Analytical solution for insurance companies
ATK
Sectoral
Insurance
Acknowledgment of ATK's expertise:
Platforms:
Solution Modifications:
Our clients are more than 10 leading insurance companies. We realize that insurance companies operating in the Life and Non-Life segment have their own peculiarities and specific KPIs, so we have developed targeted solutions for:
Solution Functionality:
Main analytical sections: Territorial (branch / department / subdivision); Business lines (Policyholder / group of policyholders, agent / broker, sales channel) Specific (insurance product, type of insurance, insured risks, types of insurance events).
Dynamics of sales by new policyholders, prolonged contracts and cross-sales Frequency of policy sales Accrued and paid premium for any period in various sections Comparison of actual indicators (GPW, GPC, number of contracts, etc.) with planned indicators and similar periods of previous years. Ranking and trending by types of insurance, insurance products, divisions, sales channels Analysis of sales volumes and shares of special programs for certain types of insurance (hull insurance) Analyzing productivity of managers, agents and brokers Control over collection of insurance premiums in accordance with approved revenue schedules Analysis of dynamics and age of accounts receivable in the context of agents/brokers, policyholders, contracts Payment linkage control Data granularization to individual policy Search of all types of documents/events by any attributes
SALES ANALYSIS
Flexible client segmentation Identification of insurance contracts for prolongation with the possibility of sending notifications to responsible persons (manager, agent, broker) Prompt assessment of the success of launching new special programs for insurance products for effective management of promotion budgets Dynamics and efficiency of marketing expenses in terms of insurance products, regions, plan and actuals by budget
MARKETING ANALYSIS
Monitoring of information on the entire loss settlement chain: from the occurrence of an insured event, registration of a loss case, to the input and confirmation of expert assessments of the damage caused, issuance of payment orders and actual payouts Analysis of dynamics and trends, number and amounts of open, reported and closed losses for the period, issued denials, and reserve of reported losses Control of issued referrals and insurance payments to car service centers, medical and preventive institutions
CLAIMS HANDLING ANALYTICS
Calculation of insurance reserves: unearned premium (UPR), reported but unsettled losses (RLI), doubtful debts (UDI) Calculation of RBNP in accordance with RAS and IFRS as of any given date, taking into account the specifics of different types of insurance (by policy, in the section Type of Insurance-CFO-Sales channel) Calculation of RBNS as of a given date with variations of recognized payments - only up to the reporting date, up to any date after the reporting date, unlimited. Calculation of DAC (Deferred Acquisition Costs) for a given date Calculation of reinsurers' shares in reserves with details by type of insurance, financial responsibility centers and sales channels, taking into account possible specifics of calculations for different types of reinsurance (facultative/obligatory, proportional/non-proportional). Calculation of underwriting result Formation of specific journals for external audit (RAS, IFRS) Formation of contract and loss logs for the Federal Insurance Supervisory Authority (FSSN)
ACTUARIAL AND FINANCIAL REPORTING: CALCULATION OF PROVISIONS
A single data model stores all the various analytical attributes important for different types of insurance, and combines the contracts and losses block Example for Auto Insurance: Analytical attributes Vehicle parameters (make, model, age, capacity, type, credit, lease, pledge, etc.) Driver parameters (type, age and length of service, region, etc.) Policy parameters (CFA, sales channel, special program, range of sums insured, deductible, etc.) Calculated indicators Number of policy years, average sum insured, average premium, average tariff, accrued premium, paid premium, earned premium. Number/frequency of losses/thefts/totals, average loss per loss, collapsed losses/thefts/totals, paid losses, unsettled losses Net EF, CG%, EF%, CG+CF
CALCULATION OF PORTFOLIO INDICATORS
Consolidation of insurance and financial accounting data Analysis of accounts receivable in the context of contracts, policyholders and agents/brokers Payment linkage control control of payment terms according to approved payment schedules Debt dynamics, age and ratings Creation of turnover-salary statement on accounting accounts with breakdown to individual documents and transactions Construction of financial reports with breakdowns in all possible analytical sections Analysis of the accrued premium compared to the budget, similar period of the previous year in the section Type of Insurance-CFO-Sales Channel
FINANCIAL ANALYSIS
Operating Profit in the context of brands, products, product groups; Dynamics and efficiency of expenditures on marketing activities in the context of brands, products, divisions, plan and actual budget; Analysis of receivables and payables of counterparties; Control of budget execution at any moment of time with the help of plan-fact analysis (taking into account budget adjustments); Detailed Profit & Loss (P&L) report in waterfall format, with the ability to fall into any section, subsection or item of the P&L for further analysis.
ANALYSIS OF FINANCES
Checking databases for data filling errors and inconsistent information Absence of important attributes in contracts (date of signing, type of insurance, key parameters of the vehicle, list of authorized drivers, etc.). Inconsistency in specifying dates of various events (overlapping intervals of vehicle use, the date of liability start date is greater than the date of liability end date, the contract start date is less than the entry date by more than 6 months, etc.). Inconsistency of summarized indicators with each other (the accrued premium is greater than the sum insured, the amount of receipts under the policy is greater than the accrued premium, the amount of the claimed loss is greater than the sum insured, etc.). Insurance tariff on the policy is outside the acceptable range for a given type of insurance (calculation is performed on the basis of a set of parameters) Unbound contracts and receipts for one counterparty
DATA CORRECTNESS CHECK
Automatic preparation of reporting forms 1C, 2C, 7, 8, 10, 11
REGULATORY REPORTING
Screenshots of the solution:
Implementation results:
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Operational and transparent control of KPIs and increased efficiency of analysts' work;
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Reduction of time and operational costs for preparation of reports - managerial, financial, actuarial;
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Obtaining a convenient analytical basis for forming in-demand, highly profitable insurance products for a specific target audience;
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Increase of financial discipline of counterparties due to more efficient management of receivables and payables;
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Saving resources by automating the preparation of labor-intensive reports for insurance regulators;
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Significant reduction of time and labor costs for data analysis for decision making;
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Increased effectiveness of marketing promotions and channels through detailed analysis of promotions and deeper audience segmentation capabilities for promotions
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ALPHA INSURANCE
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1.560 QlikView users
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15+ data sources
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On the pilot project only QlikView out of 10 BI systems coped with the test task
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VTB INSURANCE
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270 QlikView users
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12+ data sources
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20% of users work under the BI self-service model
+7 (495) 134-32-92
consult@atkcg.ru
Russia, 121467, Moscow,
Istrinskaya str. 4, Office 1
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