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Hexaware is a leading global provider of IT and BPO services. The company has achieved
leadership position in domains such as Banking, Financial Services, Insurance, Transporta-
tion, Logistics and HR-IT solutions, Hexaware focuses on delivering business results lever-
aging technology solutions and specializes in Business Intelligence & Analytics, Enterprise
Applications, Independent Testing and Legacy Modernization.
Hexaware has been providing business technology solutions for over 18 years and offers
world class service delivery, technology leadership and skilled human capital.




INDIA Headquarters                                 EU Headquarters
152, Sector - 3,                                   4th Floor, Cornwall House,
                                                                                                                                            HEXAWARE’S E-BOOK ON
Millennium Business Park
“A” Block, TTC Inductrial Area
                                                   55-57 High Street,                                                                       INSURANCE ANALYTICS
                                                   Slough Berkshire
Mahape, Navi Mumbai - 400 710                      SL1 1DZ, UK                                                                              Actionable Intelligence Enabled
Tel.: +91-22-67919595,                             Tele: +44(0)1753 217160,
Fax: +91-22-67919500                               Fax: +44(0)1753 217161

NA Headquarters                                    APAC Headquarters
1095 Cranbury South River Road,                    180 Cecil Street,
Suite 10, Jamesburn, NJ 08831                      #09-03, Bangkok Bank Building,
Main: 609-409-6950,                                Singapore 069546
Fax: 609-409-6910                                  Tel.: +65-63253020                         www.hexaware.com
                                                                                              Hexaware Technologies. All rights reserved.
1. What is Insurance Analytics? Is there a need?                           1   Click


     2. What is the architecture behind Insurance Analytics?                    2   Click


     3. What went into designing the data model for Insurance Analytics?        3   Click


     4. What is ACORD? Explain the framework.                                   4 4 Click


     5. What is an Insurance Capability Model? How is it beneficial?            5   Click


     6. Does Insurance Analytics pack have a Predictive Analytics edge to it?   6 7 Click


     7. Mobile BI - Insurance Analytics, is it there yet?                       7   Click


     8. All this information sounds too good to be true. Can I access this      8   Click
        application right now to get a feel for its functionality?




www.hexaware.com
Hexaware Technologies. All rights reserved.
1       What is Insurance Analytics? Is there a need?                                        2     What is the architecture behind Insurance Analytics?

 Insurance industry is faced with tough challenges in the form of increased compe-             Hexaware’s Insurance Analytics provides a comprehensive data model and busi-
 tition, demanding customer base, ageing population, growing regulatory scrutiny,              ness focused semantic layer along with the adoption of ACORD standards and
 rising healthcare costs, increased frauds, managing distribution channels, attract-           model.
 ing and retaining customers. To overcome the challenges and gain strategic                    Data can be read from a wide variety of data sources. Using the mapping tools
 advantage, Insurance companies need to manage insured’s and claimant’s data                   available in the market they can be held in a central repository. We also realize that
 across all their product lines, understand the complex hierarchies and consolidate            analytics derives its strength from clean and consistent data and from business
 data from multiple systems so as to derive meaningful insights on their products,             intelligence frameworks that protects consistency. The analytical solutions can be
 accounts and claims data.                                                                     deployed easily on various Business Intelligence tool.
 Hexaware’s expertise in providing high-end insurance analytical solutions is based
                                                                                                                                                                      Visually enriched
 on a sound understanding of the KPIs used to measure the performance of life,                                                                                      reports/dashboards
 general and specialty insurance businesses. Our Insurance analytics jumpstart kit
 covers key metrics and dimensions of channel performance, sales growth, claims                  TRANSACTION     EXTRACTION
                                                                                                                           ,                        BI REPORTING
                                                                                                 APPLICATION   TRANSFORMATION
 processing and underwriting and helps your managers quickly zero in on opera-                     DATABASE       AND LOAD
                                                                                                                                                     PLATFORM

