Strategic Consulting and Digitalization Solutions for the Insurance Industry

Turning Challenges into Opportunities

The insurance industry can look back on a long and successful tradition. A quick summary: The insurance industry was born in the years after 1666. A devastating blaze destroyed four-fifths of the City of London and left more than 100,000 residents homeless. Fortunately, the disaster cost the lives of only a few people, but the damage reached astronomical heights. As a result, people wanted to protect themselves against damage. The first fire insurance companies, such as the Feuerkasse Hamburg, were founded at this time.

The challenges facing the insurance industry were the same then as they are today, but the conditions have changed. Modern digitalization technologies open up huge opportunities. They provide more accurate insights, more reliable risk calculations, greater transparency in decision-making, and they enable insurance companies to be more efficient and serve their customers faster and better.

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Early digitalization brings many advantages

Today, innovative health insurance companies see themselves as a source of impetus for the development of digitalization in health care. According to surveys of the insured, applications such as online reporting of sick days, e-prescriptions, electronic patient records (ePA), video consultation, and remote diagnoses are often desired, but are not yet implemented consistently. Here’s an example: The e-prescription is the best-known application in Germany. Seven out of ten insured persons plan to use the gematik app in the future, but the implementation is lagging behind. Early digitalization brings many advantages: It opens up an opportunity for insurance companies to score points for being innovators, especially among young, technology-oriented people, and to gain new customers.

Early digitalization initiatives in Consulting have an even more helpful impact on internal processes. In particular, simple operational activities such as approval procedures, invoice verification, and the processing of appeals will be completed more quickly, with significant savings potential. At the top management level, decision-making processes are becoming more transparent. Based on current figures, the management knows at all times how they are currently “doing.”

Business analytics: Reduce costs, improve member services

Practice profiles, which compare individual doctors’ practices with their specialist group, bring more transparency into the billing process and make deviations from typical referral and prescription patterns visible. Fraud prevention and more successful customer management are additional use cases for powerful business analytics and data warehousing that consolidate, analyze, and deliver up-to-date insights into all relevant data in one place, resulting in reduced costs and improved customer service. However, most insurance companies are not yet taking full advantage of business analytics. They are therefore missing out on opportunities and optimization potential.

Morbi RSA Risk Structure Balancing

A concrete case study for successfully used business analytics that pays off directly: Morbidity-oriented risk structure balancing (Morbi RSA) is a balancing mechanism between insurance companies with a good risk structure and those with a bad risk structure. Insurance companies that have not consolidated their data in a data warehouse and made it evaluable are missing out on millions of euros annually because they cannot formulate and substantiate their claims precisely.

A strategically designed data warehouse plus integrated business analytics creates a unified database for all company-wide reporting. It improves ePost import management, HR reporting, and it helps with risk calculations, revenue and plausibility checks, and all financial planning. valantic’s consultants have more than 20 years’ experience in developing and implementing digitalization solutions tailored to the needs of the insurance sector. The management of complex transformation projects and training of specialists and managers is in expert, experienced hands at valantic.

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References & News

Case Study

Sympany optimizes IBM Cognos Analytics for new data warehouse

The Swiss insurance company Sympany introduces a new data warehouse (DWH) in record time and during ongoing operations and optimizes the reports in IBM Cognos Analytics - with the help of valantic.

Case Study

AOK Niedersachsen significantly improves policyholder service with IBM Cognos

AOK Niedersachsen is the tenth-largest health insurance company in Germany. In Germany, companies that provide statutory health insurance are subject to a high degree of state regulation. For this reason, it is crucial for AOK Niedersachsen to stay agile and continuously boost overall corporate performance. Supported by IBM Business Partner valantic the company implemented a comprehensive database and a flexible BI system that supports planning, reporting, analysis and forecasting.

Case Study

Integrated sales cockpit at Visana increases productivity and transparency

Visana Group's business objective was to increase the productivity of its sales force and the company as a whole. However, the old IBM Cognos analytics solution could not fully meet Visana's performance requirements to the satisfaction of all stakeholders. valantic therefore worked with Visana to select the MicroStrategy analytics platform. The sales staff are very satisfied with the new solution.

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