Sapiens: IntelligencePro Modern, Effective & Simple BI

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Roni Al-Dor, CEO & President, SapiensRoni Al-Dor, CEO & President Property & casualty (P&C) providers are challenged more than ever to empower employees with actionable data to drive business performance and increase worker productivity. How can insurers glean actionable insights from their voluminous data streams to formulate their companies’ strategies, decide which new propositions to bring to market and obtain crucial market intelligence?

Digital disruption, an ultra-competitive marketplace, changing customer behavior and regulatory pressures are further complicating this issue.

The answer? North American P&C insurers are refining their current strategies and operating models through effective business intelligence (BI) solutions and analytics. But not all BI solutions are created equal.

Effective offerings must be intuitive, particularly for business users, and up-and-running quickly – so as not to miss opportunities. Also, systems with pre-integrated insurance best practices will make a world of difference when compared to generic systems that weren’t designed for specific insurance markets and insurance regulations.

Introducing Sapiens IntelligencePro for Property & Casualty

Sapiens IntelligencePro for Property & Casualty (formerly known as “4SightBI for Property & Casualty”) is a comprehensive, affordable solution, with over 100 pre-configured reports, dashboards, scorecards, ad-hoc reporting and hundreds of analytics. With “what-if?” capabilities and ease-of-use in underwriting, claims, billing, management, reinsurance and other areas –insurers can generate actionable insights and heal their P&C pain-points.

Sapiens’ standardized processes have new customers viewing reports in less than 45 days and IntelligencePro is designed for insurance carriers and managing general agents (MGAs) of all sizes. Built by insurance professionals for insurance professionals, IntelligencePro is designed and documented so that anyone can start using it almost immediately.

Easy and Effective Business Intelligence Solution

Two common stumbling blocks for insurance companies’ IT projects are managing legacy data after software or infrastructure upgrades, and merging data from multiple business systems. Sapiens IntelligencePro, a database-agnostic business intelligence system, overcomes both difficulties, while providing an integrated, holistic view of historical and current information. It supports multiple platforms, including Windows, UNIX, Linux, z/OS, and iSeries, as well as databases such as SQL, Oracle, DB2 and MySQL. The solution is designed for insurance carriers and MGAs of all sizes to capture key performance indicators (KPIs) that can be used to evaluate performance and improve enterprises’ operations.

Sapiens IntelligencePro offers over 100 standard reports out-of-the-box. They can be quickly scheduled, emailed, exported, and modified as required, for maximum convenience. The solution also comes with professional support, product maintenance and enhanced software benefits.

Open Source

IntelligencePro operates on a commercial, open source business intelligence platform, the Pentaho BI Suite Enterprise Edition.

With “what-if?”capabilities and ease-of-use in underwriting, claims, billing and reinsurance, insurers can generate actionable insights and heal their pain-points with Sapiens IntelligencePro

This reduces the system’s overall cost of operation in comparison to proprietary business intelligence platforms. IntelligencePro’s robust capabilities to spur-up insurance data models, reports and dashboards, along with its cost-effectiveness, make it a tough competitor for alternatives. IntelligencePro offers several benefits to P&C providers, with the significant reduction in total cost of ownership (TCO) for BI a true differentiator in the industry. The modern, standards-based architecture reduces the complexity of integrating and maintaining traditional BI systems, ultimately lowering TCO over the life of the application.

IntelligencePro is designed to be extremely flexible and extendable, so companies can expand it to include additional features. The suite provides advanced security, scheduling, reporting and analysis, with a full set of development tools and fully integrated ETL capabilities. Sapiens provides a drag-and-drop reporting component that allows for analysis and it also has a predictive analytics component. These features can all be provided to the business user without any IT intervention. The offering is also equipped with “what-if?” capabilities to answer issues related to underwriting, claims, billing, management and reinsurance.

Packaged as an off-the-shelf database and platform-independent offering, Sapiens IntelligencePro interacts with any ANSI-compliant database and its software requires minimal customization, reducing the implementation time to 45 days (or less). The proven, enterprise-class, P&C-focused solutions from Sapiens effectively reduce process cycle time, improve operational transparency and governance, and regulatory compliance.

