Accurately Gauge Risk and Price Policies

A corporate performance management solution offers more than just a more convenient way to run your insurance business. It’s the key to your competitive advantage in an increasingly competitive industry. Spreadsheets are a mode of operation that will keep your business in the past, with error-prone processes and an inability to accurately forecast for the future. With Prophix, you can reduce risk by relying more on automation. You’ll spend more time using data rather than manually gathering and analyzing it.

Prophix helps insurance companies in two key areas: increasing the profitability of your policy offerings and ensuring your business is running as efficiency as possible. You can get a clear view of how profitable your underwriting systems are and identify areas that should be adjusted. From an internal business perspective, you can also evaluate how your business operations can be streamlined for less waste and greater profitability.

Much of the insurance industry is focused on analyzing risk, and with data, that task becomes much easier. Learn how Prophix’s corporate performance management solution for insurance companies can transform the way your business uses data.

Drowning in Data It Can’t EasilyAnalyze, The Insurance Industry’s Ship Comes In

 

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Seamless Integration


Do you feel like you have all the data you need, but organizing and analyzing it is impossible? Pulling data from multiple sources can make for a complicated and error-prone decision-making process. Prophix offers a centralized location for all your data by seamlessly integrating with other vital programs your insurance company uses. Instead of manually gathering data and attempting to assess the big picture, Prophix does all the heavy lifting for you.

Data is instantly integrated from the sources you choose and compiled into reports that are customizable and easy to understand. Once the reports are created, Prophix can even automate report distribution for you, making it easier than ever to communicate crucial knowledge to your team members.

Before any big decision is make, Prophix assists you in analyzing data and determining how key data points apply to potential courses of action. Integrated, real-time data helps you in a few key areas – forecasting revenue, evaluating revenue drivers, measuring KPIs, and more. By tracking key data points like total revenue per policy holder and customer retention rates, you can create accurate budgets and generate better business plans. Forecasting with real-time data has never been easier.

You can also better evaluate employees to identify untapped potential. Through the monitoring of data points and KPIs, you can identify which employees are high performers through data points like who is up-selling policies and who is signing up the most new customers. By identifying these valuable assets, you can nurture their futures with your business.

Optimize Operational Performance


Is your business operating at the highest levels of efficiency a nd profitability? Without the proper visibility into performance, the answer is likely no. Insurance companies need a better way to easily evaluate their performance and pinpoint areas in which improvements could be made. Prophix offers all the tools needed to evaluate performance quickly and easily through interactive dashboards using real-time analytics.

With Prophix’s interactive dashboards, you can identify areas in which operations can be streamlines and profitability can be enhanced. Which insu rance policies are more appealing to customers than others? Which agents are increasing sales, and what factors are facilitating those increases? With better insight into corporate performance, you can restructure areas, increase resources for other areas, and solve problems by determining root causes.

Plus, each dashboard is customizable, meaning you can identify data points, which are relevant to your particular role. This saves time as you avoid parsing through irrelevant data to find the specific metrics you need. Each day, you simply log into your dashboard and receive immediate updates on the data that matters to you.

Easily Monitor Data and Run What-If Scenarios


Real-time data offers insurance companies the valuable opportunity to better gauge risk and set prices for premiums. You can work with the most accurate, the most relevant, and the most current data to ensure the decisions you’re making for your business are the right ones.

Gathering and assessing key data points are only the first aspec ts of using data effectively. Continuous and ongoing data monitoring helps you k eep a finger on the pulse of your business. In the insurance industry, key data points are always fluctuating. Data on payouts today will inevitably be different a week from now. With Prophix, you can constantly monitor key analytics, identifying variances and answering key questions about how your business is performing.

Insurance agencies need all the tools at their disposal to make smart decisions when it comes to risk and premiums. Luckily, with Prophix, you can run countless “what-if” scenarios to evaluate the decisions you’re making. Prophix offers your business an intuitive way to change assumptions and run models to determine the impact of those changes on your finances. With this information, you can a djust your budgets and forecasts accordingly.

Using Prophix, you can adjust premium rates to determine the impact on revenue, change severity and frequency to assess the effect on losses, or alter case managers’ workloads to determine the impact on processing costs per claim. With better information, you can make better decisions, guiding your business on the right path for the future.

Using Prophix, you can adjust premium rates to determine the impact on revenue, change severity and frequency to assess the effect on losses, or alter case managers’ workloads to determine the impact on processing costs per claim. With better information, you can make better decisions, guiding your business on the right path for the future.

 

TESTIMONIAL

“The security, the efficiency, and the various resources [in Prophix] that enable us to automate our financial processes—all of these capabilities have allowed us to make a major impact on our business.”

Joel Goldstein
Corporate Controller
Crystal & Company

Prophix gives your insurance agency a chance to use data in a truly powerful way. Every decision you make, policy your offer, and process you use can be analyzed to ensure you’re reaping the maximum benefit. Instead of being weighed down by data, leverage data to ensure your profitability skyrockets.

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