Information Builders Case Studies Farm Bureau Insurance Improves Profitability With Better Business Intelligence

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	Farm Bureau Insurance Improves Profitability With Better Business Intelligence Information Builders

Farm Bureau Insurance Improves Profitability With Better Business Intelligence

Information Builders

Technology Category	Analytics & Modeling - Predictive Analytics Analytics & Modeling - Real Time Analytics
Applicable Functions	Business Operation
Use Cases	Predictive Maintenance Real-Time Location System (RTLS)
Services	Data Science Services
Challenge	Farm Bureau Insurance, a leading insurer in Tennessee, was faced with a significant challenge in 2011 when two devastating storms resulted in a year's worth of claims in just two months. The company's existing reporting processes were cumbersome and could not provide the real-time data, drill-down functionality, and ad hoc capabilities that managers required to effectively handle the situation. The company needed better access to data and improved reporting capabilities for a clearer view into its operational performance and financial metrics. The turmoil from these unexpected events became the driving force for Farm Bureau Insurance to gain a clearer view into its operational performance and financial metrics. Read More
About Customer	Farm Bureau Insurance is offered through the Tennessee Farmers Insurance Companies, a group of affiliated companies working together to provide insurance services to Tennesseans. It covers more homes and autos than any other insurer in Tennessee, and is the state’s second-largest writer of individual life policies. In April and May of 2011, two devastating storms left the company reeling as its personnel struggled under the deluge of a year’s worth of claims in just two months. Hampered by limited time and resources, financial managers scrambled to line up re-insurers while claims processors, already swamped with active claims from the April storm, saw claims from the May event come pouring in. Read More
Solution	Farm Bureau Insurance turned to WebFOCUS to replace an existing Crystal Reports framework with new reports and dashboards for on-demand reporting. The company rolled out new business intelligence (BI) capabilities throughout the company with advanced dashboards and reports for corporate management, claims statistics, claims audit, storm event notification, risk management, re-insurance, sales, project management, call center log, and others. The company also used WebFOCUS risk management dashboard that provides powerful analytics and easy-to-create reports based on a variety of criteria. The company also plans to use the WebFOCUS Web Services Adapter to pull in GPS data, weather data, maps, and other information that will help the company track and manage claims. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Analytics & Modeling - Real Time Analytics

Applicable Functions

Business Operation

Use Cases

Predictive Maintenance

Real-Time Location System (RTLS)

Services

Data Science Services

Challenge

Farm Bureau Insurance, a leading insurer in Tennessee, was faced with a significant challenge in 2011 when two devastating storms resulted in a year's worth of claims in just two months. The company's existing reporting processes were cumbersome and could not provide the real-time data, drill-down functionality, and ad hoc capabilities that managers required to effectively handle the situation. The company needed better access to data and improved reporting capabilities for a clearer view into its operational performance and financial metrics. The turmoil from these unexpected events became the driving force for Farm Bureau Insurance to gain a clearer view into its operational performance and financial metrics.

About Customer

Farm Bureau Insurance is offered through the Tennessee Farmers Insurance Companies, a group of affiliated companies working together to provide insurance services to Tennesseans. It covers more homes and autos than any other insurer in Tennessee, and is the state’s second-largest writer of individual life policies. In April and May of 2011, two devastating storms left the company reeling as its personnel struggled under the deluge of a year’s worth of claims in just two months. Hampered by limited time and resources, financial managers scrambled to line up re-insurers while claims processors, already swamped with active claims from the April storm, saw claims from the May event come pouring in.

Solution

Farm Bureau Insurance turned to WebFOCUS to replace an existing Crystal Reports framework with new reports and dashboards for on-demand reporting. The company rolled out new business intelligence (BI) capabilities throughout the company with advanced dashboards and reports for corporate management, claims statistics, claims audit, storm event notification, risk management, re-insurance, sales, project management, call center log, and others. The company also used WebFOCUS risk management dashboard that provides powerful analytics and easy-to-create reports based on a variety of criteria. The company also plans to use the WebFOCUS Web Services Adapter to pull in GPS data, weather data, maps, and other information that will help the company track and manage claims.

Impact #1	Staff members work more efficiently with data that is readily available and easily accessible.
Impact #2	Streamlined reporting processes provide real-time data, drill-down functionality, and ad hoc capabilities, helping to maintain excellent customer service and profitability.
Impact #3	Claims managers can track pending claims through a WebFOCUS dashboard and generate workload statistics on demand.

Impact #1

Staff members work more efficiently with data that is readily available and easily accessible.

Impact #2

Streamlined reporting processes provide real-time data, drill-down functionality, and ad hoc capabilities, helping to maintain excellent customer service and profitability.

Impact #3

Claims managers can track pending claims through a WebFOCUS dashboard and generate workload statistics on demand.

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Overview

Farm Bureau Insurance Improves Profitability With Better Business Intelligence

Operational Impact