Israel’s Compulsory Vehicle Insurance Pool selects InsFocus BI as its reporting and analytics system
The Pool, the corporation that manages the Israel’s compulsory vehicle insurance pool and is jointly owned by all Israeli insurance companies has contracted with InsFocus for business intelligence solutions. The Pool was established to provide compulsory insurance for vehicle owners unable to obtain insurance coverage with commercial companies. The insurance risk of Pool policies is shared between all insurance companies writing compulsory vehicle insurance in proportion to their market share. As such the Pool faces unique challenges and needs a robust BI tool to analyze data.
The Pool insures close to 250,000 vehicles a year. Of those vehicles, over half are private, about 40% are motorcycles (the majority of motorcycles in Israel are insured with the Pool) and the rest are other vehicle types. The Pool services the public via a call center, eight branch offices spread throughout the country and its corporate website.
Eran Cohen, Pool CEO: “We decided to use the BI system to improve our ability to analyze data and gain organizational efficiencies. Our decision-making process primarily needs to be based on high quality, timely and reliable data. We believe InsFocus’ insurance-BI system will serve Pool’s management, be the basis for actuarial analysis, and support the claims and underwriting departments in their day to day work.”
InsFocus is a specialized BI software system for insurance companies based on an insurance data model that contains a comprehensive set of insurance measurements, KPI’s and ready-made reports. The system is used by many insurance companies in Israel and around the world. InsFocus is a private company owned by the Taiber family, one of the oldest families in the insurance industry in Israel.
Uri Taiber, InsFocus founder and CEO: “For over a decade, InsFocus has been delivering advanced data warehousing and business intelligence services to insurance companies in Israel and abroad based on its insurance data model combined with an insurance-dedicated BI software system. The company constantly improves its insurance model and software platform based on insurance clients’ feedback. Our aim is to maintain a technological edge and leverage it to be the preferred BI solution in the insurance community worldwide.”
You can also read this press release at: https://bit.ly/36QwzIi.