The Key Challenge of Our Client

Insurance is a data-centric industry and insurers have collected a huge amount of customer data till now. But monetizing this data and finding business insights with legacy systems, products, and business models is a time-consuming and complex process.

Our client wanted a data-driven system backed by data analytics to give intuitive & interactive dashboards for every business unit.

Our Objective in Solution Designing & Development

With insurance customers moving online to interact with brands, our client wanted a better system for managing claims better, quickly detecting fraud, improving service to customers, and understanding employee trends and their impact on the business.

What was the Outcome of Our Solution?

As an outcome, the Techknomatic team provided a Life Insurance dashboard for vertical managers. For them, this is critical to reference to stay up-to-date on claims trends, termination reasons, and policy status by product line, across territories, and get a glance at key KPIs such as cancellations, in force & terminations.

Solution Provided by Our Dashboards

Techknomatic business analysts analyzed the existing decision-making from legacy systems, excel to track captured data points and the list of KPIs. We suggested a dashboard for insurance leaders to see their sum assured, annual premiums, claim amounts, and total policies.

The dashboard users can now see a high-level summary about the sum assured, annual premiums, claim amounts, total policies for the selected period.

The areas covered in the delivered solution were

Termination Reason Analysis

For claims managers, this is critical to stay up-to-date on Insurance termination by product line, across territories. Dashboard users can see reasons for termination like:

• Critical Illness
• Death
• Maturity
• Surrenders
• TPDs

Policy Status Analysis

Getting visibility in the policies to analyze In-force, terminated, and canceled policies across product lines gives better control over the business.

Claims Trend

Claims trend provides visibility into and assesses how much you pay out in claims, with what frequency. Understanding claims trends can help you make strategies and forecast the claim counts.

Benefits Our Client Now Enjoys

Techknomatic’s solution resulted in the following benefits:

• Tracking Policies, Claims, and Terminations in an organized manner.
• Getting visibility in the day-to-day operations & claims.
• Timely emails to stakeholders with the most important KPIs to track.