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Insurance
Niteo's consulting services help insurance organizations adapt to a dramatically changing business environment. While part of the financial services industry, insurance organizations have unique requirements based on the products and services they offer. Regulatory changes are leading to industry consolidation, introduction of new competitors and increased integration with broker dealers, banks and other financial institutions. Insurance companies recognize they must operate differently to succeed in this dynamic environment. They need greater flexibility and agility to address new market demands, roll out innovative products and meet compliance requirements. Many carriers have worked hard to adapt legacy systems to today's needs using a combination of Business Intelligence, Business Process Management and Service-Oriented Architecture to support differentiated new business, underwriting, policy, claims processing, financial planning, customer service, and compliance functions. This approach results in streamlined operations, improved service, lower costs and adaptable compliance solutions. Business intelligence becomes a competitive tool to manage operational effectiveness in response to these demands. Our consultants have a deep understanding of the requirements within the industry, including life and annuity, health insurance, property and casualty, reinsurance and retirement products such as defined contribution.
- Consistent, accurate information - A dramatic increase in acquisitions and consolidations have created more complex environments, many of which are supported by fragmented organizations, processes, technologies and applications. Information Management is the biggest challenge and opportunity in the Financial Services industry. Financial Services companies can recognize great benefits by integrating risk, finance, customer, and compliance information. Facing increased regulation requirements and greater customer demands, institutions need to exert tighter control over data accuracy. Niteo helps you determine and implement the appropriate data and reporting architecture strategy that provides operations management, sales, customer service and finance have appropriate data for decision support and planning.
- Planning, budgeting and forecasting capabilities - Information is stored in a common repository with feeds from ERP, BPM, and other legacy systems. Driver-based planning, scenario "what-if" type analysis, integrated workflow capability and forecasting using global profiles along with a user-friendly web interface.
- Robust navigation capabilities - Information is stored in an open architecture to integrate with web-services, CRM, BPM, rules engines and other applications and enable effective and timely web based navigation rather than relying on the data structures found in legacy applications. Firms have leveraged SOA architectures to increase agility and integrate application functionality across different technologies.
- Better decision-making capabilities - Our financial dashboard and reporting solutions assist your company's decision making capabilities and provide measurement of sales, campaign success, compliance, product profitability, and revenue growth. The solution suite helps organizations effectively capture, manage, analyze and apply the types of information required to manage daily operations, competitive threats, and critical business decisions for an enterprise. Our Information Management solutions enhance the value of knowledge assets, promote information access, and provide the tools to analyze and manage that data to support timely, relevant and effective business decisions. Institutions achieve cost benefits by integrating risk, finance, customer, and compliance information. Our solutions move away from rigid data architectures with new tools and capabilities consistent within a SOA context. Our dashboards and reporting tools help many the operations within each functional area as well as the performance of key distributors, partners and suppliers. Business intelligence and analytics solutions improve capital allocation by consolidating, analyzing, and reporting on risk information. These solutions also provide metrics and performance indicators to better monitor overall organizational performance.
- Real time decision-making capabilities - Niteo's operational dashboards and scorecards track progress against key performance indicators, and provide management and staff with a timely, easy to understand view into sales, operations, distribution and service. These solutions also provide metrics and performance indicators to better monitor how the institution is performing. This will facilitate the level of prioritization and customization to address the operational requirements for business functions driven by compliance, risk initiatives, regulatory requirements such as Sarbanes-Oxley and OFAC, new business and service.
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