InsFocus BI Triangulation view and Chain ladder extrapolation
As a direct extension of time bases, the system enables analysis relating each pair of time bases (for example claim payments analyzed by payment date on one axis compared to loss date on the other) and viewing the results in triangulation format. Triangulation can be done for any time-dependent measurement by any pair of time bases defined in the system for any defined period resolution (typically – year, quarter, and month).
May 12, 2023
InsFocus BI Granularity
InsFocus SQL Query Builder includes an optimization mechanism that selects the granularity level of the fact table over which queries are run based on query parameters. This is mainly used in the data model by separating policy transactions into two parallel fact tables, one at policy transaction granularity and the other at risk and coverage level granularity. Typically the second fact table is longer by a factor of 2-4 times. The system determines whether to run the query on the first or the second table based on report parameters selected by the user. Multiple levels of granularity, not just two, can be utilized.
April 25, 2023
InsFocus BI Creating a report from scratch
The video shows the percentage of policy sales over the total number of quotes made. A low rate may indicate that the company is not competitive enough in certain insurance branches or that insurance agents are using the company to negotiate lower premiums with other insurers. Knowing this, you can work to improve their ratios by making their policies more attractive or offering better deals than the competition.
February 21, 2023
InsFocus BI Dynamic banding reports
Dynamic banding reports – Users can define reports with banding by values of any measured item. A classic use of this feature is “risk profile” reports by sum-insured. Policy data can be banded by sums insured (e.g. up to $ 100,000; $ 200,000; $ 400,000; etc.) showing the number of policies, premiums, aggregate sums insured, claims, etc. Banding can be defined over any insurance information item as well as over any continuous value attribute (like age).
November 18, 2022
InsFocus BI Filtering report on value criteria
Pre-query filtering report population on value criteria – Since the system runs directly on detailed data, the user can specify filters by any measurable criterion. For example, the user can run a report selecting only policies with a sum insured higher than a given value, or run a report listing top N agencies, or any other criterion selected by the user.
October 31, 2022
InsFocus BI Items
InsFocus measurements (called “items”) are defined over “calculation templates”, which are coded in standard SQL code and can execute any calculation that can be defined in SQL code. Multiple items can be defined based on a single calculation template. For example, the same “unearned values” (pro-rata) calculation template can be used to define unearned premiums, deferred commissions and deferred expenses. The same template can also be used for calculating unearned exposure units. Calculation templates can be used for measuring exposures, monitoring renewal ratios, selecting outstanding claim values as-at-date, allocating global IBNR values by algorithm agreed with the company actuary, etc. They can be used for doing any required calculation over the data, including regulatory calculations, in non-life (property & casualty) insurance or other business information including life and health.
October 18, 2022
InsFocus BI Time bases
Analysis and reporting of general insurance business require special attention to the internal insurance time relations. At the very minimum four different time-related calculation principles apply: • Operation / Financial / Accounting – Premium income and claim payments are viewed based on their respective registration dates whereas unearned premium reserves and claim reserves are viewed at the end/beginning of each operational/financial / accounting period. • Underwriting – All financial information is viewed according to the Underwriting Year / Month, based on policy inception date. • Accident / Pro-rata – Claim payments and outstanding claims reserves are viewed as accident/loss dates (Year / Month) whereas policy and premium information is spread out over a time axis by policy exposure dates. • Snapshot – Displays sums insured and policies in force at the date defined. InsFocus is designed to enable viewing insurance information by any of the above four “time bases”, and enabling analysis of the cross relationships between them. Additional time bases may be defined according to the company’s specific business model.
October 7, 2022
InsFocus BI Risk codes mechanism
This mechanism is unique to the insurance business where each product or product group has unique risk-related attributes (risk codes). For example in Auto (Motor) insurance typical risk codes would-be model, make and driver age, whereas in personal accident or health insurance, typical risk codes would be gender, age, occupation and health status. InsFocus’ data model includes a purpose-built structure that captures all risk codes for all products or product groups in a unified data structure. The system provides users convenient tools for defining reports based on these risk codes. Other BI tools require creating separate data structures or cubes for each type of insurance product.
September 30, 2022
InsFocus BI Report as at historical dates
Since InsFocus querying mechanism runs directly over the detailed data model, any report can be shown as at any historical date. As an example profitability analysis can be viewed as at the last data loading date or as at any selected historical date with no limitations like the end of the month or end of the quarter.
September 29, 2022
InsFocus BI Claim status filter
A special filtering mechanism has been built for claims and reserves analysis. Thus a report can be defined as filtering claims that are open at the beginning and closed at the end of the report period (claims run-off report). This mechanism can be defined on claims or on claimants for a variety of reporting periods and conditions (e.g. claims open between date X to date Y, claims reopened between dates, etc.). This mechanism is especially useful in the verification of claims reserves and the creation of filtered claims auditing lists.
September 15, 2022
InsFocus CMS (Campaign Management System) is a unique system, built from the ground-up for short-term incentive campaigns. Those campaigns can be for agents, brokers or internal employees. It allows defining campaigns using pre-built templates and definition tables, enabling companies to engage in such campaigns within hours. A simple example of such a campaign is “any agent that sells over 100 policies during May & June, each policy for at least 330 days and consisting of a minimum premium of 1000, will earn a free trip to a destination of their choice.”
September 1, 2022
InsFocus CMS (en español)
InsFocus CMS (Campaign Management System) es un sistema único, creado desde cero para campañas de incentivos a corto plazo. Las campañas pueden ser para agentes, corredores o empleados internos. Permite definir campañas utilizando plantillas preconstruidas y tablas de definición, lo que facilita a las empresas a crear campañas en cuestión de minutos. Un ejemplo simple de una campaña tipica es “cualquier agente que venda más de 100 pólizas durante mayo y junio, cada póliza por al menos 330 días de duracion y que consista en un premio mínima de $1000, ganará un viaje gratis a un destino de su elección”.
August 30, 2022
InsFocus BI video
InsFocus BI is a comprehensive reporting and analysis software system designed for insurance companies, which covers all the data warehousing and business intelligence functionalities required for management and operations. The InsFocus data model is designed and built by insurance professionals, encompassing profound industry executive experience, along with years of implementation of best practices.
May 1, 2022