Yellowfin Case Studies An embedded analytics solution that is changing the game for insurance firms.

Edit This Case Study Record

	An embedded analytics solution that is changing the game for insurance firms. Yellowfin

An embedded analytics solution that is changing the game for insurance firms.

Yellowfin

Technology Category	Application Infrastructure & Middleware - Data Visualization Analytics & Modeling - Predictive Analytics Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Quality Assurance
Services	Data Science Services System Integration
Challenge	Traditionally, insurers have been starved when it comes to underwriting data. They rely heavily on risk and pricing actuaries to underwrite their Protection products. And in the case of reinsurance firms, they need to provide additional data insights to insurers as part of their reinsurance process. Previously, underwriters might gain access to updated underwriting data on a monthly basis, and this data is crucial to understand how their rules have performed. So being able to analyse and make changes to their pricing rules, and deploy those changes into production, used to take months. Lead Consultant, Rikus van der Merwe of UnderwriteMe, explains, “We turn that feedback loop around in minutes, so underwriters can make changes to the rules engine and deploy those changes once they are tested and are completely happy with them. They can get Management Information (MI) feedback in fifteen minutes, which is previously unheard of.” For intermediaries, UnderwriteMe, wanted to break down the traditional, fractured sales process by delivering real-time underwriting. This means that when customers are comparing prices and products, they know that the premiums they are seeing are accurate, personalised, and fully underwritten by insurers. Read More
About Customer	UnderwriteMe is a global fintech organisation that uses digital technology to transform the way life insurance is bought and sold. By offering insurers a new way to consume and serve up rich data services, UnderwriteMe delivers significant cost and time efficiencies to existing sales processes. At the heart of UnderwriteMe’s integrated suite of software products is a revolutionary quote and underwriting rules engine, which gives insurers hands-on control of their Protection products. For intermediaries, UnderwriteMe delivers a seamless comparison service that provides clients with access to a single process to quote, underwrite, and buy multiple insurance products from a wide range of providers. Read More
Solution	UnderwriteMe understood the challenges that insurers and intermediaries faced. They worked with key decision makers and potential customers to design an integrated suite of software that allows underwriters to rapidly create brand new rules, or amend rules to suit their own philosophy, interact fully with live cases, and create customised reports and dashboards with drill down capability for more detailed analyses. As part of this suite, Yellowfin was selected as the front-end analytics and data visualisation tool. Yellowfin is a white-labelled, fully embedded solution which means that customers can apply its ‘plug-and-play’ capabilities and completely brand the reporting interface in line with their corporate palette. Furthermore, customers can create and schedule their own reports and maintain full auditability. UnderwriteMe is a feature rich platform that captures purchase data, on web or comparison sites, and augments it with statistically available data such as Mosaic and Google Analytics. All of this rich data flows into Yellowfin, primarily via ETL layers, and it gets populated into non-aggregated data marts. With Yellowfin seamlessly integrated into UnderwriteMe’s rules engine, it becomes incredibly easy for their customers to create their own reports, drill down into individual records, where required, and easily compare different business routes. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Visualization

Analytics & Modeling - Predictive Analytics

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Quality Assurance

Services

Data Science Services

System Integration

Challenge

Traditionally, insurers have been starved when it comes to underwriting data. They rely heavily on risk and pricing actuaries to underwrite their Protection products. And in the case of reinsurance firms, they need to provide additional data insights to insurers as part of their reinsurance process. Previously, underwriters might gain access to updated underwriting data on a monthly basis, and this data is crucial to understand how their rules have performed. So being able to analyse and make changes to their pricing rules, and deploy those changes into production, used to take months. Lead Consultant, Rikus van der Merwe of UnderwriteMe, explains, “We turn that feedback loop around in minutes, so underwriters can make changes to the rules engine and deploy those changes once they are tested and are completely happy with them. They can get Management Information (MI) feedback in fifteen minutes, which is previously unheard of.” For intermediaries, UnderwriteMe, wanted to break down the traditional, fractured sales process by delivering real-time underwriting. This means that when customers are comparing prices and products, they know that the premiums they are seeing are accurate, personalised, and fully underwritten by insurers.

About Customer

UnderwriteMe is a global fintech organisation that uses digital technology to transform the way life insurance is bought and sold. By offering insurers a new way to consume and serve up rich data services, UnderwriteMe delivers significant cost and time efficiencies to existing sales processes. At the heart of UnderwriteMe’s integrated suite of software products is a revolutionary quote and underwriting rules engine, which gives insurers hands-on control of their Protection products. For intermediaries, UnderwriteMe delivers a seamless comparison service that provides clients with access to a single process to quote, underwrite, and buy multiple insurance products from a wide range of providers.

Solution

UnderwriteMe understood the challenges that insurers and intermediaries faced. They worked with key decision makers and potential customers to design an integrated suite of software that allows underwriters to rapidly create brand new rules, or amend rules to suit their own philosophy, interact fully with live cases, and create customised reports and dashboards with drill down capability for more detailed analyses. As part of this suite, Yellowfin was selected as the front-end analytics and data visualisation tool. Yellowfin is a white-labelled, fully embedded solution which means that customers can apply its ‘plug-and-play’ capabilities and completely brand the reporting interface in line with their corporate palette. Furthermore, customers can create and schedule their own reports and maintain full auditability. UnderwriteMe is a feature rich platform that captures purchase data, on web or comparison sites, and augments it with statistically available data such as Mosaic and Google Analytics. All of this rich data flows into Yellowfin, primarily via ETL layers, and it gets populated into non-aggregated data marts. With Yellowfin seamlessly integrated into UnderwriteMe’s rules engine, it becomes incredibly easy for their customers to create their own reports, drill down into individual records, where required, and easily compare different business routes.

Impact #1	UnderwriteMe provides a seamless comparison service for intermediaries, allowing clients to quote, underwrite, and buy multiple insurance products from a wide range of providers.
Impact #2	The platform captures purchase data and augments it with statistically available data such as Mosaic and Google Analytics.
Impact #3	Yellowfin's integration allows customers to create their own reports, drill down into individual records, and easily compare different business routes.

Impact #1

UnderwriteMe provides a seamless comparison service for intermediaries, allowing clients to quote, underwrite, and buy multiple insurance products from a wide range of providers.

Impact #2

The platform captures purchase data and augments it with statistically available data such as Mosaic and Google Analytics.

Impact #3

Yellowfin's integration allows customers to create their own reports, drill down into individual records, and easily compare different business routes.

Benefit #1	Management Information (MI) feedback in fifteen minutes.
Benefit #2	Five years of continuous product refreshment by Yellowfin.
Benefit #3	7.4 release of Yellowfin with new and innovative features.

Benefit #1

Management Information (MI) feedback in fifteen minutes.

Benefit #2

Five years of continuous product refreshment by Yellowfin.

Benefit #3

7.4 release of Yellowfin with new and innovative features.

Download PDF Version

Overview

An embedded analytics solution that is changing the game for insurance firms.

Operational Impact

Quantitative Benefit