Unlock the Power of Real-Time Analytics in Insurance

InterSystems empowers insurance firms with the data management and analytics
capabilities they need to support advanced risk management and predictive
analytics for claims and underwriting, resulting in to enhanced decision-making and operational efficiency.

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Insurance Data Management and Analytics Solutions

InterSystems solutions help insurance firms advance real-time analytics, advanced risk management, predictive analytics for claims and underwriting, regulatory compliance, customer engagement, and operational efficiency.

Our unified platform supports real-time analytics and seamless data integration. Our solutions enhance data accessibility and quality, enabling insurers to integrate third-party data and services with internal data and maintain consistency across all use cases.

In addition, InterSystems facilitates advanced analytics and predictive modeling for long-term forecasting and regulatory compliance, optimizing operations and decision-making to meet industry demands.

The Importance of Insurance Data Management and Analytics

Effective data management and analytics are the backbone of the insurance industry, where the ability to make informed decisions hinges on having accurate and up-to-date data and robust analytic capabilities. Insurers rely on vast amounts of structured and unstructured data, including customer data, claims data, and third-party data to ensure the accuracy of decision intelligence tools.

InterSystems solutions enable insurance firms to integrate and analyze customer data, identify emerging trends, and gain actionable insights that inform business strategies and enhance customer experiences. Our solutions help firms provide tailored insurance solutions that meet the specific needs of their customers, ultimately driving better outcomes and fostering trust in the insurance industry.

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The Importance of Insurance Data Management and Analytics

AI and Product Innovation

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AI and Product Innovation

AI Applications

Seamlessly leverage your data with generative AI models with one solution that can transform all of your internal and external data sets into AI-ready data. Connect, normalize, and harmonize data across silos, create vectors, perform RAG on unified data, and extract valuable data insights to enhance decision-making and performance.

Use Case

Product Innovation

Streamline the development and distribution of insurance products by easily incorporating new data sources into your core insurance system and enabling brokers and your sales team to access the latest product information with ease.

Optimized Risk Management

Optimized Risk Management

Fraud Risk

Monitor for fraudulent claims and reduce false positives by feeding your predictive risk models with high-quality, unified data.

Operational Risk

Eliminate data errors, and improve data consistency and transparency by automating data processing workloads and applying business rules.

Learn More About Risk Management

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Use Case

Digital Transformation

Modernize your data infrastructure without replacing legacy systems by connecting data across data warehouses, data lakes, data lakehouses, existing integration systems and data management implementations using a new non-disruptive architectural approach designed to unify all your data without duplication.

CLAIMS MANAGEMENT
CUSTOMER EXPERIENCE
REAL-TIME DATA INTEGRATION
DATA QUALITY & GOVERNANCE

Claims Management

Manage large volumes of claims data, encompassing both structured and unstructured data, to identify trends, detect fraudulent claims, and improve claims processing efficiency. InterSystems enables effective claims management that allows insurance firms to analyze claims data comprehensively, pinpoint areas for improvement, and optimize claims processing workflows. By leveraging our solutions, insurers can enhance their ability to process claims swiftly and accurately, reducing costs and improving customer satisfaction.

Customer 360

Customer Experience

Differentiate your firm in a competitive landscape by delivering exceptional customer experiences. InterSystems helps insurance firms manage customer data efficiently and run predictive and prescriptive analytics, enabling them to provide personalized services, improve customer engagement, and enhance overall customer satisfaction. Our customer 360 solutions enable insurers to gain valuable insights into customer behavior and preferences, allowing them to develop targeted marketing campaigns and improve customer retention.

Real-Time Data Integration for Rapid Decision-Making

Real-time data integration and data insights are critical for insurers that need to make rapid decisions based on up-to-the-minute data. Traditional batch data integration methods are often insufficient for these use cases, as they can take hours or even days to process and deliver data. InterSystems solutions enable real-time data integration that processes data as soon as it’s collected, using techniques such as transform-in-flight. This approach enables insurance firms to react quickly to changing market conditions and make more informed decisions, enhancing their competitive edge.