 tional inefficiencies and remove process bottlenecks. Our intuitive charting of
 health indicators patterns in combined ratios, lapse ratios, channel persistency,
                                                                                                                                                                     Ad-hoc querying
 underwriting efficiency, campaign effectiveness, claims TAT etc. foster quick
 acceptance and adoption by the user community. This in turn facilitates fast
 rollouts and early returns on your investment in insurance business Intelligence
 frameworks.                                                                                                                     Data warehouse                      Canned Reports
                                                                                                    ERP          Informatica       Oracle            Oracle BI
                                                                                                 Mainframe     IBM Data Stage    SQL Server       Oracle Hyperion
                                                                                                Custom Apps       Oracle DI      Teradata             SAP BO
                                                                                                                  MS SSIS       Greenplum          IBM COgnos
                                                                                                                 SAP BODS         Netezza         MS SSRS/SSAS
                                                                                                                 SQL Procs           DB2          MicroStrategy
                                                                                                                                   Sybase               SAS




www.hexaware.com
Hexaware Technologies. All rights reserved.                                            1   2
3      What went into designing the data model for Insurance Analytics?                    ACORD's most widely known accomplishment is the publication and maintenance
                                                                                               of a huge library of standardized forms for the insurance industry. Most claims in
 Hexaware’s Insurance Analytics data model is a star-schema dimensional model,                 the U.S. are recorded or transmitted on ACORD forms.
 closely following the Kimball approach for data warehousing.                                  There are five parts, or facets, to the ACORD Framework. Each facet has one or
 The Insurance data model covers the entire insurance business domain. These                   more relationships to the others, and they collectively represent different views of
 domains include from Marketing to Underwriting Claims and Policy Administra-                  the business of insurance. This combination of deliverables not only makes using
 tion.                                                                                         ACORD standards easier, but will also open new doors to innovation.
    •    The model is designed in a way to deliver quick results.
    •    Indexing and creation of fact tables & hierarchies have ensured quick
         querying capabilities.                                                                        Listing and defination of
    •    Also taken into consideration are the ACORD standards.                                       things that are important
                                                                                                            to the business.
                                                                                                                                                               The building
                                                                                                                                                                blocks for
    4      What is ACORD? Explain the framework.                                                                                                            insurance systems


 Based in New York, ACORD (Association for Cooperative Operations Research and
 Development) is a global, nonprofit insurance association whose mission is to
                                                                                                      What insurance
 facilitate the development and use of standards for the insurance, reinsurance and                   companies do
 related financial services industries. With offices in London as well, ACORD accom-
 plishes its mission by remaining an objective, independent advocate for sharing                   Logical persistence
                                                                                                                                                            The relationships
                                                                                                   model based on the
 information among diverse platforms. ACORD Standards and services improve                         information model
                                                                                                                                                            among insurance
 efficiency and expand market reach. Affiliated with ACORD are hundreds of insur-                                                                               concepts
 ance and reinsurance companies and thousands of agents and brokers, related
 financial services organizations, solution providers, and industry organizations
 worldwide.




www.hexaware.com
Hexaware Technologies. All rights reserved.                                            3   4
5 5        What is an Insurance Capability Model? How is it beneficial?                                  The below capability diagram is adopted from ACORD (www.acord.org)
                                                                                                                                 Capabilities - Top Level
 The Insurance Capability Model provides the "inventory" of insurance industry
 capabilities. Some capabilities are unique to a domain or can be shared across                   <capability>      <capability>      <capability>       <capability>      <capability>
 domains (Property & Casualty, Life & Annuity or Reinsurance).                                    Business          Claims            Customer           Finance           Product
                                                                                                  Management                          Service
 An example of a shared capability is "Underwriting". Still other capabilities are used
                                                                                                          <capability>      <capability>         <capability>       <capability>
 across the entire enterprise and are packed into the Enterprise Services top-level                       Channel           Contract             Enterprise         Marketing
 capability.                                                                                              Management        Administration       Services

