Insurance Analytics

Most of the data workers use Alteryx platform to find more answers quicker!

Overview:

One of the nation’s leading dedicated health care liability solutions with a diversity of insurance products, namely MedPro Group, came across a challenge to connect both processes and employees with one another due to great size of operations. The key challenge was to layout the analytical foundation.

Business Challenge/Problem:

• Fuel new business growth by:
  • Centralizing processes
  • Remove system silos
  • Link manual processes together
• Drive consistent pricing and risk-evaluation:
  • Remove data supply bottle-necks
  • Empower business analysts to self-serve
• Unify internal operations:
  • Accelerate modernization
  • Facilitate enterprise-wide legacy system integration

Working Solution:

Steps implemented to fuel the new growth business are:

• An algorithm was Implemented in Alteryx for pricing understand the insurability of a prospective customer.
• The system was overlaid on the CRM data to create sales recommendations worldwide.
• The recommender system was deployed into the Alteryx gallery for the sales team to access anytime and anywhere!

Steps implemented to drive consistent pricing and risk evaluations:

• All the complex decisions rely on the scattered inputs which is brought together in Alteryx – be it internal available data or the external data sources.
• The bridge between the actuaries, underwrites and multiple data users with the data sources are configured by Alteryx Server which reduces the data supply bottle-necks.
• Data Analysis ready reports available in the private gallery.

Steps implemented to unify internal operations:

• The legacy data to be moved to web-based system with a short learning curve.
• Business leaders to program the process in a relatively short time frame, scale up with ease and accelerated modernization by deploying on the private server for analysts to use in a self-serve, reliable environment.

Benefits Achieved

A view into some of the measurable benefits achieved in just nine months –

• The number of apps published to the private gallery to date has gone high.
• The number of times an app has run on the gallery is approx. 7000. That’s about 28 runs a day over 9 months!
• The percentage of employees who are served with this consistent, reliable self-serve platform is growing.

Main benefits achieved: –

• Manual Processes simplified.
• Efficiency increased and sharing became easier, reliable and secure.

Current Approach

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