IDP Releases Data Warehouse Solution for P&C Insurers |
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Written by U.S. Insurance News
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Monday, 12 May 2008 |
IDP has released a new decision support system based on dashboard design that performs business analysis and reporting for all lines of property and casualty insurance.
The IDP::Data Warehouse Solution combines the IDP::Decision Support business intelligence tool and IDP Data Warehouse.
Whether it functions as a hybrid, standalone system or as part of IDP’s integrated insurance software platforms, the new product accepts data updates on any scheduled basis from policy, claims, billing, and other systems and provides same-day or near real-time analysis.
“The IDP::Data Warehouse Solution gives property and casualty insurers an extensive array of capabilities, ranging from standard and custom reporting to an infinite variety of ways to slice and dice information,” said Dominick Corigliano, vice president of marketing for IDP.
With the new system, an insurer can determine how well producers, agents, or products are performing across counties or states, or compare the relative profitability of homeowners policies sold to insureds with older versus newer homes, Corigliano said. It can also determine which segments of a carrier’s market are growing and which are not.
“Ultimately, it lets insurers perform detailed analyses on their books of business,” Corigliano said. “It helps users manage vast data resources efficiently and cost-effectively, so they can obtain answers when they are needed.”
IDP::Decision Support contains a customizable executive dashboard with key performance indicators. It performs standard and custom reports, including ad hoc queries, and provides multiple views, such as marketing, finance, production, underwriting, and claims.
IDP::Data Warehouse stores data down to the transaction level and provides full support for downstream applications, including general ledger, financial systems, management reporting, and third party systems, such as IVANS, ISO, and ChoicePoint.
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