Being able to execute faster analyses in an ad-hoc manner on a large, detailed database of price points, quotes, census data and internal data is the nirvana that auto insurance companies crave. After all, the automotive insurance market is extremely competitive; providers are numerous, margins are tight, consumers are fickle. With such aggressive and agile competition, and with agents and brokers offering a wide variety of coverage type and products, insurance companies must ensure that theirs is the model that delivers the most profit, saves costs and guarantees the best possible competitive advantage. But up to now, companies in this space have been plagued by the fact that they just couldn’t get all the data together quickly enough to empower this.
Being able to tap into an on-demand pricing service can change the way they do business, allowing them to be much more agile and ensure that their operating model results in an improving loss ratio for each product offered and across their entire portfolio. Kognitio announced this week the availability of such a powerful database service. Developed with American Access Casualty Company in mind, the service brings together the power of Kognitio’s WX2 analytical database, Kognitio’s DaaS (Data Warehousing as a Service) operating model and Quomation’s PowerBatch technology. The result is a service that allows the auto insurer to focus more on deep-dive data analytics rather than laborious and gruelling task of data management; instead they can no do things like strategic pricing and re-rating analyses and assess market effectiveness of new products. All within a matter of minutes instead of the weeks it took before. In short, pricing and risk managers can ask any question of the data, get answers at lightning speed and ultimately gain comprehensive intelligence on operations and their books.
The service is available today. If you’re an auto insurance company, this may be the solution you’ve been waiting for. Click hereto find out more.