 ACORD’s Insurance Capability Model is one of five specific components that collec-
 tively create the ACORD Standards Framework. These components establish an
 architectural foundation that enables companies to build their overall business                     6     Does Insurance Analytics pack have a Predictive Analytics edge to it?
 architectures and gain competitive advantage. ACORD’s Insurance Capability
 Model defines insurance industry business capabilities and is used by ACORD                       Predictive analytics can help insurance firms in business practices such as:
 members and the industry to accomplish the following goals:
                                                                                                     •    Optimizing products and pricing
    •    Identify the common and unique industry capabilities and areas for ACORD                    •    Acquiring new customers
         Standards asset reuse                                                                       •    Retaining existing customers
    •    Provide the basis for the definition of business process models and business                •    Performing sophisticated campaign management
         process service definitions                                                                 •    Detecting fraudulent claims
    •    Identify where existing ACORD Standards can be leveraged and where                          •    Estimating outstanding loss reserve
         opportunities exist for further development of ACORD Standards                            Hexaware has built specialized Predictive Analytics components that can be
 ACORD ensures that the IT solution(s):                                                            customized for specific customer situations.
    •    Meet the business needs (function and ROI)
    •    Respond to business changes
    •    Are more cost effective




www.hexaware.com
Hexaware Technologies. All rights reserved.                                               5   6
7      Mobile BI - Insurance Analytics, is it there yet?
                                                                                             Business Intelligence & Analytics
 Hexaware’s Insurance Analytical pack is mobile enabled to provide
                                                                                             Our Business Intelligence & Analytics solutions help you transform into a
    •     Better & faster business decisions                                                 dynamic enterprise through actionable intelligence. We have more than
    •     Support for on-demand, ad hoc, self-service operational reports                    50 patent pending innovations which help you with faster & efficient
    •     More effective management                                                           deployment & over 85 plus satisfied customers across diverse industries.
    •     Real time access to the organization KPI’s and decision making on the go           From consulting, articulation and development, to deployment and
                                                                                             support, Hexaware can architect and implement data warehouses and BI
                                                                                             systems, employing solution accelerators, process frameworks and
    8      All this information sounds too good to be true. Can I access this                jumpstart analytical kits, for any part of your business process.
           application right now to get a feel for its functionality?

  http://115.69.80.170:443/analytics/saw.dll?Dashboard&NQuser=Autoclaimuser&
  NQPassword=Autoclaimuser.


                                                                                             Thank you for reading our E- Book, in case you have any queries please
                                                                                             write back to us at corporatemarketing@hexaware.com
 Suggested Reading:
    •     http://www.acord.org/Pages/default.aspx
                                                                                                       For more information on our BI&A services please visit us at
    •     http://www.acord.org/resources/framework/Pages/default.aspx
                                                                                                       http://hexaware.com/business-intelligence-analytics.htm
    •     http://hexaware.com/insurance-analytics.htm

                                                                                             To keep up with the industry’s latest trends in BI/ DW please visit our
                                                                                             blogs @ http://blogs.hexaware.com/index/business-intelligence




www.hexaware.com
Hexaware Technologies. All rights reserved.                                          7   8

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Hexaware's E-Book on Insurance Analytics

