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Canopius improves performance analysis across syndicates with QlikView
Technology Category
- Analytics & Modeling - Real Time Analytics
- Analytics & Modeling - Predictive Analytics
Applicable Functions
- Business Operation
Use Cases
- Predictive Maintenance
- Real-Time Location System (RTLS)
Services
- Data Science Services
- System Integration
The Challenge
Canopius Managing Agents Limited, a division of the international Canopius Group, is a leading specialist underwriting business and the largest privately owned insurer operating at Lloyd’s. The company manages Lloyd’s syndicates 4444, 260 and 839. The company faced challenges in improving visibility of syndicate performance, supporting Solvency II regulatory requirements with upgraded reporting and transparency, and integrating and rationalizing information from disparate sources to improve decision making. The company needed a solution that could bring together information from different sources and present them as the “one version of the truth” with data at the right levels of granularity with the ability to drill down to an individual policy or claim.
About The Customer
Canopius Managing Agents Limited is a division of the international Canopius Group, a leading specialist underwriting business and the largest privately owned insurer operating at Lloyd’s. Canopius manages Lloyd’s syndicates 4444, 260 and 839. Syndicate 4444 underwrites a diversified portfolio of insurance and reinsurance business worldwide, with gross premiums written for 2010 projected to reach approximately £650 million. Syndicate 260 underwrites a specialist portfolio of UK motor business. The company is based in the UK and operates in the insurance industry. The company needed a solution to improve performance visibility across syndicates, access to data for making smart business decisions and its preparedness for compliance with new Solvency II regulations.
The Solution
Canopius chose to implement QlikView, a business intelligence and data visualization tool. The development and rollout of QlikView was managed by the Business Information team working closely with business users. The project commenced at the beginning of 2010 and within 16 weeks the Underwriting and Claims application was deployed across the syndicate. QlikView enabled Canopius to easily integrate and analyze data from disparate systems, eliminate data inconsistencies and present information as “one version of the truth” at preferred levels of granularity – from summary views to data drilldowns into individual policies and claims. Example analysis includes Performance Against Plan Analysis, Claims Analysis, Rate Change Analysis, Statistical Summaries, and Triangulations.
Operational Impact
Quantitative Benefit
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