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Although insurance is considered to be one of the most stable market sectors (mainly when compared to telecommunications or retail banking), it has recently been influenced by factors such as regulatory changes and requirements (Basel II, SOX, etc.), the convergence of insurance product lines, and a client-oriented approach (instead of a policy-oriented approach).
These factors bring the need for better customer data management. Compared to the other market segments, client data in insurance has been neglected. The other big issue is that – as insurance companies have been running their business for centuries – a lot of data and information is stored in paper form only and electronic-based processing is new to them. This brings another level of complexity to the customer data maintenance and management.
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Adastra offers industry-specific solutions, so that insurance companies can:
- Define and design its organizational structure and business processes in order to be party (client) oriented.
- Create single 360º party (client) view despite the number of party data sources and points of entry.
- Dramatically increase party data quality as well as define and design business processes that support data quality management and continuous improvement. This can be done not only at the time of entry, but on existing data as well.
- Understand their clients' behaviour and needs, and better manage them using this knowledge.
- Group clients into households, allowing them to leverage the advantages of household-based client management.
- Support distribution channels (internal and external) by providing timely, correct, accurate, and high quality customer data when working off-line or on-line.
- Manage distribution channels based on their value added.
- Identify and prevent fraud and money laundering by taking advantage of Adastra's experienced experts and the usage of predictive systems.
- Set correct premium rates based on comprehensive knowledge of their clients.
Adastra's insurance solutions include:
- Business and management consulting, business process redesign for insurance, underwriting and re-insurance
- Customer Data Integration, including householding
- Adastra Fraud Management System
- Anti-Money Laundering System
- Business Performance Management
- Comission Management System
- Scoring and Rule-Based Engines
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