The insurance industry has always been highly dependant on its ability to leverage data. For insurers, understanding patterns in their data is essential to measuring risk and making accurate predictions about expected outcomes, so they can best serve their clients while remaining profitable and compliant. However, the ability to gather and analyze data is only part of the equation. Many insurers continue to struggle with business challenges such as:
- Data that is disparate, disintegrated, and inconsistent, which is not ideal for generating valuable insights
- Lack of knowledge of data tools and techniques, which makes it difficult to innovate
- Limited ownership and accountability of systems, which makes it difficult to modernize
- Limited infrastructure and systemic flexibility and scalability, which can slow processes and increase overall operational costs
To remain compliant and enable effective, sustainable, strategic success, insurance companies must be truly data-driven: leveraging best-in-class, modern data technologies to meet their business outcomes.
BDO Lixar has decades of in-depth experience assisting insurers across Canada work through their most pressing business challenges, as well as decades of technology and data experience. It is through this unique combination of industry and technical expertise that we developed InsurHub, designed to help our insurance clients evolve and take their data to the next level.
InsurHub is a secure, cloud-based solution that helps insurers unlock the full potential of their data, tackle key business objectives, and disrupt the industry through data-driven technologies that enable personalization, product innovation, and optimization.
InsurHub leverages our industry and technology expertise, enabling insurers to:
Streamline data for operational, management, and performance reporting
Provide rich insights into the business (Customers 360, Premium 360, Claims 360, Risk, Profitability, etc.)
Assess, predict, and anticipate potential risk / loss / fraud
Execute focused market strategies and support the producer community in capitalizing on market potential
Improve customer / member service experience with action-oriented insights
Enable product design and innovation
Facilitate compliance and the adoption of new standards (IFRS 17 / LDTI)
Rapidly deploy AI models across business processes, with a focus on explainability (XAI)
Establish governance and operations of core data to stabilize the data landscape
How it Works
InsurHub can be easily implemented to meet the needs of property and casualty (P&C), health, life, and specialty insurers of any size.
As with any digital transformation journey, it’s important to have a clear roadmap before jumping in. To ensure our clients’ success, we begin by establishing an objective view of the organization’s current state, challenges, and gaps. We’ll also help you understand the big picture, including implementation and maintenance costs, and the long-term value of setting up a data foundation. Next, we’ll help you harness the power of your data. To do this, we focus on data utilization by building analytics and AI models that augment the capabilities of operational teams.
We’ve worked with Argus Insurance, Prodemnity, Humania Assurance, NAGICO, and more to successfully implement InsurHub, harnessing more of their data potential than ever before. With InsurHub in place, you can spend less time integrating data and more time focusing on meeting your business outcomes.
- Unlock the full potential of your data
- Tackle key business objectives
- Drive continuous innovation with data-driven technologies
BDO Lixar is ready to assist you in harnessing the power of your data. We have access to resources and expertise that can help you get your journey under way with confidence. Reach out today to speak to our experts about your objectives and goals, book a demo, or learn about our InsurHub Jumpstart offer.
For more information, contact Account Executive, Insurance, Craig Hill at email@example.com