Business Analytics and Intelligence

Assignment 1:
EMC insurance
_Case Study
Nidhi Kindo_12030241084_div B

Contents
i. Introduction
ii. Objective
iii. Assumption..
iv. Observation.
v. Analysis
vi. Implementation..
vii Conclusion
viii. Recommendation.
ix.Bibliography.

Introduction
PolyVista's Discovery software enables organizations to extract
superior insight beyond that provided by existing business
intelligence tools. By inventively integrating several leading
edge technologies, not only does PolyVista enable users to
obtain answers to questions, but also automatically discover
additional insight from rich data (structured and unstructured)
by identifying questions that users should ask, but never knew
to ask - PolyVista discovers 'gems' of intelligence hidden in the
data that would not have been extracted easily by other
means.
PolyVista offers a broad range of solutions, and has established
a string of successes with leading companies around the globe.
Services Offered

Sales Discovery Analytics

Warranty Improvement Analytics
Customer Satisfaction Analysis
Call Center Analytics
Quality and Compliance Analytics

Objective
Insurance Firm Uses Business Intelligence to Improve Financial
Reserve Managements.
In need of an affordable and effective solution, EMC Insurance
Companies implemented PolyVista business intelligence
software, which provides two important capabilities. A business
user can use it to drill up and down on data, and it can
automatically identify anomalies, correlations, relationships,
and pattern that data- all without requiring custom code or
predefining the anticipated results.

Assumptions (if any)

Observation

Background of Case Study:

EMC had a great deal of insurance claim data but limited ability
to analyze the information. EMC Insurance companies struggled
with pinpointing the right amount of money to hold in reserve
against potential case payouts; holding back either too much or
too little could be disadvantageous to the firms bottom line.
After a year in which the company experienced a run-up in
reserves, EMC took steps to improve financial reserve
management. The company selected PolyVista, advanced data
analytics software built on Microsoft SQL Server Analysis
Services, to uncover anomalies, correlations, relationships, and
patterns hidden within the firms warehouse of claim data. After
deploying the solution, EMC was able to improve financial
reserve management, identity claims requiring special
attention, improve analysis, and better manage expenses.

Problem Identified:

EMC had a great deal of insurance claim data but limited ability
to analyze the information. Unexpected fluctuations of financial
reserves prompted EMC to search for data management tool.
EMC manages its losses reserves- money set aside for paying
future insurance claims. In 2004, they saw that there loss
reserves were starting to creep. They realized that they were
unable to pinpoint exactly what was happening. They needed a
tool which can better handle the way in setting their reserves to
improve the management of financial reserves.

Analysis
EMC stores a great deal of data in its internal claim processing
system, but his managers needed the ability to sift through the
data more efficiently. They also needed to track expenses both
across the company and by individual branch, and flexibility
also required analyzing expenses in consideration with other
factors. Currently most claim people are under a lot of stress
about expenses.

Implementation
In need of an affordable and effective solution, EMC Insurance
Companies heard about PolyVista business intelligence
software, which provided two important capabilities:
- A business user can use it to drill up and down on data
- It can automatically identify anomalies, correlation,
relationships nad pattern that are hidden in data
Benefits of using the tool:
Improved management of financial reserve
Developed predictive modelling capabilities
Improved data quality
Supported executive decision making with improved
analysis
Controlled expenses more effective

Conclusion
Financial institutions continue to seek cost-effective solutions
that create raped and sustainable competitive advantage while
laying the groundwork for future innovation. Microsoft and its
ever-growing partner community develop solutions that meet
the industry-specific needs of banks, insurance companies, and
capital markets firms worldwide, and help financial services
customers realize their full potential.

Recommendation:
They needed to develop the IT talent In-house and not rely on
consultants. So they wanted to develop the expertise in
business intelligence, SQL server, and Analysis services
internally.

References:
http://www.technologyexecutivesclub.com/sponsorpages/polyvista.php
www.decisionsystems.com/documents
http://www.warrantyweek.com/archive/ww20050719.html