State Volunteer Mutual Insurance Company Gains Competitive Edge With Insurance Performance Foundation
公司规模
1,000+
地区
- America
国家
- United States
产品
- Insurance Performance Foundation
- iWay DataMigrator
- WebFOCUS
技术栈
- Business Intelligence
- Data Analytics
- Data Integration
实施规模
- Enterprise-wide Deployment
影响指标
- Customer Satisfaction
- Productivity Improvements
技术
- 分析与建模 - 预测分析
- 分析与建模 - 实时分析
适用功能
- 商业运营
用例
- 质量预测分析
- 补货预测
服务
- 数据科学服务
- 系统集成
关于客户
State Volunteer Mutual Insurance Company (SVMIC) is a mutual insurance company headquartered in Brentwood, Tennessee. The company provides medical malpractice insurance to more than 19,000 physicians and advanced practice providers. SVMIC was formed in the mid-1970s by a group of Tennessee physicians to mitigate their own medical liability risk during a time when many commercial insurance companies ceased to offer medical malpractice insurance coverage due to escalating claims and judgments. As a mutual insurance company owned entirely by its policyholders, SVMIC's profits are either retained as surplus to cover future claims or returned to policyholders in the form of dividend distributions or reduced future premiums. Today, SVMIC insures physicians and advanced practice providers in Tennessee, Arkansas, Virginia, Kentucky, Alabama, Mississippi, and Georgia.
挑战
State Volunteer Mutual Insurance Company (SVMIC) was seeking to augment its current information resources by empowering its business decision-makers with fresh, data-driven insight. The company wanted to enhance its competitive advantage and financial stability. SVMIC needed to manage its financial solvency to ensure the physicians and group medical practices that depend on their malpractice coverage could continue treating patients with confidence. The company required access to real-time data to get their pricing right, which involved choosing risk carefully and pricing their insurance policies appropriately. This required a deep understanding of their data points and a thoughtful assessment of risks and trends.
解决方案
SVMIC partnered with Information Builders to implement the pre-built Insurance Performance Foundation (IPF). The initial deliverables included a new analytics portal called Insight, along with interactive dashboards for accessing, visualizing, and drilling into property and casualty (P&C) data. SVMIC's staff worked with the Information Builders team, using its iWay integration technology to migrate 42 years of production data from SVMIC’s proprietary source systems to a new data warehouse. The warehouse underpins a flexible consumption model that includes a growing base of WebFOCUS analytic assets. The new Insight interface and data warehouse provides business units and executive users with the ability to monitor company performance, including claims and underwriting activities, and to support data-driven pricing of new policies.
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