  • 1. Hexaware is a leading global provider of IT and BPO services. The company has achieved leadership position in domains such as Banking, Financial Services, Insurance, Transporta- tion, Logistics and HR-IT solutions, Hexaware focuses on delivering business results lever- aging technology solutions and specializes in Business Intelligence & Analytics, Enterprise Applications, Independent Testing and Legacy Modernization. Hexaware has been providing business technology solutions for over 18 years and offers world class service delivery, technology leadership and skilled human capital. INDIA Headquarters EU Headquarters 152, Sector - 3, 4th Floor, Cornwall House, HEXAWARE’S E-BOOK ON Millennium Business Park “A” Block, TTC Inductrial Area 55-57 High Street, INSURANCE ANALYTICS Slough Berkshire Mahape, Navi Mumbai - 400 710 SL1 1DZ, UK Actionable Intelligence Enabled Tel.: +91-22-67919595, Tele: +44(0)1753 217160, Fax: +91-22-67919500 Fax: +44(0)1753 217161 NA Headquarters APAC Headquarters 1095 Cranbury South River Road, 180 Cecil Street, Suite 10, Jamesburn, NJ 08831 #09-03, Bangkok Bank Building, Main: 609-409-6950, Singapore 069546 Fax: 609-409-6910 Tel.: +65-63253020 www.hexaware.com Hexaware Technologies. All rights reserved.
  • 2. 1. What is Insurance Analytics? Is there a need? 1 Click 2. What is the architecture behind Insurance Analytics? 2 Click 3. What went into designing the data model for Insurance Analytics? 3 Click 4. What is ACORD? Explain the framework. 4 4 Click 5. What is an Insurance Capability Model? How is it beneficial? 5 Click 6. Does Insurance Analytics pack have a Predictive Analytics edge to it? 6 7 Click 7. Mobile BI - Insurance Analytics, is it there yet? 7 Click 8. All this information sounds too good to be true. Can I access this 8 Click application right now to get a feel for its functionality? www.hexaware.com Hexaware Technologies. All rights reserved.
  • 3. 1 What is Insurance Analytics? Is there a need? 2 What is the architecture behind Insurance Analytics? Insurance industry is faced with tough challenges in the form of increased compe- Hexaware’s Insurance Analytics provides a comprehensive data model and busi- tition, demanding customer base, ageing population, growing regulatory scrutiny, ness focused semantic layer along with the adoption of ACORD standards and rising healthcare costs, increased frauds, managing distribution channels, attract- model. ing and retaining customers. To overcome the challenges and gain strategic Data can be read from a wide variety of data sources. Using the mapping tools advantage, Insurance companies need to manage insured’s and claimant’s data available in the market they can be held in a central repository. We also realize that across all their product lines, understand the complex hierarchies and consolidate analytics derives its strength from clean and consistent data and from business data from multiple systems so as to derive meaningful insights on their products, intelligence frameworks that protects consistency. The analytical solutions can be accounts and claims data. deployed easily on various Business Intelligence tool. Hexaware’s expertise in providing high-end insurance analytical solutions is based Visually enriched on a sound understanding of the KPIs used to measure the performance of life, reports/dashboards general and specialty insurance businesses. Our Insurance analytics jumpstart kit covers key metrics and dimensions of channel performance, sales growth, claims TRANSACTION EXTRACTION , BI REPORTING APPLICATION TRANSFORMATION processing and underwriting and helps your managers quickly zero in on opera- DATABASE AND LOAD PLATFORM tional inefficiencies and remove process bottlenecks. Our intuitive charting of health indicators patterns in combined ratios, lapse ratios, channel persistency, Ad-hoc querying underwriting efficiency, campaign effectiveness, claims TAT etc. foster quick acceptance and adoption by the user community. This in turn facilitates fast rollouts and early returns on your investment in insurance business Intelligence frameworks. Data warehouse Canned Reports ERP Informatica Oracle Oracle BI Mainframe IBM Data Stage SQL Server Oracle Hyperion Custom Apps Oracle DI Teradata SAP BO MS SSIS Greenplum IBM COgnos SAP BODS Netezza MS SSRS/SSAS SQL Procs DB2 MicroStrategy Sybase SAS www.hexaware.com Hexaware Technologies. All rights reserved. 1 2
  • 4. 3 What went into designing the data model for Insurance Analytics? ACORD's most widely known accomplishment is the publication and maintenance of a huge library of standardized forms for the insurance industry. Most claims in Hexaware’s Insurance Analytics data model is a star-schema dimensional model, the U.S. are recorded or transmitted on ACORD forms. closely following the Kimball approach for data warehousing. There are five parts, or facets, to the ACORD Framework. Each facet has one or The Insurance data model covers the entire insurance business domain. These more relationships to the others, and they collectively represent different views of domains include from Marketing to Underwriting Claims and Policy Administra- the business of insurance. This combination of deliverables not only makes using tion. ACORD standards