Ronny Reppe, CEO and co-founder of Noria, explains why captives need to embrace digital transformation to make the most of the data they possess.
Beyond the demands of compliance reporting, captives have a mandate to boost interaction efficiency, slash costs, improve service levels and lower risk by increasing the quality and visibility of information to create more time focusing on the business of insurance.
Unfortunately, there’s simply no efficient way to achieve these goals if a captive’s data is in its raw format. What is required is a digital solution that improves visibility, brings data under control and streamlines communication with stakeholders.
Noria’s solution to this challenge – known as the Captive Insights Tool – has recently been shortlisted for the software solution category in the European Captive Review Awards. Below, we explore some of the hurdles to data transformation and the benefits that flow from our powerful business intelligence platform.
Captive data pain points
Captive insurance is a diverse and complex market. But this is no excuse for inaction on data transformation. Captives will continue to lag behind traditional insurers so long as they fail to leverage the insights and data analytics tools available today.
Significant advantages are being left on the table, including increased efficiency and productivity, reduced error rates in reporting, enhanced risk control and lower prices on reinsurance due to greater control over data.
Well-structured, coherent and comprehensive data storage is a pre-requisite for advanced analytics. The greatest hurdle for captives is accessing and generating value from their own data. Typically, data is siloed or scattered across multiple platforms, with captives often having to order data from their service providers and wait weeks for delivery – a far cry from the real-time visibility needed to enable proactive risk management and better decision making.
As captive leaders demonstrate an unwillingness to invest in the architecture required to begin the journey, it’s little wonder that this market has been described as “the last frontier in the race towards digitalisation of the insurance industry”.
Next-generation captive insights
We believe this recognition from the European Captive Review Awards has stemmed from the value our software generates for businesses seeking innovative self-service solutions that will help solve the data-related pain points outlined above.
At its core, Noria’s solution provides captives with the ability to gain and act upon insights. Our user-friendly tool improves efficiency across the organisation by creating a single source of truth for data, with near real-time data visualisation.
Reduced data-entry means the team can focus on more value-adding tasks while slashing the risk of human error in reporting.
At the strategic level, businesses can gain a competitive advantage by analysing and spotting trends in captured data to catalyse a shift from reactive to proactive decision making. An effective business intelligence tool enables a captive to provide value to its stakeholders through enhanced data analytics, better service levels and efficient regulatory reporting.
Business intelligence: Data can be converted into actionable business intelligence by integrating the right data sources, investing in analysis capabilities and creating advanced self-service and data visualisation tools such as personalised dashboards that link the data to the users’ organisational targets. Noria’s solution enables everyone in the organisation to access the same data in one portal.
Stakeholder interactions: In other sectors, organisations that offer best-in-class customer service and user experience are doing so not because of better-trained staff or bigger call centres, but through their investment in data. In captive insurance, stakeholders waste too much time attempting to find and maintain insurance information by phone or email. Noria’s tool enables users to access live data analytics and maintain their portfolio of insured assets to drive cost savings, eliminate manual tasks, boost efficiency and improve communication. This model can only happen with a centralised data system.
Regulatory reporting: While there is no avoiding the reality that captives operate within a strict regulatory landscape, compliance will only create a heavy reporting burden if captives attempt to manage reporting without an effective system in place. Noria’s single, integrated system enables reports to be run faster, simultaneously and with fewer actions. Our customer Heineken, for example, is using our platform to save 25 hours per month on audit work, with reporting times slashed from two days to 18 minutes.