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We help insurance companies build must-have solutions in data architecture, analytics and BI, and operating models. We help clients democratize analytics, modernize data governance, and control IT costs. We get things done—no drama or excuses. Our teams are small, collaborative, and deeply experienced with insurance data analytics.
Case Studies
Self-Service and Decentralization
This P&C carrier does business in 48 US states in many personal and commercial lines. It’s amidst a multi-year transition from legacy on prem to modernized cloud claim and policy systems. The businesses’ demand for data is outpacing the EDW’s capacity to delivery. One senior leader observed, “this is more of an operating model problem than a technology problem.”
PremiumIQ is helping them migrate to an architecture of loosely coupled cross-silo data products – for agency, claims, underwriting, finance – with a greater level business unit engagement in governance, stakeholdering, and project prioritization.
Retention Analytics
Customer and policy retention were critical to this client’s plan for profitable growth. This client needed to first understand the relationships between retention, rates, profitability segments, and markets. Then, it needed to operationalize dashboards that drove optimal rate-taking, product packaging, and early action tactics.
The first phase of our project was to isolate what policy and policy holder features drive retention, the second phase was the creation of a retention data product with easy-to-use tables of ten-years of data, and the final phase was to create easy-to-use dashboards that facilitate self-service deep-dives into what’s driving retention/cancels for particular LOBs and markets. These tools have become a go-to tool when this client experiences unanticipated changes in cancel/retention rates.
Data Management
Innovation
This large multi-line insurer embarked on a modernization journey to enhance its data platforms and data management capabilities. The goals were to make data more reliable and accessible, improve analytics capabilities, reduce the cost of ensuring data quality, and enhance data consumer experience.
PremiumIQ provided advisory services, program execution, and change management to successfully drive the multi-year transformation. Benefits include: more extensive data self-service, simplified stewardship, enhanced data consumer experience, and deployment of state-of-the-industry data search and data quality solutions.
Snowflake
Center of Excellence
This large multi-line insurer was building its next-generation EDW environment on the Snowflake platform. Consumption-based pricing was causing overruns because there was no good handle on project delivery costs, no cost attribution, no propagation of performance management best practices, and minimal training to educate users on best practices.
PremiumIQ established a Snowflake COE to optimize costs, propagate best practices, and set processes for long-term sustainability and scalability. We developed Cost Optimization Governance (COG) as a core competency to provide insights into and active management of the project build and run costs. COG's data assets and processes produced seven-digit annual EDW savings.
Data Modernization
PMO
A large specialty insurance brokerage had undertaken an enterprise-class data & analytics transformation program to run concurrently with its enterprise-side cut-over to WorkDay. Given the scale and complexity these transformation programs, our client needed seasoned data program management help.
PremiumIQ drove high-level program planning, identifying interdependencies across programs and aligning detailed work plans accordingly and tracking financials and resource usage. We planned and conducted executive steering committee meetings, managed program and drove risk mitigation plans. PremiumIQ coordinated cross-functional and cross-work stream teams, maintaining alignment and focus on critical path activities. The foundational Enterprise Data Hub was successfully implemented in support of the Workday ERP system.