Through the past decade, household expenditures on life insurance are down 50%. In this data-driven business, are you built for change?
If you are a Life Insurer, you already know what we are about to tell you.
Your business is changing.
Your market is moving from a mass affluent to a younger and emerging target set of customers. The consumer is more informed with more choices than at any time in history and expects products more precisely tailored to personal need. Portfolio focus rather than range may be the ticket to profitability. Regulators are getting pickier. And now the economy is a potent competitor.
Data is the lifeblood of what you do. Your business data foundation is the fuel to plan, execute and optimize your business. Can you rely on and leverage it through these changes?
Your path forward starts with us.
Our value proposition is simple: Automate everything for speed, flexibility and the lowest TCO on the planet.
- Business users can see first value in as little as 90 days
- Rapidly update the data warehouse to match your evolving business
- Automate to retire expensive data integration tools and processes and super-charge your team
If a more agile business is your objective, your data foundation needs to be Magnitude.
Magnitude can drive:
- Acquisitions and Operational Efficiencies
The pace of mergers and divestitures is projected to increase as insurers seek out new markets, operational efficiencies, and tune their portfolios. Updating the data foundation to reflect organization changes, financials, risk or information from acquired systems is critical to capturing the value. Magnitude data warehouses are the fastest on the planet at adapting to change or integrating new sources of data.
- Differentiating the Customer Experience
Consumers expect more personalized experiences and products than ever before and the pressure is on to put only the most relevant products in front of them before a competitor does. Knowing which products are owned in households, the relationships between policy holders and channels of distribution, and which products are most likely to be of interest given life stages or changes are all points of differentiation. The Magnitude Dynamic Information Warehouse (DIW) enables a dynamic and 360-degree view of policy holders and their relationships with you. And as new sources of information become available, that view gets richer over time. The benefit? You create a tailored and differentiated relationship to retain and develop your client.
- Sales and Marketing Analytics
As insurers adapt to changing market dynamics many are adjusting long standing distribution channels to better reflect consumer buying practices and shave costs to improve margins. Reflecting the changed customer facing relationships for reporting and tracking profitability across channels and products requires fully integrated information. A Magnitude data warehouse is driven by a robust business information model which details information flows across the entire business enabling managers to ask a broader range of questions for more precise measurement and planning.
- Developing New Products and New Markets
The same flexibility and depth of the business model-driven data warehouse that enables broader and deeper reporting also simplifies the process of mapping new products to specific channels and customers creating comparative reports across regions. Harmonizing data from disparate sources, rapidly integrating information across geographies and creating holistic reports that provide a global view of products, channels, customers and regions are all automated capabilities within Magnitude DIW.
- Regulation: SSA Death Master meeting Regulator Demands for Prompt Settlement
With nearly 80 million names on the Social Security Administration death master and an increasing number of state regulators pressing firms to proactively monitor that list to more effectively initiate claims to survivors, insurers face a data integration and harmonization challenge. Magnitude DIW automates much of the process of harmonizing data on policyholders with the death master to help companies comply with regulatory mandates effectively and with minimal resource.