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TIA Technology launches cloud solution for business analytics
Virum, Denmark - TIA BI Cloud turns an insurer’s data into valuable information; improving analytical support and lifting decision-making abilities.
Insurance companies need to gain fast and accurate insights from their data in order to make correct decisions for their business. TIA BI Cloud turns an insurer’s data into valuable information; improving analytical support and lifting decision-making abilities.
TIA BI Cloud transforms the vastamount of data in the TIA Solution into easy-to-use information for better decision-making that improves an insurance company’s bottom line. The solution supports the different kinds of information needed to run an insurance organization; supporting everyone from top management to underwriters, sales managers, regulators and actuaries.
"In many insurance companies, analysts spend too much time searching, cleansing and preparing data instead of actually analyzing and using it. TIA BI Cloud flips this ineffective model on its head, allowing analysts to use the majority of their time to support sound business decisions."
TIA BI Cloud addresses four main types of business decision support:
- Management Information System offers the management team a consistent and accurate overview of the main company KPIs
- Advanced statistical methods and tools allow analysts and actuaries to perform complex analyses, forecasts and simulations
- Business specialists gain an easy way to do ad-hoc analyses and create custom reports
- Automates relevant regulatory reporting, meeting compliance standards
Makes data transparent and accessible
The solution was developed based on TIA Technology’s deep knowledge of the insurance industry and its need for strong decision support. It covers all aspects of the BI process and makes all metrics and decision factors 100% transparent and easy to access.
The easily-customizable management dashboard gives a clear high-level overview for quick decision making but also allows an insurer to dig down into the information via the drill down functionality. Within a couple of clicks an employee can identify where a problem lies and investigate further into the data, making it easier to get to the root cause of specific issues.
"We are getting updated information every day that we use for monitoring and analyzing developments in premiums, earned premiums, claims, sales and more. We are experiencing very good performance from the system and the quality and accuracy of the KPI’s, measures and dimensions are absolutely satisfying."
A powerful BI solution now and in the future
TIA BI Cloud is a reporting and analysis tool that is based on the well-known and widely-used SAP Business Objects software. Data is stored in Oracle databases. TIA BI Cloud is available on a subscription basis, making it cost-effective and easy to implement and maintain. What’s more, the solution can be implemented in a matter of weeks with minimal disturbance to IT and other internal resources and for a fraction of the cost of a typical BI project.
TIA BI Cloud is an open solution that can integrate data from outside TIA enabling, for example, the use of web services and secure FTPs. At the same time, the solution adheres to all relevant international regulations to ensure a high degree of security and data protection.
Ensuring a world-class BI solution is a key part of the TIA roadmap and BI Cloud is just getting started. As TIA implements new functionality, the BI Cloud solution will mirror these developments. Upcoming functionality includes business process management (BPM), improved sales and channel management as well as supplier management. As these developments are added to the TIA Solution, relevant data and analytical capabilities will be added to TIA BI Cloud.
Last but not least, as the TIA BI community expands it will be possible for members to benchmark their own performance against the community and gain important strategic insights that can move their business forward. (All community benchmark information is anonymous.)
About TIA Technology
TIA Technology offers the industry's most flexible and comprehensive integrated suite of core insurance applications for property/casualty and composite insurers. A proven solution with more than 60 customers and 100.000 daily users in 40 countries, TIA helps insurers across the globe to get closer to customers through operational excellence, superior sales and service and exceptional product leadership.