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QlikView helps Zurich Insurance manage its risk
Technology Category
- Analytics & Modeling - Real Time Analytics
Applicable Functions
- Sales & Marketing
- Business Operation
Use Cases
- Predictive Quality Analytics
- Regulatory Compliance Monitoring
Services
- Data Science Services
The Challenge
Zurich Insurance, a leading insurance-based financial services provider in the Nordic region, faced several challenges. They needed to better assess risks and business potential of insurance solutions, link together insurance systems while making them more adaptable and easier to use, and perform fast and flexible analyses on different customers, types of damages, countries, and products. The company's underwriters, who assess the risks and business potential of all insurance solutions, needed a tool that makes it easy to link different local databases together and perform fast and flexible analysis regarding different customers, types of damage, countries and products.
About The Customer
The Zurich Insurance Company is a leading insurance-based financial services provider serving the Nordic region. It is a regional division of a multinational corporation. The company in Stockholm offers tailor-made insurance solutions for companies in the Nordic region. Among the customers are 800 of the largest public corporations in the region. With 45% of the Nordic market and €150 million in annual revenue, Zurich is the market leader. The company prides itself on its close business relations and a detailed understanding of each customer’s needs, which is why Zurich can live up to its high service targets. As a part of an international corporation, the Nordic operation is able to offer local insurance contracts virtually anywhere in the world.
The Solution
Zurich Insurance deployed QlikView to 75 employees across 3 functional areas. With QlikView, Zurich Insurance now analyzes premiums, claims, profitability and risk by customer, type of damage, product and country. With QlikView Server (64-bit) and Publisher, Zurich Insurance easily handles the massive volume of data aggregated from numerous systems, including its in-house insurance system, FIRST. The QlikView applications automatically convert all linked data to the same key numbers and one currency. This makes all premiums and damage costs directly comparable regardless of country. The applications are updated once a month. Updates can of course be done at will, but Zurich Stockholm wants to maintain a certain stability in its system. It simplifies the discussion if everyone knows which version of a key figure is valid.
Operational Impact
Quantitative Benefit
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