Enabling insurers to get on with the business of insurance

In a world that's constantly shifting and changing, it can be challenging for insurance companies to stay ahead of the curve.

With Verisk Specialty Business Solutions’ advanced data analytics offering, firms can use a broad range of information and bespoke sources to maximise returns on investment whilst also improving performance, without compromising on usability or cost.

Sequel Data Analytics provides an integrated platform to simplify all aspects of the insurance process. Ready-to-use dashboards lead to a single source of truth, with data translated into powerful visualisations for comprehensive performance analytics and business insights.

The sophisticated enterprise portfolio management facility collects vast amounts of sparse, unstructured data from various sources, and integrates these through consistent standards of data quality and auditability.

This gives insurers an edge over their competitors by enabling them to quickly identify risks and opportunities in their product portfolio and pricing strategies.

“Every single organisation that we come across has its own set of problems to overcome, to which we have to find solutions. So, there's no one out-of-the-box solution for every single organisation,” says Verisk Systems Analyst, Data Analytics, Richard Brayshaw.

“And that's where consultancy comes in. It allows us to model what we've got to the specific requirements that the organisation and the clients that we're dealing with need.

“So rather than just bringing something out of the box and dumping it onto a client site and walking away, there's an awful lot of consultancy input to tailor the product line to the very specific requirements of the different organisations.”

Enabling insurers to get on with the business of insurance

Data Analytics allows for the full automation of core statutory and regulatory reporting into dashboards, saving time, effort and the need to recruit or train internal staff.

“There's a whole suite of statutory and regulatory reports that Lloyds and other organisations require that you submit to them on a regular and accurate basis. And to do so is considerable overhead for many companies,” Brayshaw says.

“You really have to invest quite heavily in the methods of providing that information to the regulators. And Data Analytics is a product that can actually solve that problem to a very large degree.”

“And you can just put those problems behind you and move on with the actual business of insurance.”

Built for the London Market

Verisk’s Sequel Data Analytics platform is designed to be easily integrated with existing IT systems, particularly those in the Lloyd's of London marketplace.

The platform is built on an open architecture and can be quickly tailored to meet any organisation's specific needs, making it ideal for insurers looking to adopt new technologies without having to overhaul their entire system.

“Data Analytics sits very nicely with the current various product stack, so the Sequel Underwriting product and Sequel Reinsurance product and so on,” says Brayshaw.

“But you certainly don't have to have those products to use Data Analytics. In fact, many of our clients don't have the operational stack that is provided by Verisk; they have third-party operational systems.

“And part of our consultancy piece is to tailor Data Analytics to specific use of those systems. That's probably more than half of what we do: adapting data analytics to third-party systems.”

 

We are looking forward to showcasing our new data maturity assessment tool at TINtech London Market next week - see you there!