The Need for Business Intelligence in Insurance Organizations
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Case Code: INS048 Case Length: 03 Pages Period: 2003 Pub Date: 2003 Teaching Note: Available |
Price: Rs.100 Organization: Varied Industry: Insurance Countries: India Themes: - |
Abstract Case Intro
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.
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."...
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