InsPro Technologies (Eddystone, Pa.), a provider of life and health insurance processing solutions, has released InsPro Analytics, a data analysis and business intelligence application pre-integrated with the InsPro Enterprise solution for life and health policy management, according to an InsPro announcement.
InsPro Analytics is designed to meet wide ranging needs of insurance companies and is available through traditional software license, as a hosted solution or via software-as-a-service (SaaS), the vendor reports. InsPro Analytics is also able to import third party data in order to build what the vendor characterizes as the most robust data set and provide even greater breadth, depth, and detail with the resulting analysis. The vendor says that the combination of InsPro Enterprise — which it calls a flexible, end-to-end policy administration suite — and InsPro Analytics enables insurers to learn from the past and react quickly.
“While myriad data warehousing projects indicate that the insurance industry has long recognized that its data is a valuable resource, there has been little success in effectively mining it, thanks to the lack of industry-specific tools to help analyze the data," notes Chad Hersh, a principal in analyst firm Novarica's insurance practice. "A tool like InsPro Analytics should go a long way in helping insurers put years of data to work, and help provide detailed analysis and discovery to enable more informed business decisions. As a result, InsPro Analytics should prove attractive to both life and health insurers.”
Bob Oakes, President & CEO of InsPro comments, "Given the wealth of data in our industry, insurers have long sought an effective data analysis solution to provide insight into their business in order to improve customer satisfaction and internal operations, while also delivering significant cost savings. With InsPro Analytics insurers can finally put their data assets to work to better the business.”
The vendor announcement calls attention to the following features of InsPro Analytics:
• Detailed business analysis for sales, customer service, actuarial, and claims departments;
• A single, streamlined user interface with decision trees and drag-and-drop mapping;
• Easily customizable views and dashboards;
• Demographic data mapping, numeric reports, and graphic and pie displays;
• Extensive on demand reporting with current data for the most up-to-date view of the business; and
• Data imports from external sources for the most robust data set.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio