Insurance
Accurate and meaningful performance management information is vital to any successful company in the insurance business. An insurer must monitor the risk and profitability of every part of its business and to revise its course as soon as possible. Performance management information must be integrated into an insurer’s management process.
CLARITY 6 has been implemented at leading insurers such as New York Life, Guardian Insurance, Allianz, Safeco, AIG, AXA, Aetna, Prudential and Aegon.
CLARITY 6 provides all of the functionality necessary for insurance companies to address their key areas of concern:
- Customer profitability
- Agent and broker performance
- Claims analysis
- Capital management
- Risk analysis
Customer Profitability
Our customer profitability feature tracks the purchases and payments made by customers against the costs of servicing the customer including claims history. This feature allows the insurer to determine rate increases for the customer in addition to managing the customer’s life cycle.
Agent and Broker Performance
CLARITY 6 can keep track of commission rates paid to each agent or broker. The insurer can analyze these rates by agent or broker, geographical location and line of business.
Profitability analysis by broker or agent allows the insurer to identify which agent or broker is performing well and which ones are not.
Claims Analysis
CLARITY 6 can link claims to events and track claims expenses at a detailed level.
CLARITY 6 can flag the status and category of a claim, whether it is a personal injury claim, a disaster-related event or a claim in litigation. Claims expenses can be tracked at a detailed level, allowing management to run flexible expense reports based on multiple parameters.
Capital Management
Ensuring that its capital is properly invested is a key element of an insurer’s long term viability. CLARITY 6’s capital planning module allows the insurer to track each investments – type, term, currency, risk, and appreciation.
Risk Analysis
CLARITY 6 can take your risk analysis data and model how your revenues, expenses and profitability are impacted by the different scenarios.