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Data Granularity and Business Decisions
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Please note: 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. Chat with us ![]() Please leave your feedback ![]() |
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ExcerptsCompetition Encroaches on the Home TurfFix Underwriting Practice and Optimize PricingSteve was an MBA from a State University and majored in Marketing. He had over 21 years of experience in the financial services industry, with over 12 years in the insurance industry. He joined VCare in 2008 and had been slightly critical of the underwriting (UW) practices in place in the company. In the previous organization, Steve had led the direct marketing initiatives and had been instrumental in incorporating the internet as a distribution channel. Drill Down ViewDebbie on the other hand was struggling with something very fundamental. She asked herself — should the company continue relying on existing performance review tools/processes/reports or should it look for answers beyond these tools? Did the company understand its competitive positioning at the county level? Was it looking for the causes at the right place? Were all the growth opportunities being pursued? Was the company analyzing its data at the lowest available unit or was it not seeing the forest for the trees? ... The Approach Suggested by Avizare Solutions
Avizare Solutions came up with a two-phase solution. The solution was to leverage on advanced analytics along with technology in phased manner. It set the following objective for the entire exercise: The ChoiceBoth the solutions proffered adopted entirely different approaches to the same problem. While the first solution suggested by Steve presupposed that pricing and underwriting inadequacy were at the root of the company’s ills, the CEO of the VCare refused to pre-judge, preferred to analyze the data at a disaggregated level, and evolve a solution that was centered on counties (the lowest business unit). The CEO’s approach, taking a neutral line, went beyond the existing performance monitoring tools, drilled down the customer data at the lowest level, and attempted to create a scorecard to monitor the performance at that level...
Exhibits
Exhibit I: The Chief Areas of Functions in an Insurance Company |
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