The Need for Business Intelligence in Insurance Organizations

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Case Details:

Case Code : INS048
Case Length : 03 Pages
Period : 2003
Pub Date : 2003
Teaching Note : Available
Organization : Varied
Industry : Insurance
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Stanza Insurance, a leading insurer realized the need for leveraging its greatest asset - data. It was essential for Stanza to convert raw data into information so that users could access and use it easily. Stanza offered life insurance, health insurance and annuity products.

The claims settlement process in Stanza was quite tedious and time consuming. The time taken to settle a claim was much more than the industry average. In a recent review meeting of the claims department, it was decided that all activities in the claims settlement process would be restructured.

Insurance Case Studies | Case Study in Management, Operations, Strategies, Insurance Case Studies, Case Studies

James Lewis (Lewis), the Vice President was assigned the responsibility of designing the new process. Lewis approached Peter D'Souza (D'Souza), a consultant with Precision Consultancy to obtain his expert advice on process redesigning. He told D'Souza, "Our claims settlement time is much more than the industry average and we want to reduce it significantly."

D'Souza replied, "The problem can be solved if you implement a Business Intelligence (BI) solution and decision support system. It will surely speed up claims processing activities."...