Data analysis has become a permanent topic on every business agenda. The insights it delivers serve as the basis for improving services and products and change the way we do business. Data analysis allows business to measure their performance objectively. This in turn allows them to measure the results of changes they make, and to continuously optimize their processes, services and products.
Applied to the insurance industry, data analysis provides insights that can increase profitability, reduce insurance risk and drive growth through improved customer satisfaction.
For the best results, the reports and analyses need to meet at least the following three criteria:
- Creation must be quick and easy so that new data can be taken into account
- they must provide accurate, targeted information and
- they must be clear and easy to understand.
The days when the IT department was needed to create new reports, and the waiting times that entailed are over. Today, management demands ad hoc reports, and want to be able to create them themselves with as little effort as possible. Moreover, the results should also include charts and diagrams to make them appealing and easy to understand.
Consor Universal’s new Cockpit module which delivers just this. With Cockpit, evaluations can be represented graphically in a simple way. Cockpit uses Consor Universal’s data mart as its data source. The data mart transforms the semi-structured data of the individual and industrial insurance business into highly structured data. Interestingly, this is just the kind of data the insurance industry is used to and relies on. The structured data allows management to evaluate any number of aspects, such as measuring the efficiency of the quoting process on a regular basis.
No technical or programming knowhow is needed to create and execute reports. This allows business analysis or management to play with the data, create just the reports they are interested in, and gain new insights rapidly.