CommInsure has developed a data analytics dashboard that will help group life insurance clients make faster and better decisions about their insurance cover.
CommInsure’s Head of Life Product Pricing & Strategy, Frank Crapis, says the data analytics dashboard is much more than a digital tool: “With policy and claims information refreshed daily, group insurance clients can access critical data, identify trends and get ahead of the curve to manage potential risks.”
A 2016 Forester report1 revealed that around three-quarters of organisations say they want to be “data-driven” but fewer than one-third can successfully connect data analytics to action. Mr Crapis says data is only valuable if you can derive meaningful and actionable insights from it.
“The gap is in the ability of people and organisations to interpret large volumes of data and turn that into specific actions, insights and outcomes. Our dashboard helps to address this,” Crapis says.
CommInsure integrates its data with an information feed from the client to allow more meaningful insights. Clients can identify and analyse trends, delve into membership lapse rates, develop employer insights, test different pricing and design scenarios, and address issues before they become widespread or entrenched.
The tailored dashboard is an additional layer of data insight available to CommInsure group insurance clients, who can also access online reporting via CommInsure’s IntelHub client portal and regular ‘experience reviews’, which include insights and potential policy improvements.
Current and new group insurance clients can contact their CommInsure Relationship Manager for more information.
(1. Brian Hopkins: Think You Want To Be “Data-Driven”? Insight Is The New Data – go.forester.com/blogs, 16 March 2016)
CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809, which is a wholly owned non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. The information is of a general nature only and should not be regarded as advice, financial or otherwise.