Numbers
Client results
about National Property & Casualty Insurance Provider
The Problem
This National Property & Casualty Insurance Provider had vast amounts of data, making it difficult for their Data Services team to compile data from different legacy sources and provide insights to business teams. Executives and business teams had to rely on just two “Data Wranglers” for reports, causing significant bottlenecks and long wait times, with little-to-no ability for ad hoc reporting.
Existing solutions were static, offered minimal context, and limited visualizations, pushing users to rely on Excel for self-service analysis. The team sought to glean deeper insights beyond what they were getting from their traditional reporting tools and BI dashboards.
Why They Chose AnswerRocket
The Data Services team wanted a natural language-based solution for people who need quick answers but lacked the SQL knowledge to use the existing BI tools. This included marketers, underwriters, and management at each branch location. AnswerRocket fit the bill and was implemented in over a dozen branches across the US.
Major features that set AnswerRocket apart:
- Interactivity and ease of use without SQL knowledge
- Highly visual
- Ability to explore and build upon your question
- Fast query results (under 5 seconds for a 250+ GB database with +1 Billion record fact table)
How AnswerRocket Helped
AnswerRocket was used to analyze claims and policy data down to the branch, underwriter, and account level.
KPIs measured include:
- Policy Count Retention Ratio
- Earned Premium, Unearned Premium
- Loss Incurred
- Claim Count
- Paid Expenses
- Agent Commission
- Agent Loss Ratio
- New to Renewal Written Premium
- Codified Count, Codified Premium
- Policy Renewal, Policy Retention
With AnswerRocket, individual users can ask questions in plain English like:
“How many claims were filed for this type of accident?”
“Of our customers, how many of them have filed claims?”
“How many of the premiums are for new construction?”
This information helps marketers know what customer segments to target, and underwriters to make sure the business is accurately priced.
What They’ve Achieved
Using AnswerRocket, the P&C Insurance Provider enabled self-service data analysis throughout their organization. At the branch level, underwriters can ask ad-hoc questions to create interactive reports, instead of waiting for the Data Services team. This has been vital to the relationship between underwriters and the agents that they work with.
These reports cover:
- Policies
- Accounts
- Business Lines
- Agent metrics (performance and profitability by line of business, timeframe and geography)
This increased communication with agents allows for focused efforts on profitable areas, mitigating market risk. As a result, underwriters become better business partners, contributing to overall organizational success.
At the executive level, AnswerRocket facilitates quick decision-making without extensive time or manpower. Detailed reports can be created on-demand, empowering employees and executives to make data-driven decisions independently.
What Users Are Saying
AnswerRocket stands out by allowing any business user to access insights using natural language queries, democratizing data within the organization. Users praised AnswerRocket for being:
