The digital economy is transforming the insurance industry. With the help of real-time analytics, insurers are increasingly tapping into data daily, to better gauge risk and better price premiums.
To stay on top of all the data on an ongoing basis, insurance companies need to pull together data from multiple sources and have a centralized place to analyze data.
Budgeting and planning using Prophix received rave reviews at Westfield. It made the process so much easier for everybody. The personnel DPM makes it pretty much seamless. Most people only have to budget for 3-5 other accounts because of everything that we populate.
Michael Flanagan Financial Planning & Analysis Leader Westfield Group
Prophix helps Insurance businesses plan and forecast revenues quickly and efficiently using revenue drivers like total revenue per policyholder, number of policies in force and retention rates. Maintain premium volumes, track revenue performance of agents or producers or spot high performers. Measure and monitor KPI’s like premiums earned per agent or producer, policy sales growth, or new policies signed per sales channel.
With Prophix self-service interactive dashboards, data is always available in real-time. With just a few clicks corporate finance, head office managers or branch managers can create dashboards to provide an overall view of company performance and identify areas of potential risk to improve policy administration or case management.
Prophix intuitive what-if scenario capabilities allow you to easily change assumptions to see the impact it has on your profitability and to use the best-case what-if results to adjust your budgets and forecasts. Vary premium rates to determine the impact on revenues, change severity and frequency to assess the effect on losses or revise case managers workload to see the impact on processing costs per claim.
Proactively monitor analytics and reports to spot anomalies and course-correct if necessary. You can quickly identify variances, perform period-over-period analysis or drill down to the underlying details to answer questions like – do commission payouts coincide with revenues generated by each branch, are there any producers whose travel, meals and entertainment costs exceed budget variance thresholds and how are premium revenues performing across branches, product families or premium types.
Prophix unified performance management solution, easily integrates data from your financial and insurance-specific solutions, giving you a consolidated, real-time view of your data and allowing you to proactively search for insights and make data-driven decisions to adjust premium rates and reduce payouts to reach your maximum profit potential.