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?
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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
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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.
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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
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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
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