A Foothold in the Insurance Sector

As a leading provider of P&C-specific business intelligence products in the marketplace, Sapiens provides an affordable alternative for superior performance, with an experienced team that delivers a proven digital framework for implementing insurance-specific solutions. Global and U.S. customers of Sapiens IntelligencePro (which started out as 4Sight Business Intelligence)range from single state carriers to global entities. All implementations have been completed on (or below) budget, and the goals met within the clients' defined implementation periods.

Defining New Heights

Sapiens empowers clients to be 100 percent self-sufficient by offering them full services and the industry knowledge to help them get up and running fast. IntelligencePro gives its clients complete access to the product suite and all the development tools, including dashboard tools such as the drag-and-drop report analyzer. In addition, Sapiens provides training videos and samples that are all explicitly based on P&C insurance. “We are a product, not a project,” says Al-Dor. “We have everything pre-built with fixed price implementation, meaning that everything is documented, from a full suite of pre-defined ETLs, reports, analysis tools and KPIs, to all designs of the P&C market alongside various dashboards. One unique factor about Sapiens is that our BI solutions also calculates earned and unearned premiums, which many BI solutions don't do,” explains Al-Dor.

Steering ahead as the renowned leader in the insurance industry, Sapiens aims to continue to improve and enhance its predictive analytics component, focused on the P&C industry.

The company is also increasing its microservices capability to enhance its digital platform and plans to continue adding new measures in KPIs, based on its clients' requests.

An Important Piece of the Overall Puzzle

Actionable intelligence is critical, but P&C carriers have long understood that they risk losing their customers if they don’t provide the type of digital experience that all of us have come to expect from retailers and service providers. Agents, brokers and other channel and service providers also require a powerful digital ecosystem to capably carry out their crucial tasks.

But merely using a portal to offer millennials the online presence they require, or working with an isolated analytics system to parse data, isn’t enough.

IntelligencePro is pre-integrated with the Sapiens DigitalSuite, which offers an end-to-end, holistic and seamless digital experience for P&C customers, agents, brokers, customer groups and third-party service providers. The suite is pre-integrated with Sapiens’ P&C core and is comprised of Digital Engagement and Digital Enablement and API Layer components. It is a cloud-based suite and includes agent and customer portal solutions, plus Sapiens PartnerHub, which offers third-party technology and insuretech solutions to insurers.

The Advantages of Pre-Integration

A best of breed approach offers some advantages for insurers. The ability to obtain the leading systems for different services can, of course, be tantalizing and imply leadership.

Best of breed is a potentially viable strategy that requires extensive resources, as it is a complex approach that is often time-consuming and prohibitively expensive. Integrating the BI solution with multiple systems with different logic, along with databases governed by different rules, under various technologies, isn’t for the faint of heart.

Best of breed portfolios often boast impressive new features, but it’s easy to forget that it will be necessary to connect every one of them to each other and to the policy administration system (PAS). Each feature will likely take between six months and a year to connect and there is no guarantee of ultimate success! Many times these types of projects eventually fail, due to cost overrides, or unbearable delays (or both).

Once everything is finally connected, insurers will still have to deal with upgrades, which will mean going back to the drawing board and re-syncing all systems and features manually. After go-live there is a continuous conveyor belt of regression testing as each component in the jigsaw has its own independent roadmap and upgrade strategy, not to mention the underlying software platform with its own cycle of upgrades. It can take a long time to integrate a business intelligence/advanced analytics proposition to a PAS and get it up and running, because there is an abundance of logic contained in hundreds of different charts (with varied formats). During that extended period, the insurer must manually generate reports and then integrate them with its marketing system, making it difficult to ascertain why customers are dissatisfied, and then effectively address the issue. Competitors with a fully integrated and functional BI system may swoop in and take some of those dissatisfied customers.

Effectively integrating a BI offering requires intricate knowledge of the source system and the data warehouse models. Because data is granular and spread out, integrating it with business models and aggregating it is a complicated process. It requires an extensive understanding of an insurer’s own systems, plus deep knowledge of each vendor system, and profound business and technical knowledge of the data models and logic. Insurers can avoid this formidable challenge by selecting a BI system that pre-integrates easily with other key components.

- Pamela Morgan
    June 28, 2019