easier, but will also open new doors to innovation. • The model is designed in a way to deliver quick results. • Indexing and creation of fact tables & hierarchies have ensured quick querying capabilities. Listing and defination of • Also taken into consideration are the ACORD standards. things that are important to the business. The building blocks for 4 What is ACORD? Explain the framework. insurance systems Based in New York, ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to What insurance facilitate the development and use of standards for the insurance, reinsurance and companies do related financial services industries. With offices in London as well, ACORD accom- plishes its mission by remaining an objective, independent advocate for sharing Logical persistence The relationships model based on the information among diverse platforms. ACORD Standards and services improve information model among insurance efficiency and expand market reach. Affiliated with ACORD are hundreds of insur- concepts ance and reinsurance companies and thousands of agents and brokers, related financial services organizations, solution providers, and industry organizations worldwide. www.hexaware.com Hexaware Technologies. All rights reserved. 3 4
  • 5. 5 5 What is an Insurance Capability Model? How is it beneficial? The below capability diagram is adopted from ACORD (www.acord.org) Capabilities - Top Level The Insurance Capability Model provides the "inventory" of insurance industry capabilities. Some capabilities are unique to a domain or can be shared across <capability> <capability> <capability> <capability> <capability> domains (Property & Casualty, Life & Annuity or Reinsurance). Business Claims Customer Finance Product Management Service An example of a shared capability is "Underwriting". Still other capabilities are used <capability> <capability> <capability> <capability> across the entire enterprise and are packed into the Enterprise Services top-level Channel Contract Enterprise Marketing capability. Management Administration Services ACORD’s Insurance Capability Model is one of five specific components that collec- tively create the ACORD Standards Framework. These components establish an architectural foundation that enables companies to build their overall business 6 Does Insurance Analytics pack have a Predictive Analytics edge to it? architectures and gain competitive advantage. ACORD’s Insurance Capability Model defines insurance industry business capabilities and is used by ACORD Predictive analytics can help insurance firms in business practices such as: members and the industry to accomplish the following goals: • Optimizing products and pricing • Identify the common and unique industry capabilities and areas for ACORD • Acquiring new customers Standards asset reuse • Retaining existing customers • Provide the basis for the definition of business process models and business • Performing sophisticated campaign management process service definitions • Detecting fraudulent claims • Identify where existing ACORD Standards can be leveraged and where • Estimating outstanding loss reserve opportunities exist for further development of ACORD Standards Hexaware has built specialized Predictive Analytics components that can be ACORD ensures that the IT solution(s): customized for specific customer situations. • Meet the business needs (function and ROI) • Respond to business changes • Are more cost effective www.hexaware.com Hexaware Technologies. All rights reserved. 5 6
  • 6. 7 Mobile BI - Insurance Analytics, is it there yet? Business Intelligence & Analytics Hexaware’s Insurance Analytical pack is mobile enabled to provide Our Business Intelligence & Analytics solutions help you transform into a • Better & faster business decisions dynamic enterprise through actionable intelligence. We have more than • Support for on-demand, ad hoc, self-service operational reports 50 patent pending innovations which help you with faster & efficient • More effective management deployment & over 85 plus satisfied customers across diverse industries. • Real time access to the organization KPI’s and decision making on the go From consulting, articulation and development, to deployment and support, Hexaware can architect and implement data warehouses and BI systems, employing solution accelerators, process frameworks and 8 All this information sounds too good to be true. Can I access this jumpstart analytical kits, for any part of your business process. application right now to get a feel for its functionality? http://115.69.80.170:443/analytics/saw.dll?Dashboard&NQuser=Autoclaimuser& NQPassword=Autoclaimuser. Thank you for reading our E- Book, in case you have any queries please write back to us at corporatemarketing@hexaware.com Suggested Reading: • http://www.acord.org/Pages/default.aspx For more information on our BI&A services please visit us at • http://www.acord.org/resources/framework/Pages/default.aspx http://hexaware.com/business-intelligence-analytics.htm • http://hexaware.com/insurance-analytics.htm To keep up with the industry’s latest trends in BI/ DW please visit our blogs @ http://blogs.hexaware.com/index/business-intelligence www.hexaware.com Hexaware Technologies. All rights reserved. 7 8