Data Quality & Governance

Poor data quality can lead to inaccurate risk assessments, delayed claims processing, and even reputational damage. InterSystems helps insurance companies mitigate these risks by supporting the enforcement of their data governance frameworks that ensure data accuracy, completeness, and consistency. Our solutions provide data quality metrics, such as data accuracy, and completeness and make remediation easy via a self-service data management solution designed for data analysts, stewards and engineers.

Insurance Case Study: Brazilian Insurance Firm

The Challenge

One of Brazil’s first independent insurance providers turned to InterSystems to build an end-to-end core insurance system to manage all aspects of its operations. The firm serves 2.5 million clients, offering insurance products and asset management services.

The firm needed to develop an insurance platform to manage all daily operations and ensure it is robust enough to scale as the firm grows, acquire new clients and offer a wide range of insurance and retirement savings solutions.

The Solution

InterSystems solutions enabled the firm to create an end-to-end core insurance system and retirement application tailored to their needs. They are now able to harness the full potential of their data to deliver better customer experiences, grow their revenue and streamline operations.

The solution includes:

Handling day-to-day operations such as invoicing, collections, reporting and regulatory compliance for 2.5 million clients.
A range of data management services, including data integration, data quality management, and data analytics.
Support for increased capacity as the firm expanded product offerings, including premium bonds and pension funds, and entered new verticals such asset management.

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The InterSystems Difference

Minimize Data Duplication

Integrate and orchestrate data and services from the source, inside and outside of the organization, on-premises or in the cloud without making additional copies of data.

Universal Translator

All users, applications, and systems can access the same copy of data presented according to their needs and access privileges, ensuring data quality and consistency remain high.

Non-Disruptive

Complements existing infrastructure, providing a non-disruptive orchestration layer that connects and accesses information from new and legacy systems and applications.

Unified Platform

One platform provides all the data management capabilities necessary to integrate financial services data and customer data from any source, access, query, and analyze the data using any language, and integrate into any system or environment.

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Real-Time and High Capacity

Ideal for high-performance, real-time transactional use cases, capable of delivering 9X performance using only 30% infrastructure.

Fast Time to Value

Easy-to-use solutions enable you to launch your first project within 3 months of implementation.

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Ultimate Control Tower

Unlocking the True Potential of Enterprise Data

InterSystems helps insurance companies transcend their data silos by enabling them to implement a smart data fabric. A fundamentally different approach to data management, a smart data fabric delivers unified, accurate, and timely data to all consumers, such as business users, systems, analytics tools, and insurance software applications.

Dubbed “the future of data management” by Gartner, an enterprise data fabric is a new architectural approach that speeds and simplifies access to data assets across data lakes, data warehouses, data clouds, data lakehouses, applications, documents, and other sources.

InterSystems smart data fabric takes this approach further by embedding a wide range of AI-enabled capabilities that make it faster and easier for financial services firms to gain new insights and enhance predictive or prescriptive analytics.

Data Solutions Designed for Flexibility and Scalability

Our solutions deliver data to the point of need in real time. Whether you’re building an AI-powered application or want to improve data quality, InterSystems can help.

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Jul 05, 2021

InterSystems IRIS

InterSystems IRIS® is a cloud-first high-performance data platform designed to make it easy to build applications that support mission-critical processes by connecting live data across disparate systems and silos.

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Oct 04, 2024

InterSystems Data Studio in Financial Services

InterSystems Data Studio™ in financial services is designed to simplify access to all enterprise data, delivering the right data to the right consumer at the right time, in a secure and controlled environment.

Learn More

Supporting Innovation in
Financial Services for Decades

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Unlock the Power of Real-Time Analytics in Insurance

The Importance of Insurance Data Management and Analytics

The Importance of Insurance Data Management and Analytics

Connect Everything. Solve Anything.

AI and Product Innovation

AI and Product Innovation

Optimized Risk Management

Optimized Risk Management

Insurance Case Study: Brazilian Insurance Firm

The Challenge

The Solution

The InterSystems Difference

Data Solutions Designed for Flexibility and Scalability

Supporting Innovation inFinancial Services for Decades

Take The Next Step

Build data-intensive, mission critical applications with InterSystems IRIS. Start coding for free today.

Supporting Innovation in
Financial Services for Decades