Executives

An executive's responsibility is to focus on the strategic aspects of the company. i4's customized business intelligence solution delivers information to today's insurance executive that quickly communicates whether their strategic goals and objectives are being realized.

i4's solution delivers high level communication to executives through the visualization of key performance drivers or indicators (e.g., "dashboard") that correlate with the company's strategic vision. Our dashboard provides feedback on whether the company is moving towards their strategic objectives or if quick action is necessary.

See below for an example of how this may be applied:

The company's strategic goal for the current year is to increase profitability by 20%. The Gartner Group has indicated that it costs 6 times more to acquire a new customer than keep a current customer. The company executives embrace this concept and want to minimize the policy acquisition costs as a percentage of their written premiums. Accordingly, the company identified maintaining a 95% retention rate of "ideal" insureds as one of the key performance indicators that aligns with this strategic goal. The executives defined "ideal" customers as those meeting certain demographics determined through a loss cost study. i4 can create a customized, automated process to regularly monitor this goal. As a result of this analysis and tool, the executives can maintain vigilance on a key performance measure that impacts directly two of the largest cost components of an insurance company, policy acquisition costs and claim costs.