability to monitor company performance, including claims and underwriting activities, and to support data-driven pricing of new policies.
Operational Impact
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