Insurance | Data Management Tools | AML Risk and Compliance Solutions | Innovative Systems

Insurance

The Challenge

Insurance firms depend on accurate data for better business analysis data on customers, direct and indirect sales channels, policies, family relationships, premiums, risks, claims and payouts, as well as data from many external sources.

Having accurate and complete enterprise data will enable you to develop insightful broker and customer analytics, product offering strategies, and targeted marketing programs.

It will also be critical in helping you effectively meet the new wave of government regulations and identifying and properly managing the risks associated with them.

Our Insurance Solutions

Built over 45 years of working with insurance and other financial organizations worldwide, Innovative Systems' enterprise data management, risk management, and regulatory compliance solutions deliver the proven accuracy and performance you need to enhance your regulatory compliance, mergers & acquisitions, and data quality efforts, as well as customer-centric database/CRM operations.

Regulatory Compliance & Risk Management
  • Protect your organization in your relationships with customers, vendors, and counterparties through our watch list screening, customer onboarding, KYC (Know Your Customer)/CDD (Customer Due Diligence), transaction screening, and transaction monitoring solutions.

  • Provide accurate enterprise data to enable efficient risk aggregation across your organization, achieve more precise actuarial pricing/profitability, and enhance your compliance with regulations such as Know Your Customer (KYC), Customer Identification Program (CIP), Do-Not-Call, Solvency II, Sarbanes-Oxley, Basel II & III, demutualization, and Multiple Death Benefits.
Mergers & Acquisitions/Data Migration
  • Profile data prior to conversion to identify inconsistent formats, improper entries, and other errors that could lead to integration delays or failure.

  • Accurately identify the number of customers shared by the participating companies in an M&A initiative to enable more precise valuation of the acquired database.

  • Use the results of the data profiling for writing the mapping and transformation specifications to help ensure a successful integration the first time.

  • Obtain accurate, consistent, and de-duplicated records to populate the new combined database and ensure its quality, integrity, and usability from the outset.
Data Quality
  • Strengthen risk management as well as sales & marketing by cleansing, standardizing, and linking customer records to create an accurate profile of a customer's total relationship with your organization across offerings, applications, and subsidiaries.

  • Manage changes and updates to ensure that each customer's core profile is maintained each time new data enters the organization, regardless of the application or channel.
Customer-Centric Databases/CRM Data Management
  • Enable your customer service reps to deliver personalized service and communication every time a customer touches your organization by creating up-to-date, consolidated customer views that can be shared across your organization.

  • Strengthen cross-sell and up-sell efforts by identifying extended relationships including customer-to-customer, customer-to-product, and customer-to-organization relationships.
Address Validation and Geocoding
  • Enhance the efficiency and deliverability of your mail communications by validating and automatically correcting addresses against postal service records.

  • Differentiate your marketing efforts by region for product and pricing, e.g., flood insurance in flood-prone regions, or identify high-risk addresses or regions and customize your product offerings accordingly.

  • Reduce postage and mailing-related production expenses by qualifying your bulk mailings for the substantial postal discounts related to bar coding and carrier route sorting.

Take your marketing and risk management capabilities to a new level.

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