FARMINGTON, CT--(Marketwire - August 10, 2010) - The Innovation Group plc (
Recent industry research highlights the heightened investment by insurers in business-specific analytics to help improve their business operations through better data quality and insight, and more rapid identification of opportunities and risks. WCSI's implementation demonstrates this by establishing a long-term business information framework using Innovation's insurance business-specific analytics solution, while gaining immediate business value by using it with their legacy policy and claims repositories and systems.
The initial implementation aligned Insurer Analytic's out-of-the-box reporting functionality with data from Mountain West's legacy claims application. Future phases include expanding the reporting, as well as using Insurer Analytics policy reports to complement their Insurer Policy and Insurer Claims implementations.
Working closely together, WCSI and Innovation Group mapped data from legacy systems, developed dashboards, MI and BI reporting. The insurance-specific out-of-the-box capabilities, reporting and KPI's allowed WCSI to quickly complete large portions of the data mapping, ETL, and report definition.
While WCSI's strategy is to sunset current legacy reports rather than complete a straight conversion, the company is leveraging the advanced functionality of Insurer Analytics to provide reports that are more valuable and relevant to the business. Insurer Analytic's "real and right time" and "train of thought" capability provides flexibility and ease of use above most solutions.
Most impressively, the time to develop a report decreased from an average of 30 days to a day or less, more than 300 percent improvement. This agility highlights the greater value from niche business-specific analytics tools like Insurer Analytics rather than horizontal BI tools relative to speed and ease of use by the business.
"Our implementation of Insurer Analytics is the first step in our transformation initiative," said Harold Williams, CEO for WCSI. "The ability to quickly establish our data management framework with Insurer Analytics by using our legacy repositories helps us derive more business intelligence for our business, but also provide insights to our future implementation phases for Innovation Insurer. Our success is evidence of a strong partnership with Innovation Group, the strong business value of their solutions and the innovative culture and support of WCSI."
"We are delighted that WCSI's implementation of Insurer Analytics brings immediate business value to their operations, while providing a successful foundation for future phases of implementation of Innovation Insurer in their business transformation initiative," said Euan King, CEO, North America Technology, at Innovation Group. "WCSI demonstrates how the right vision, technology and business partner can provide transformative and operational value. Insurance companies are desperate to get more value from their data and Insurer Analytics demonstrates the power of business-specific analytics."
About The Innovation Group plc:
The Innovation Group plc (
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