Challenge

A national insurance company was trying to understand how pending federal legislation and accompanying regulations would impact their organization and existing revenue streams.

Like all insurers, this client undertook the costly endeavor of centrally collecting and maintaining their customer claims data to support their actuarial models. This was seen by many as nothing more than an expensive “cost of doing business.”

However, some within the organization saw something more. What if the collected data could be leveraged to provide additional value and new revenue streams?

Solution

Our industry expertise enabled us to give this client far more than what they were asking. We defined a blueprint for a completely new business entity that has changed the competitive landscape, providing valuable information not only for their original actuarial needs but also providing a much-needed service in the marketplace.

We used our Performance IQSM assessment to identify and quantify value.

Our comprehensive Performance IQSM assessment can provide in-depth insights, such as what information your organization is capturing, how it is being leveraged, and whether you’re extracting the maximum value from it. Performance IQSM can also evaluate performance from a product and customer-centric perspective providing multiple angles of insight.

Complementing Performance IQSM is our Performance PlaybookSM, an in-depth guide that gives you visibility into the parts of your business that will benefit from these insights, along with a pre-built models to accelerate the deployment of these capabilities.

Results

Prior to engaging with Sense Corp, many saw the mundane task of collecting, archiving, and mining millions upon millions of claims records as an unavoidable cost of the insurance business.

After partnering with Sense Corp, the client understood the insights and value that could be obtained both, internally and externally, through the data possessed.

Today, these insights are offered to the market as a completely separate business entity, providing additional value to organizations who previously had no way to leverage the value from these insights.

 

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