Insurity: Data Management made Easy for Insurers

Jeffrey Glazer, CEO, InsurityJeffrey Glazer, CEO
Big data and data analytics have revolutionized diverse industries today. With the changing global scenario, insurance industry is not far behind and is successfully undergoing revamp in its data management techniques and analytics. The Property and Casualty (P&C) insurance industry deals with risks—accidents, natural calamities, and sudden death almost every day—and it becomes a prerequisite for insurers to extract meaningful data from multiple policies and insurance billings to offer proactive insurance services. The Ernst and Young 2015 Global Insurance Outlook claims insurers are capitalizing on data analytics and cloud computing to align their market segmentation strategies, thereby reducing false fraud claims inorder to strengthen underwriting and risk management. “The insurance industry today requires a platform to deal with data lineage, reliability, speed and accuracy,” delineates Jeffrey Glazer, CEO, Insurity. Addressing this need is a Hartford, Connecticut based Insurity that helps the insurance companies to prioritize, assimilate and perform analytics on diverse data. A holistic data solution helps the insurance companies with maintaining and reporting information to enhance the role of strategic decision making,” remarks Glazer.

Insurity’s data analytics solution, Insurance Enterprise View (IEV) is a comprehensive solution architected to improvise the information availability capabilities along with generating integrity across all applications and solve complex data management problems. “With our years of expertise in the insurance industry we understand how to extract insightful data,” adds Glazer. The firm’s IEV has been designed to integrate data from any policy, claims billings, and reinsurance system to provide insurance companies with unified intelligence and productive insights for accurate decision making. The solution manages to do this by assimilating five major IT components—data repositories, integration hub, Management and Operational Reporting, Business Intelligence and Analytics, and manual data entry. All components are built on a non-proprietary Association for Cooperative Operations Research and Development (ACORD) standards.

Insurity’s data integration and analysis solutions are backed by rich insurance expertise

IEV also encompasses a data integration hub, data marts, operational and management reports, transactional and operation data store, and a set of insurance specific analytics dashboards, manual data entry capability, and KPI’s. The main aim of the product is to provide the most optimum value from the data generated every second. “Through IEV, our solutions extend beyond core system transformation by enabling insurers to integrate, manage and distribute their insurance data to deliver greater business value,” Glazer notes.

The firm recently improvised IEV through adding new enhancements to the solution in order to generate new capabilities required in the area of P&C policy data migration during policy administration system (PAS) modernization initiatives. The enhancements also allow the solution to have integration with the data tools and third party analytics allowing the insurers to leverage on existing investments into those solutions. “We have delivered IEV as open source offering enabling it to interface with any system, whether the clients are utilizing Insurity’s core solutions, other vendor solutions, or proprietary in-house developed applications,” Glazer adds.

Apart from IEV, the firm also provides services in software updates and upgrades, implementation, hosting and managed services, and bureau content and management reporting.

Forging forward, as the insurance industry is adopting innovative ways of operations with new technologies, Insurity plans to keep abreast with the latest insurance trends and develop and strengthen their services to ensure the clients’ satisfaction is met with utmost diligence. Also, Insurity is now looking forward to extend its market foothold worldwide.