Insurance Use Case
See how insurance companies can use Workday Prism Analytics.
Answer key questions by blending policy, claim, agent, Workday data, and much more in your own data hub for finance and HR.
Questions you can answer.
- Which policies are the most profitable?
- What are the claim and policy details driving those results?
- Where do we have opportunities to improve policyholder retention?
- Where do we have opportunities to improve investigator efficiency and profitability?
- Should we automate, assign a local resource, or hire a third party to manage claims in a region?
Data sources you can ingest.
- Policy system
- Claims system
- Agent/contingent labor system
Blended metrics you can generate.
- Claims loss ratio
- Combined ratio
- Impact of customer service on profitability and retention rates
- Customer cross-sell/up-sell likelihood by product offerings
- Claims with highest likelihood of recovery success rates
- Claims processing times
- Claim investigator resource allocation
- Collected premiums, losses, and handling expenses per policy and claim
- Losses and handling expenses per investigator
- Loss adjustment expense ratio
- Profitability by captive agent
- Profitability by independent agent
- Direct marketing campaign profitability
Ready to learn more?
Reach out to us or take a closer look at Workday Prism Analytics.