Pyramid Analytics

As early as the second millennium BC, Babylonian sea merchants paid lenders extra money for the promise of help if their ships were to sink. The lenders set prices by correlating data points of potential cost of a sea disaster. As data was sparse, both merchants and lenders could assume the possible claim amount. However, in 2015, insurance companies are struggling to align their over flooded data, additionally, regulating IT business with the changing business environment as one of the top priorities today for the underwriters.

“In today’s world of information technology, a company’s success depends on making smart decisions. But the organization growth is hampered as data becomes bigger with the rise of external data sources,” says Omri Kohl, Co- Founder and CEO, Pyramid Analytics. The big data and analytics have powered the insurers to restructure insurance policies by integrating customer’s historical data, policy conditions, and reinsurance information. Likewise, a big data driven solution also allows pricing models to be updated in real-time. Founded in 2009, Pyramid Analytics platform, “BI Office” empowers users by driving critical decision making and understanding cost savings opportunities with the complete insight on insurance information.

Our BI Office platform is built to meet both insurers’ needs and underwriters’ expectations in terms of security, scalability, performance, stability, and data integration

Their vision is to enable insurance companies to understand organization performance, investigate claims patterns and identify probable fraud, monitor claims processing and create risk analysis and pricing models. The company also helps insurers to interactively evaluate overall threat portfolio for taking steps for better risk management. “Our methodology is to democratize access to insurance-related data by providing an intuitive, easy-to-use tool that is accessible from everywhere on any device,” says Kohl. Pyramid Analytics assists their insurance customers to effectively and easily deal with their day-to-day tasks, such as, gross premiums,

Omri Kohl, Co- Founder & CEO, pyramid analytics governing insurance data for driving critical decision makingOmri Kohl, Co- Founder & CEO
claims incurred, loss ratios, policy administration analysis, managing reserves. With Pyramid Analytics’ data integration capability, underwriters can unify all the disparate data into a unified model to analyze it for getting a complete picture of the organization system. “We leverage the big data strategy to arrange all disparate data from data sources of various types and structures into well-formed structured relational database management system,” shares Kohl. “Our BI Office platform is built to meet both insurers’ needs and underwriters’ expectations in terms of security, scalability, performance, stability, and data integration.”

BI Office’s web-based multi-tenant architecture is perfect for an o n - p r e m i s e private cloud implementation and its p r o p r i e t a r y technology is built to provide high-end analytic capabilities over the web—in a desktop-like experience—without compromising the user’s analytical expectations. Over the years, Pyramid Analytics is constantly innovating their solutions for insurance domain around data cleansing, ETL, modernization and management, business intelligence, predictive analytics to provide better data governance.

The company’s clientele includes Microsoft, EMC, Siemens, Blackboard, Hallmark, Orange, Voith, CDW, Jefferson, Swiss Army and many others. In an interesting case study, Memorial Health Care Systems (MHS) wanted a solution that married the benefits of self-service BI with the governance of enterprise BI. They needed to leverage their existing Microsoft’s BI stack and offered management and ‘self-service BI capabilities’. Pyramid Analytics provided MHS business users with the end-user driven custom calculations, dynamic sets, and flexible data modeling, enabling geospatial heat-map capabilities against MHS’s existing solutions.

Going forward, Pyramid Analytics will continue to be a visionary and disruptive vendor by heavily investing in research and development. “We believe that sustainable innovation with a realistic approach is the key for our success,” concludes Kohl.