We know that SNL iPartners, our business intelligence solution for insurance companies, is a critical tool for our clients' corporate business strategy development. The recent success a Property & Casualty Insurance Company has seen since turning to SNL iPartners exemplifies just how transformative it can be.
Customer Name: Andover Insurance Companies, Property & Casualty (P&C) Insurer
Direct Written Premiums: Approximately $500M dollars
Line of Business: Homeowners Insurance
Advanced Dashboard Reporting Capabilities Improve Efficiency at P&C Insurance Company
When a P&C Insurance company was having trouble they turned to the SNL iPartners solution for its advanced business intelligence (BI) capabilities, easy integration with existing systems and visibility.
Client Pain Points:
One goal for P&C Carriers is to increase production. Unfortunately, to reach quotas, many agents tend to bind high risk policies to continue to produce at a pace satisfactory for a business needs. For this reason, a number of agents will focus in a concentrated area within 30 miles of the home office because of convenience, and access to the networks needed to underwrite the policies. However, many of the policies are high risk because they are geographically located near catastrophe prone areas. As a result, carriers may inadvertently increase their concentration and coverage risk exposure.
Prior to the SNL iPartners solution, Andover knew they had an issue diversifying their policies, and finding a way to keep risk low while getting the premiums needed to grow as a company. In order to assess exposure risk, they manually generated loss reports by address, and then spent 4-6 hours per week manually plotting locations to visualize the high risk concentrations. To make these determinations, legacy systems were only able to produce a point-in-time Loss Ratio, instead of being able to use more efficient trend analysis tools.
Andover Insurance knew they needed a change. Manually plotting locations on a map was not a scalable solution for a growing carrier. Following the SNL iPartners implementation and release of subsequent dashboards Andover was able to save 4-6 man hours per week with the creation of departmental dashboards that were updated daily and exposed the potential risk to senior management. Through the use of these dashboards and reports they were able to translate the return on investment to equal approximately 300 hours over the course of one year.To effectively monitor concentrated risk, the SNL iPartners team built several dimensions and measures allowing Andover to nest and intersect data such as: Rating Territory, Agency, Liability Limits, Loss Ratio and Loss Ratio 5yr providing an actionable view of business performance. By leveraging these custom built measures, Andover was able to gain insight by nesting elements to view levels of detail that is not available on manually plotted maps. Specifically, the addition of historical loss ratios provides a graphical representation of trends over time, which allows Andover to see market anomalies.
*For illustrative purposes only