Industry Experience: Insurance
DEA has an extensive track record of project success helping insurance companies, primarily insurance carriers. But we also help insurance vendors by developing requirements to configure their client solutions faster and more effectively.
A sampling of the business analysis and requirements solutions we have provided to insurance companies of all sizes is listed below:
Business
Area |
Example Solutions |
| Managing Products |
- The largest life insurance company in North America found it difficult to assemble the information for an annuity transfer transaction due to poorly documented business rules, complex state regulations, and a paper-based submission process. Both customers and employees were frustrated.
|
| Acquiring New Products |
- This premier P&C personal lines company faced increased competition in the region’s auto insurance marketplace from national direct insurance writers. The company wanted to implement a paperless method to receive new business applications from their agents as well as externalize and manage changes to their automobile product rules for future offerings.
- A leading insurer wanted to make extensive changes to its rating and classification algorithms for workers’ compensation premium calculations. The company’s management recognized they did not have a solid requirements process in place to ensure the development effort would be effective and meet the tight timelines.
|
| Client Services |
- A merger of two insurance companies impacted the Call Center, which was responsible for handling contacts via phone, email and fax for 70,000 internal and external customers. Call Center management wanted to identify areas of opportunity that would improve productivity and ensure continued customer satisfaction.
|
| Claims |
- The claims processing operation of a leading P&C insurance provider was rapidly growing in size and complexity. As this company’s portfolio continued to expand, claims processing needed to change to keep up, requiring substantial re-design, enhanced technology support, and new ways of managing the business itself.
- While implementing a new claims processing system, the project team of a large health insurance company was faced with eliciting and documenting requirements for a business intelligence project.
|
| IT |
- After suffering a costly failure on a major initiative, this company traced the root cause to poor requirements. DEA was engaged to assess the current state of this major insurance company’s requirements process and their Business Analysts, as a first step to establishing a world-class Business Analysis Competency Center.
- To support the start of a mission critical, multi-year initiative, this major insurance company needed to augment its in-house team of Business Analysts with new and contracted staff. This resulted in a loosely-knit group with varying skill levels and the company needed to ensure that the team would be effective in following a standard approach.
|
| Data Governance |
- The organization needed help in establishing data governance policies and procedures with the goal of creating an environment to manage data as a corporate asset. DEA helped develop the meta data architecture, referencing IBM’s IAA industry-standard model, and catalogued the client’s enterprise data, how it is used, its business rules and business usage.
|
Our insurance clients have included:
- Beacon Mutual
- Berkshire Life Insurance Company of America
- Blue Cod Technologies
- First Trenton Insurance
- Hastings Mutual
- LexisNexis Insurance Solutions
- Manulife Financial
- Nationwide Insurance
- State Farm
- Travelers Insurance Companies
A member of LOMA? Doreen Evans participated on the development panel for the textbook ”Operational Excellence in Financial Services”. You can learn more at www.loma.org
Contact DEA at 617-482-4444 and let us know how we can help your project.
